Complaint History & Business Rating for Snap Finance

Lakshmi C. says: I recently had an interesting experience with Snap Finance and their 100-day interest-free loan program. As someone who often takes advantage of zero-interest payment plans offered by various creditors and large stores, I was excited to utilize Snap Finance for a large purchase back in April. However, my enthusiasm quickly became frustrated due to their misleading terms and lack of clarity.
The agreement provided by Snap Finance clearly stated that I was eligible for 100 days of interest-free financing if the loan was paid off within that timeframe. However, it failed to mention that a single payment was required to avoid any interest charges. Unlike Home Depot and Best Buy, where the monthly minimum amount to avoid interest is clearly stated, Snap Finance's agreement left this crucial information out.
To make matters more confusing, Snap Finance presented a payment schedule with two boxes. The first box outlined the number of payments, payment amounts, and due dates, while the second box mentioned a single payment, its amount, and due date. Alongside the terms and conditions, it was stated that the interest-free offer was applicable if I pay the principal amount and made all payments. However, what was meant by "made all payments" was not explicitly defined, leaving room for misinterpretation.
Regrettably, I overlooked the agreement and proceeded to set up my bank details through their online portal, which failed to indicate the existence of a minimum payment requirement, unlike other financing companies. On the 76th day, when I attempted to pay off the entire loan in one lump sum, the portal did not allow me to do so. Upon contacting customer service, I was informed that I had lost the zero-interest option because I had failed to make the minimum payment required, which was mentioned in the second box.
After a couple of complaints, Snap Finance's customer service offered me a settlement. However, the settlement would have resulted in me receiving a 1099 form, which would have been reported on my tax return and impacted my credit report and credit score. I decided to pay off the full amount of the loan INTEREST instead.
Overall, I was not happy with my experience with Snap Finance. The agreement was unclear about the terms of the interest-free financing, and the payment portal did not indicate that a minimum payment was required. I would not recommend Snap Finance to others.
Here are some recommendations for Snap Finance:
- Make the terms of the interest-free financing more clear in the agreement.
- Indicate in the payment portal that a minimum payment is required to avoid interest.
- Offer a way for customers to make a one-time payment to pay off the loan in full and avoid interest, even if they have not made any minimum payments.
@snapfinance

Lakshmi C. says: I recently had an interesting experience with Snap Finance and their 100-day interest-free loan program. As someone who often takes advantage of zero-interest payment plans offered by various creditors and large stores, I was excited to utilize Snap Finance for a large purchase back in April. However, my enthusiasm quickly became frustrated due to their misleading terms and lack of clarity.
The agreement provided by Snap Finance clearly stated that I was eligible for 100 days of interest-free financing if the loan was paid off within that timeframe. However, it failed to mention that a single payment was required to avoid any interest charges. Unlike Home Depot and Best Buy, where the monthly minimum amount to avoid interest is clearly stated, Snap Finance's agreement left this crucial information out.
To make matters more confusing, Snap Finance presented a payment schedule with two boxes. The first box outlined the number of payments, payment amounts, and due dates, while the second box mentioned a single payment, its amount, and due date. Alongside the terms and conditions, it was stated that the interest-free offer was applicable if I pay the principal amount and made all payments. However, what was meant by "made all payments" was not explicitly defined, leaving room for misinterpretation.
Regrettably, I overlooked the agreement and proceeded to set up my bank details through their online portal, which failed to indicate the existence of a minimum payment requirement, unlike other financing companies. On the 76th day, when I attempted to pay off the entire loan in one lump sum, the portal did not allow me to do so. Upon contacting customer service, I was informed that I had lost the zero-interest option because I had failed to make the minimum payment required, which was mentioned in the second box.
After a couple of complaints, Snap Finance's customer service offered me a settlement. However, the settlement would have resulted in me receiving a 1099 form, which would have been reported on my tax return and impacted my credit report and credit score. I decided to pay off the full amount of the loan INTEREST instead.
Overall, I was not happy with my experience with Snap Finance. The agreement was unclear about the terms of the interest-free financing, and the payment portal did not indicate that a minimum payment was required. I would not recommend Snap Finance to others.
Here are some recommendations for Snap Finance:
- Make the terms of the interest-free financing more clear in the agreement.
- Indicate in the payment portal that a minimum payment is required to avoid interest.
- Offer a way for customers to make a one-time payment to pay off the loan in full and avoid interest, even if they have not made any minimum payments.
@snapfinance

Amber M. says: We had to get a loan through Snap finance because an auto repair shop we went to said we had all of this stuff wrong with our car. We got approved for $3000 and didn't receive a copy of our loan or get to see the policy and agreements ahead of time. The job was not completed correctly and still not finished. The Auto shop were scammers, and in the course of being over there TWICE to get the repairs finished, each time they lied, said everything is done and we would find yet another part or service was not completed. We've disputed charges through Snap finance immediately, they listened to our story, gave us the runaround and basically said that the job was done and they could work with us on payment arrangements or we'd have to pay the original price they stuck us with. They won't work with us on the amount of money we can pay them and they just completely don't care we were scammed and probably received cheap parts at a higher price. Our car is running different and strangely now and SNAP is harassing us to pay, even lying that we're a month overdue, when actually it's only been a few days.
A lawyer has been contacted.

Jordan L. says: I had the money to pay back my loan on time, but was presented with many roadblocks from Snap finance. I tried using text messages, and calling in person on multiple occasions over the course of 2 months to get the issue resolved. I was even assured one time that the matter was resolved. 2 months later, it is still not resolved and they are now claiming that I will owe them twice the original amount of the loan for not reaching a deadline that I went out of my way to pay.

Vincent J. says: Last year I purchased a bed, total cost of bed and memory foam pillows was about $1100. I planned on paying for it with my credit card but the seller said he had a “same as cash loan” I could get through snap finance as long as it is paid within a year. My thought was that would be great because it would prevent me from paying credit card interest. So I proceeded and set up automatic pay so I wouldn’t miss the deadline and have to pay extra fees and interest on the loan. Almost a year of paying $117 per month I knew the time was getting close so I asked snap finance how much more I had left to pay. They told me over $1100 was left. Of course that didn’t make sense to me because that is what the original loan was for and I’ve been paying on this “same as cash loan” for almost a year. I disputed this and they said the same as cash deal was if I paid it in 3 months. That didn’t make any sense to me because I set up automatic pay so I wouldn’t go over the time limit and every payment had been made up until that point. Now I’m being charged over double the cost of my bed when I could have just used my credit card if they were up front about it. Their response to this was that it was my responsibility to call back after I made the loan and set up a different auto pay amount. Why would I sign for a loan just to have to call back the next day and change payment arrangements? This whole thing has been a headache and it is destroying my credit. This company is a scam. Time to waste more of my time and money and get lawyers involved.