Snap Finance Market Research Report

1. Company Overview

Name: Snap Finance

Mission: Snap Finance is committed to improving customer relationships with financing by providing easy financing solutions that accommodate customers with bad credit, bankruptcy, or no credit history, allowing them to take home essential goods and pay over time.

Founded: No specific information is available about the founding year and founders.

Key People: No information is available on the key people.

Headquarters: Salt Lake City, United States

Number of Employees: No information is available.

Revenue: No information is available.

Company's Core Offering: Snap Finance is known for providing alternative financial solutions through lease-to-own and installment loan options, enabling customers to purchase furniture, tires, electronics, and more with flexible payment plans. They focus on customers typically overlooked by traditional lenders due to poor credit scores.

2. Products

Lease-to-Own Financing and Loan Options

Overview: Snap Finance offers lease-to-own financing and unsecured installment loan solutions. These financial products are designed to assist consumers in acquiring various products and services without the need for perfect credit scores.

Key Features:

Flexible Payment Options: Payments can be aligned with customers' payday schedules for convenience.

Approval Range: Customers can get approved for amounts ranging from $300 to $5,000.

No Impact on Credit Score: Applying for Snap Finance does not affect the customer's FICO® credit score.

90-Day Payment Option: Offers a 90-day allowance for payments structured similarly to cash purchases without added interest charges.

Wide Availability: Customers can shop for products and services at over 150,000 partner stores both in-store and online.

3. Recent Developments

New Features and Customer Enhancements

Mobile App Launch: Snap Finance introduced a new mobile application to streamline the user experience, enabling customers to manage transactions, view lease details, and handle payments more efficiently.

Snap Cares Program: An initiative to drive positive changes in underserved communities. In 2023, 60% of Snap team members volunteered over 2,460 hours, and more than $1 million in charitable contributions have been given since 2021.

Customer and Business Growth

Customer Outreach: Snap Finance has served over 5 million customers and assisted businesses in generating over $8 billion in sales, with $13.8 billion in leads distributed to partners.

Increased Sales for Partners: Reports indicate that merchants offering Snap Finance see increased customer purchases and sales. Customers using Snap Finance are likely to spend 59% more at checkout.

Partnerships and Market Expansion

Retail Expansion: Continuous growth and integration with a wide network of retail partners, enhancing business opportunities and customer reach.

Notable Customer Feedback:

Customers frequently highlight the ease of the application process and express satisfaction with the ability to finance necessary purchases without needing perfect credit. The 90-day payoff plan is especially appreciated for its flexibility.

Conclusion

Snap Finance stands out in the financial services landscape by focusing on innovative solutions tailored to customers with less-than-perfect credit. By offering expansive shopping options and focusing on community engagement, Snap Finance not only supports consumer needs but also enhances merchant sales capabilities. This keeps it well-positioned for continued growth and development in the field of alternative financial solutions.