Comparing Buy On Trust Lending vs Electro Finance Lease to Own Electronics Service Features, Benefits, and Rates

Updated: May 26, 2022

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Buy On Trust vs Electro Finance

As prices continue to rise, digital credit accounts and various lending programs have become increasingly popular among the general population. It’s especially true for electronics and different tech tools that keep hitting new price points yearly. With these lending programs and credit options, you don’t have to spend your entire monthly salary on new electronics. Instead, you can instantly receive all the products you need but pay for them in multiple installments. Today, many companies offer these and similar features to their clients. Nevertheless, we’ve decided to compare the offers and features of the two leading companies – Buy On Trust and Electro Finance. If you’ve been contemplating which company to go with, this review can help.

  • Buy on Trust – is best for those who are looking for high-end up to $5K electronics to purchase on lease to own credit and want to build credit history with the highly-rated company while making monthly payments.
  • Electro Finance – is best for those who want to work with such partnered companies as Progressive or Acima to purchase electronics at BestBest on “Buy Now Pay Later” credit and are not interested in building a credit score.

Table of Content

Buy On Trust vs Electro Finance

Electro Finance vs Buy On Trust Lenders Comparison Table

Buy on TrustElectro Finance
ProviderDorado Management, LLCProg Leasing, LLC
Credit Limitup to $5,000.00Varies
Credit ModelLease To Own ElectronicsLease To Own Electronics
Regular APRSee TermsSee Terms
Annual FeeSee TermsSee Terms
Credit CheckNoNo
PromotionsSame-day pickup
Approvals ValidityVaries90 days
Credit RecommendedFair Credit, Poor Credit, No CreditAll Credit Scores Welcome
Initial Payment$50$50
Due at Pick-Up$0$0
Credit ReportingYes, 3 Credit BureausNot Disclosed
Payment PeriodFrom 90 Days to 1 yearUp to 1 year
Checking Account RequiredYesYes
States AvailabilityAll, except MN, NJ, WI & WYAll, except MN, NJ, VT, WI & WY
Application Requirements– US Residents
– Monthly Income (min of $1,000 per month)
– Income History (min 3 months from the same source)
– Checking Account Activity (No NSF, No Overdraft)
– US Residents
– Monthly Income (min of $1,000 per month)
– Income History (min 3 months from the same source)
– Checking Account Activity (No NSF, No Overdraft)
Fulfillment CentersBest BuyBest Buy
PartnersNot DisclosedTempoe, Progressive, Acima
Years in Business3 Years2 Years
Physical Address1434 Spruce St, Suite 100,
Boulder, CO 80302
Not Disclosed
Support Contacts+1 (888) 274-7732Toll-Free +1(800) 339-8512
Support Availability24/7Workdays, M-F 8 a.m. – 4 p.m. PST
Trustpilot Ratings4.9 stars out of 5.0Not rated
Learn moreBuy On TrustElectro Finance
ApplicationClaim this offerClaim this offer

About Electro Finance and Buy On Trust Companies

Firstly, let’s say something more about what these companies are all about.

About Buy On Trust: it’s a company that offers lease-to-buy programs, typically for electronic equipment. This company is known for its merchandise credit accounts, where account holders can purchase different electronic devices and pay for them later, mostly from the Best Buy assortment. Buy On Trust works with some of the major electronics brands currently on the market, including Apple, LG, Dyson, etc. With up to $5,000 credit limits and flexible repayment plans, users can get the devices they need and find the repayment plan that best fits their financial situation.

About Electro Finance: it’s also a lending company that primarily works with electronics. Leasing electronic equipment with Electro Finance is simple, as they have an early payment option that allows users to immediately own the electronics. Just like Buy On Trust, Electro Finance also uses Best Buy as its fulfillment center. Spreading out payments on electronic devices and tools is easy with Electro Finance, even if you don’t have a credit history or the most amazing credit score. Additionally, their lease-to-buy programs don’t affect their clients’ existing credit scores.

How Does Buy On Trust Lending Work?

