Aaron's and Rent-a-Center have rent-to-own refrigerator programs. These stores offer appliances, electronics and furniture to customers without credit checks. The renter pays a weekly or monthly fee and has the freedom to return the appliance at any time. After the specified number of payments, the refrigerator belongs to the renter.
Rent-to-own stores offer a wide selection of refrigerators, including basic-top freezer models, side-by-side refrigerator-freezers and bottom freezer models with French doors on top. They include models in painted or stainless steel finishes. Most stores allow the consumer to purchase the appliance before the end of the contract while applying part of the payments to the cost of the refrigerator. Some stores offer the option of paying the appliance in full within a set time to avoid any interest charges.
There are over 7,000 rent-to-own stores across the United States and Canada, as of March 2015. These stores generate over $7 billion in revenue and serve over 4 million customers. They allow the consumer to purchase new or used products at a relatively low price. However, while the payments on these appliances seem low, Consumer Reports warns consumers they add up to a high interest rate. Leasing a refrigerator costs as much as three times the cost of purchasing it outright and is more expensive than buying it with a high-interest credit card.