Unearth Your Fortune

By Maddy Scheckel
September 26, 2023


Shop debt-free, get instant approval, and boost your credit with Katapult – it’s not too good to be true!

Buy products without putting yourself in debt, get approved in five seconds, and potentially build your credit along the way.

I know what you’re thinking, “That has to be too good to be true?”

I’m here to tell you it’s not!

Katapult is a fantastic alternative to credit cards and personal loans. You don’t need a good credit score to qualify, and they won’t charge you interest.

With the current credit card interest rates sitting at 16.27%, Katapult can help you save money. 

Continue reading my full Katapult review to find out more!

What is Katapult?

Katapult’s lease-to-own user app is easy to use and lets you shop with hundreds of retailers
Source: Katapult

Previously known as Zibby, Katapult is a lease-to-own service. It lets you lease and eventually own products such as laptops, furniture, and even tires!

Example: Let’s say you want to buy a new gaming setup, but it costs $2,000. When you sign up for Katapult, they’ll buy the gaming setup and lease it to you. Once you’ve made all the lease-to-own payments, you own the gaming setup!

So feel free to shop at over 200 stores, including:

  • Sears
  • Lenovo 
  • Wayfair
  • Motorola

According to Katapult, approval only takes five seconds, and you can spend up to $3,500.

If life gets in the way and you can’t make a payment, don’t stress because there are zero late fees.

How Does Katapult Work?

Thinking about getting a new phone? Or maybe you need a statement piece for your apartment.

As part of my Katapult review, I’ve included this five-step guide that’ll allow you to make purchases without cash or credit:

  1. Apply for an account
  2. Shop in-store or online
  3. Choose a payment plan that fits your needs
  4. Checkout and review your lease
  5. Pay the lease and enjoy your purchase

Step 1: Apply For An Account

There are two ways you can apply for a Katapult account.

Visit the Katapult website and in the upper right-hand corner, click “Apply.”

Enter your phone number, and Katapult will send you a verification code to continue the application process. 

Here’s a summary of the information you’ll have to enter:

  • Address within the U.S. 
  • Your Social Security number (SSN) or Taxpayer ID Number (TIN)
  • Valid email address
  • Credit or debit card details
  • Government-issued ID proving you are over 18 years of age
  • Your mobile phone number

Alternatively, you can walk into any store that partners with Katapult and apply in person. 

Step 2: Shop In-Store Or Online

Once Katapult approves your account, you can lease to own up to $3,500 worth of items from over 200 participating stores.

Step 3: Choose A Payment Plan That Fits Your Needs

Katapult has three payment plans that’ll suit the needs of various consumers:

  1. Pay in 90 days
  2. Pay after 90 days
  3. Purchase items at the end of your lease term

If you want to save the most money, paying your lease within 90 days is the best option. This plan will only have a markup of 5% and some additional fees, so you aren’t paying a steep markup.

But if you made a larger purchase and need a little more time, you can either pay it off after 90 days or wait until the end of your lease term.

However, I always suggest paying your lease as soon as possible because you’ll save money.

Step 4: Checkout And Review Your Lease

Your first lease-to-own payment is due during checkout. 

You’ll find a summary of your lease agreement, including the markup, any fees, and your lease period. Katapult will also notify you about return policies and what to do if your product is damaged.

Step 5: Pay The Lease And Enjoy Your Purchase

When receiving your purchase, I highly recommend downloading the Katapult mobile app because you can track future payments there. 

You can also update your payment date if you’re not sure whether you’ll be able to make the next payment.

But be aware that payment dates can only be changed once during a lease agreement. They must be changed prior to the scheduled date, and the number of days you can delay payment varies based on your current payment frequency. 

Is Katapult Legit?

Katapult is a legit lease-to-own service. 

It partners with hundreds of top brands, including Lenovo, Motorola, and Sears. 

Most online reviews are positive, as Katapult has a 4.4-star rating on Trustpilot and over 10,000 downloads on Google Play.

To back up their service, Katapult also makes it easy for customers to contact their support team. For assistance, users can contact customer service via phone, email, or live chat. 