  1. Apply. This company boasts about its simple, fast, and streamlined application process. Namely, the application process requires minimal information, including name, date of birth, address, Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), and a state-issued ID. Besides these, applicants also need to provide their income history for the last three months and details about an active checking account. All applicants are automatically pre-approved, which significantly cuts the time required for completing the whole process. Those who get approved will need to deposit at least $1,000 each month and provide proof of the absence of overdrafts and negative balances.
  2. Shop. Once the application process is complete, customers can choose from more than 10,000 new, branded electronic tools and equipment. The assortment at Buy On Trust is rich, so everyone will surely find something they like and need.
  3. Checkout. After you fill your cart with goodies, you can select the preferred Best Buy store from an interactive map. Then, all you need is to follow the checkout instructions and finalize your electronic lease.
  4. Enjoy. Many of the products are available for pick up on the same day of ordering. If that’s not the case, only a few days can keep you from enjoying your new products. Just bring your photo ID when you’re ready to pick up your order, and your balance will be exactly $0.

How Does Electro Finance Lease to Own Work?

  1. Shop. The concept of leasing works differently in Electro Finance. Here, you do your shopping before anything else. So, the first step of the whole process is to search for electronic products you need and add the ones you’re ready to purchase into your cart. If you get approved, Electro Finance sets up payments that are synchronized with your paydays.
  2. Apply. Once you pick out what you want to buy, it’s time for the application. The process of application is straightforward here too. To apply, you’ll need to provide a mobile number for verification, your Social Security Number (SSN), a driver’s license, and an active checking account. As you can see, only the essential information is required by the Electro Finance team, and this step won’t take you longer than a few minutes.
  3. Checkout. Checkout follows the application step, and it’s where you can go through your order and billing details to check if everything’s in order before finalizing your order.
  4. Enjoy. Clients can take many products to their homes on the same day. When you start your lease, you can take home all electronics you need and enjoy them infinitely while paying reasonable monthly installments for your purchases.

Buy On Trust vs Electro Finance Advantages Compared

Both companies are known for their amazing offers and features, so deciding between them might seem impossible. However, this is much easier when you have all the companies’ offers and features compared, which is what we’re going to do here. (Related: Shopping Credit Cards Explained)

Buy On TrustElectro Finance
– Provides a simple application process;
– Gives various lending plans and options to individuals who have a bad credit score or no credit history at all;
– Offers credit lines for purchasing the best TVs, laptops, washing machines, and other electronics;
– Has some of the newest electronics and famous brands in the assortment;
– Prioritizes customer service to ensure all clients are happy with their plans;
– Fulfillment centers in Best Buy – one of the leading marketplaces carrying high-quality electronics.
– Minimal information required on the application;
– No hard inquiries on the credit report;
– Allows people with a bad credit score to lease and own high-end products;
– Supports both weekly and monthly payments;
– Shows full product prices on their platform, not just the price of one installment;
– Fulfillment centers in Best Buy – one of the leading marketplaces carrying high-quality electronics.

What Are the Downsides?

Even though Buy On Trust and Electro Finance have plenty of beneficial properties, they come with some not-so-great features too. Here we mention the main faults we’ve detected while using the sites.

Buy On Trust

  • The checking account of users must be open and in good standing;
  • Users must be located in any U.S. state except New Jersey, Minnesota, Wisconsin, and Wyoming.

Electro Finance

  • The early pay option is available in all U.S. states except New Jersey, Vermont, Wisconsin, and West Virginia.
  • Prices are higher than purchasing with cash or a credit card.

Competition and Alternatives

Store Credit LenderCredit LineAnnual FeeCredit ReportingBuy Products AtApplication
Perpay Creditup to $10,000$0Yes, 3 Credit BureausPerpay MarketplaceClaim this offer
Group One Platinum$750 – $1,000$0Yes, 1 Credit BureauHorizon OutletClaim this offer
No Fee Creditup to $1,000$0NoUnique Card ServicesClaim this offer
RTBShopperup to $5,000$0NoRTBShopper MarketplaceClaim this offer
Credit Americaup to $1,000$0NoUnique Card ServicesClaim this offer
Progressive Leasingup to $5,000$0NoVariousClaim this offer
Stoneberry Creditup to $1,000$0NoStoneberry
Mason Easy Pay
K. Jordan
Fith & Glam Beauty
Claim this offer

See the full list of Merchandise Store Credit Offers.

Bottom Line

Buy On Trust and Electro Finance are both lease-to-buy companies that work with leasing electronics to their clients. Although the companies function quite similarly, the main differences between the two are slight nuances in leasing programs, credit reporting, and available options users can choose from.

Frequently Asked Questions


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