Bread Installments are an easy and effective way to allow your customers to purchase what they want now and pay over time in monthly payments that fit their budget.
Customers can find out if they prequalify in seconds by entering the following pieces of information into the Bread Installments application:
- First and last name
- Email address
- Cell phone number
- Billing address
- Date of birth
- Last 4-digits of their social security number
Once the customer prequalifies, they can check out with the offered loan term that works best for their budget.
Installments Availability & Eligibility
- Location: Installments are available in all U.S. states except Iowa, Idaho, and West Virginia, due to strict state consumer lending laws. Installments are also not available in U.S. territories or Puerto Rico. If a customer’s billing address reflects that they reside in one of these locations, Bread’s modal will clarify that financing is unavailable in their location and to please check out via other means.
- Age: Customers must be at least 18 years old (or over 19 for Alabama and Nebraska residents).
- Customers must have a valid mobile number that can receive SMS tokens.
Loan Term Options
Bread recommends that merchants offer a maximum of 3 loan terms to their customers. We also strongly encourage offering at least one 0% APR term to maximize sales.
You may change the loan terms you offer at any point in your relationship with Bread, either permanently or promotionally. Please visit the Change Your Loan Program section for instructions on how to update your terms and allow three business days for any changes to be made.
SplitPay is a pay over time option that allows customers to split up their purchase into 4 equal, interest-free payments over 6 weeks using their credit or debit card. Currently, SplitPay is available for cart sizes between $50 - $1,000. There is no application or credit check involved with the SplitPay product and customers always pay 0% APR.
SplitPay Availability & Eligibility
- Location: SplitPay is available to customers in all U.S. states except California. It is also unavailable in US territories or Puerto Rico.
- Age: To proceed with SplitPay, customers must be at least 18 years old (or over 19 for Alabama or Nebraska residents).
- Customers must have a valid mobile number that can receive SMS tokens; and
- Customers must have a debit/credit card (Visa, MasterCard, Discover) with enough capacity to support the first and second payments of their order, which is determined by putting temporary holds (and immediate releases) on the card.
Updated 3 months ago