Katapult

What Katapult does

With Katapult, customers spread payment for eligible merchandise through a lease-to-own arrangement. The service emphasizes necessities such as furniture, appliances and electronics for people whose FICO scores are low or changing.

To start, shoppers apply, pick an eligible item in the app, at a participating store or on a participating retailer’s site, and select Katapult at checkout. Katapult says the retailer is paid upfront while the customer leases the merchandise over time.

Fees and plans

Katapult discloses its pricing when asked. The published facts do not give lease prices, purchase amounts, exchange rates or other total-cost figures.

Katapult says leases do not add late fees or insufficient-funds fees. Repayments can be weekly, every two weeks, twice a month or monthly.

The customer can purchase the item within three months, at another point during the lease or when the term ends. They can instead return the merchandise without an obligation, subject to the lease agreement.

Where it runs

Katapult has iPhone and Android apps, a web checkout option and merchant integrations. Shopping is available through the app, participating store locations and participating retailer websites.

Retailer tools include Magento, Shopify and WooCommerce plugins, as well as a JavaScript plugin, direct API and in-store checkout; Salesforce Commerce Cloud is also listed among merchant platforms. The API is REST-based for custom or off-the-shelf platforms.

The mobile app page lists phone and live-chat support. Listed hours are Monday through Friday 7 a.m. to 11 p.m. CST, Saturday 8 a.m. to 9 p.m. CST, and Sunday 10 a.m. to 8 p.m. CST. Katapult does not offer the service in Minnesota, New Jersey, Wisconsin or Wyoming.

Protection, as Katapult publishes it

Katapult’s privacy policy says it uses commercially reasonable administrative, technical and physical measures designed to safeguard personal information.

For its API, Katapult requires OAuth 2.0 authentication and HTTPS. Integrations are separated into sandbox and live environments, each using its own OAuth keys.

The published facts do not state a banking licence, regulator, deposit protection or a specific dispute process.

Strengths

Customers have several repayment schedules and, while leasing, may continue scheduled payments, use an available early-purchase option or return the merchandise under the agreement.

Katapult describes its real-time approvals as considering more than credit scores while collecting minimal customer information, and says the application does not affect the score used.

Retailers can use omnichannel checkout, next-day settlement and merchant tools including a dashboard. Katapult says each integration receives an Integrations Engineer and an Engagement Manager.

Catches and limits

Pricing is not posted, so the lease cost and purchase amounts must be confirmed before signing. The facts also do not state minimums, maximums, item-level limits or currency details.

Katapult serves the United States across 46 states and the District of Columbia, but excludes Minnesota, New Jersey, Wisconsin and Wyoming.

Purchase and return choices depend on the lease agreement.

Who may want another option

Katapult may not fit someone who needs a published total price, a service outside its stated U.S. coverage or a conventional purchase rather than a lease-to-own agreement.

Verdict

Katapult is aimed at shoppers seeking lease-to-own access to household goods and other listed categories, particularly those with low or changing credit histories. Its app, store and web routes give customers several ways to start, and its published fee policy excludes late and insufficient-funds charges.

It is a weaker match for anyone who needs prices displayed before applying, lives in one of the unavailable states or wants a standard purchase product. The lease agreement controls purchase and return choices, while key cost details remain available on request.

Questions