What is a Hire Purchase?
A hire purchase is a method of buying goods through making installment payments over time. Under a hire purchase contract, the buyer is leasing the goods and does not obtain ownership until the full amount of the contract is paid. The seller/financier rents the asset for an agreed period of time in return for a set of monthly installments.
Our Hybrid Model
Works like a term loan financing. We partner internal and external vendors who retail consumer goods. The buyer obtains ownership immediately we approve the purchase loan and arrange the full amount for the purchase/contract to the seller of goods: Lump sum is paid to the seller for the asset and borrower/client takes immediate possession. Installment payments are made to us and not the vendor subsequently. Legal ownership is obtained by the client after the pre-agreed minimum period of return of goods elapses. We assume no liability for purchased goods.
Features
Can be used when buying a product or service from any of our merchant partners only.
How to apply
Kindly complete a short online application form here.
Related Product
Hire Purchase Loans for Businesses also available here.
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