Zebit – Buy Now & Pay Over Time review
An interest-free, no-fee financing service suitable for folks with low credit — but beware of high prices and shipping rates, and a tough return policy.
Have a rocky credit history? Zebit offers up to $2,500 value in its credit system to purchase items from its own market — items include Samsung TVs, Gucci perfume and gift cards for other merchants. Pay off an item over six months with no interest charges, no fees and without affecting your credit score — though remember that your credit will take a hit if you miss a payment.
You must be employed, retired or receiving disability benefits to use Zebit. You also can’t return or cancel orders.
Quick take
Pros
- Zebit does a soft credit check through a third-party provider that won't affect your credit score.
- Zebit doesn't perform credit pulls or report credit information to any major credit bureaus.
- No FICO score required.
- No interest charges or fees.
- Buy gift cards for other major retailers.
- Set up payments to align with your pay schedule.
Cons
- You must be employed, retired or receive disability benefits to sign up.
- Items tend to be overpriced, as mentioned in customer reviews.
- Cancellations and returns aren't allowed in most cases.
- E-gift cards have an 18% handling charge.
- Shipping and handling prices tend to be high, according to customer reviews.
How does Zebit work?
You'll need to fill out a short application to get started with Zebit. If approved, you'll receive a ZebitLine amount of up to $2,500 in credit. You can then use this credit to purchase items from the Zebit Market.
When purchasing an item, you'll make a down payment with a debit or credit card. The remainder of the cost will be split up into payments over six months. Zebit lets you set up payments to correspond with your pay schedule.
You can also finance the down payment into three separate installments with deferred shipping. With this option, you can cancel an order before the down payment is completed since the item will be shipped only after the down payment is paid in full.
Alternatively, you always have the option to buy an item from the Zebit Market in full using another debit or credit card.
Your ZebitLine credit will drop with each purchase and will increase when you pay off an order.
Some things to be aware of:
- Zebit only allows refunds for defective furniture items.
- Although Zebit doesn't charge late fees, your credit will be frozen if you miss a payment. And you may be contacted by their internal collections service, according to online reviewers.
- If you purchase an eCertificate, you'll pay an 18% handling fee.
Features of shopping with Zebit
- No fees or interest. Like similar financing service Splitit, Zebit doesn't tack on any extra fees.
- Long financing period. Pay off items over a six-month period.
- No prepayment penalties. You can pay off your ZebitLine balance in full at any time.
- ZebitScore. This is a free assessment of your current financial situation.
- Popular brands available. Shop for a variety of name-brand products and eCertificates through the Zebit Market.
How much does Zebit cost?
Zebit doesn't cost anything to sign up and doesn't charge any late fees or interest — you'll simply pay back your purchase in installments.
Will Zebit affect my credit?
Zebit will not affect your credit. But keep in mind though Zebit doesn't report to major credit bureaus, missing a payment can still affect your score through your bank or payment cardholder.
Does Zebit help your credit?
No. Because Zebit does not report to major credit bureaus, it won't help you to build your credit. Consider getting a secured credit card or trying these alternative options to build your credit instead.
How to sign up for Zebit
To sign up with Zebit, you'll need to:
- Fill out a short application.
- Be 18 or over.
- Be actively employed, retired or collecting disability benefits.
Zebit uses your Social Security number to verify your identity and creditworthiness. It doesn't need your FICO score to sign up.
Is Zebit safe?
Yes. Your information — like your Social Security number — is encrypted with the same security standards used at top financial institutions. Zebit says it doesn't resell any of your personal information.
