Peloton has secured an additional financing option for customers in the United States via Citizens Pay. Note that Affirm is still an option as well, but Peloton is introducing a second alternative for customers to consider as they make their purchase.
Instead of Affirm, which is a loan tied to the specific device, Citizens Pay is a credit line that can be used towards multiple Peloton purchases.
Peloton’s financing page has been updated to reflect the addition of Citizens Pay, including a helpful section about what exactly the difference between the two options is:
Peloton offers both Affirm and Citizens Pay as financing options for members to split their purchases into smaller monthly installment payments.
• Affirm provides closed-end installment loans that can be used to finance individual purchases of eligible Peloton products. Members repay the loans in monthly installments to Affirm.
• Citizens Pay provides a revolving line of credit that can be used to finance multiple purchases of eligible Peloton products. As Members repay installments each month, the credit line replenishes and can be used for other eligible Peloton purchases.
The financing support page has also been updated to reflect the new Citizens Pay alternative, and Peloton has also launched a new landing page specifically dedicated to Citizens Pay.
Financing is offered for terms of 12, 24, 39, or 43 months, with $0 down and an APR of 0% of the 12 month term or 4.99% for the 24, 39, or 43 months.
Note that Citizens Pay requires a hard credit check – meaning that it may impact your credit score and will be reflected on your credit reports for approximately two years – in order to move forward. In order to initiate the application process, customers should select “pay over time” as they are checking out with Peloton, complete the application for Citizens Pay, and select their payment plan and repayment method.
Note that as always, the purchase and financing of a hardware device is separate from the monthly All-Access membership that accompanies it.
To learn more about Peloton’s new financing option with Citizens Pay you can visit the central financing page or the support article.
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