Question 1

What is the difference between rent-to-own and buy-now-pay-later (BNPL)?

Accepted Answer

BNPL splits the price of a purchase into a few short-term instalments, and the buyer typically owns the item from the start. Rent-to-own runs over a longer period: the customer rents the asset and only becomes the legal owner after completing all scheduled payments or reaching an agreed total.

Question 2

Do rent-to-own platforms require a credit check?

Accepted Answer

Many do not rely on a formal credit score. Instead they assess affordability and may use alternative data such as mobile money history, income patterns, or guarantor information, which makes ownership accessible to people outside the formal banking system.

Question 3

What happens if I stop making payments?

Accepted Answer

Terms vary by platform. Because the provider usually retains ownership until the final payment, missing payments can lead to repossession of the asset. Some platforms offer grace periods, restructuring, or partial refunds of payments made, so it is important to compare each provider's default terms.

Question 4

Is rent-to-own more expensive than paying cash?

Accepted Answer

Usually yes. The total amount paid over a rent-to-own contract is generally higher than the outright cash price, because it includes financing and risk costs. The trade-off is access: it spreads payments over time and removes the need for a large upfront sum.

Question 5

What assets can I get through rent-to-own in Africa?

Accepted Answer

Common categories include housing, vehicles such as cars and motorcycles, solar home systems, smartphones and laptops, and business equipment. The mix depends on the platform and the country it operates in.

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