Crest Financial Provides a Better Option for Low-income Families

27 Oct Crest Financial Provides a Better Option for Low-income Families

In Chico Harlan’s Washington Post article on October 16, 2014, “Rental America: Why the poor pay $4,150 for a $1,500 sofa,” (see the link here: he claims some customers are “out of options.” Crest Financial provides more options by turning any retailer into a more affordable competitor for the rent-to-own stores discussed in Harlan’s article.

Crest Financial, an industry leader in “No Credit Needed” financing, offers affordable large purchase financing to low-income families who may not otherwise be able to afford such items. With current market trends, tighter lending requirements, regulations and news stories, consumers are looking for better financing options.

As discussed in Harlan’s article, average consumers, specifically low-income families, feel they have no options for making large purchases like tires, furniture, and large appliances. If they do not have access to credit and they cannot afford a lump-sum of cash, customers often assume their only options are go without or rent to own with exorbitant fees. Some rent-to-own stores end up charging customers nearly four times the retail value of the merchandise.

Designed for people with no credit or bad credit, Crest Financial does things differently. Their program makes any retailer an option for these customers.

“Crest Financial provides more freedom to customers,” said Bob Millerberg, CEO of Crest Financial. “It gives them more choices. It gives them more options when options are slim.”

By working directly with retailers, Crest Financial provides affordable financing for customers. Individual retailers still set their own prices and customers still qualify for deals and promotions. Financing with Crest Financial is simply offered at point of purchase. This gives customers pricing options. Customers can still shop around to find the best deal. Crest Financial finances the final amount with no credit needed and low fees.

Crest Financial allows retailers to offer many of the benefits of rent-to-own stores at a more affordable cost to the consumer.

Crest Financial strives to make applying for financing easy for customers. The entire application process can take as little as five minutes. The application process is designed to approve applicants while still offering realistic approval amounts that customers will be able to afford. Additionally, Crest Financial approves around 90 percent of applicants.

“We provide opportunities for customers to buy merchandise they will be able to afford,” said Clint Cowley, Chief Operating Officer of Crest Financial. “We want our customers to be able to pay off their lease. That is just good business sense, but it is also a way for us to give back.”

To help customers avoid financially overextending themselves, Crest Financial verifies a customer’s income before approving financing. Approval amounts are based on this and other factors. Customers are also required to pay off one lease in full before they can qualify for another.

Crest Financial makes their primary objective to help customers. While they don’t check credit, they do report to the credit bureau Equifax, so customers can build and improve their credit while leasing with Crest Financial.

This model makes it possible for local retailers to compete with rent-to-own stores. Crest Financial allows any retailer to offer In-Home Layaway® and only a $40 initial payment. This means the customer can purchase the merchandise and take it home the same day. They can then pay off the balance on their lease over the course of the next 12 months.

“There are crucial points in everyone’s life where they have an emergency and they need something,” said Millerberg. “We specifically like to fill those.”

Crest Financial, with its corporate office located in Utah, is an innovative provider of financing solutions for retailers nationwide. Crest Financial is an industry leader in “No Credit Score Needed” financing. Since opening in 2005, Crest has helped finance thousands of satisfied customers. For more information, call 855-28CREST or visit

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