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What is Snap Loan?

Snap Loan® offers unsecured installment loans or retail installment contracts where you can make payments over time.

Retailers will let you know which type of Snap Loan they offer. You make payments to Snap as the servicer of the loan, so for you, there is no difference between the two.

An installment loan is a type of loan in which the principal and accrued interest are repaid through a set number of scheduled payments. A retail installment contract (RIC) is a transaction between you and the seller of a product or service in which you agree to pay for the product or service in installments over time, paying both the retail cost of the product or service and a finance charge. Unlike a lease, a loan accrues interest on outstanding principal instead of a fixed Cost of Lease.

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