What Is This Type Of Credit?
Interest rates & fees are calculated by subtracting the fee from the rent to own price. Multiply the interest by the loan. Divide the annual interest rate by 12.
Average APR: 15-20%
sources: www.consumer.ftc.gov www.banking.about.com
What Are The Advantages & Disadvantages?
-You can buy things with bad credit.
-This is a way to earn income on property.
-If you do not "buy" the home, ect., you lose all of the extra money you put into it.
-There has been several rent-to-own scams.