Pros and Cons of Katapult

Pros Cons 
You can buy big-ticket products without creditIt’s expensive if you don’t pay your lease early
Katapult charges zero late feesKatapult isn’t available in Minnesota, New Jersey, Wisconsin, and Wyoming
Good credit isn’t necessaryThe selection of online stores is quite limited

Katapult Reviews

Most Katapult reviews are positive, with customers complimenting the easy signup process and helpful customer support. 

For example, in this Katapult review, customer Elisa says that everything was spelled out up front, and the customer support team is great.

Using Katapult is super easy and there are no hidden fees or fine print.
Source: Katapult

A Katapult review by user Adrian mentioned that he could buy a Macbook Air without a credit check. There was a slight hiccup with the customer service, but nothing that stopped him from enjoying his new laptop.

In this Katapult review, Adrian says that he was able to buy a new Macbook using Katapult.
Source: Trustpilot

However, not every Katapult review was positive. 

For instance, customer Katelynn wrote a Katapult review saying that Katapult froze her account, even though she was making regular payments. 

This might’ve been a mistake on Katapult’s part, so it’s good to see the customer support team reaching out and offering assistance.

Katapult froze Katelynn’s account, even though she made her payments.
Source: Trustpilot

Commonly Asked Questions About Katapult

Is Using Katapult Worth It?

Katapult is worth it for anyone who doesn’t have the money or credit to make large purchases. Since it is a lease-to-own service, you’re leasing the item from Katapult until you own it. If you can’t afford to make payments, or you don’t want the item, feel free to return it.

Does Katapult Hurt Your Credit?

Applying for a Katapult account doesn’t hurt your credit. However, Katapult does report your payments to the credit bureaus. This can help you build good credit, but if you’re missing payments, you’ll notice your credit score going down.

Does Katapult Show Up On Your Credit Report?

Katapult reports your payments to the credit bureau, so it’ll show up on your credit report. This is perfect if you have a zero credit score. You can begin to build good credit, allowing you to qualify for personal loans and credit cards in the future.

Can I Pay Off Katapult Early?

Yes, you can pay off your Katapult purchase as early as you like. For example, Katapult has a plan where you can settle your lease within 90 days. The sooner you pay it off, the more you save.

Are Affirm and Katapult the Same Company?

Affirm and Katapult are not the same company. Affirm is a buy now, pay later platform, while Katapult is a lease-to-own service. But Affirm Connect integrates with Katapult. So if you can’t qualify for an Affirm plan, Affirm will redirect you to Katapult.

Is Katapult Like Affirm?

Katapult lease-to-own and Affirm buy now, pay later are similar. Both allow consumers to borrow money to purchase goods. The main difference is with Katapult you don’t technically own the items until you’ve completed your lease payments. With Affirm, the goods are yours once you receive them. 

What Companies Use Katapult Financing?

Sears, Lenovo, Motorola, and Wayfair are some examples of the over 200 companies that use Katapult financing.

What Is Similar To Katapult?

Acima is a lease-to-own service that’s similar to Katapult. The business model is similar, but Katapult has more transparent fees. Katapult charges zero late fees, while some customers say Acima surprised them with hidden fees.

Does Katapult Build Credit?

Katapult reports your payments to the credit bureaus, so it’s an excellent way to build credit with on-time payments.

Does Katapult Charge Interest?

Katapult doesn’t charge interest. Instead, they’ll mark up your purchase depending on your payment plan and creditworthiness. For instance, if you pay your account within 90 days, Katapult only increases the price by 5%.

Does Katapult Report to Credit Bureaus?

Katapult reports your payments to the credit bureau, helping you build credit. On the flip side, you always want to pay your lease on time or reschedule the payment date if you can’t make an installment because missing payments can potentially affect your credit score.

Who is Katapult a Good Option For?

Katapult is a good option for disciplined consumers who are able to make their lease payments on time and who want to make a big-ticket, one-off purchase. Katapult will buy the item you want, lease it to you, and once you’ve made your lease payments, the product is yours.

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