Q. How does Bread work?
A. Bread is our financing partner and offers payment plans for purchases that our customers make online.
Q. Is Bread like a credit card?
A. No, Bread provides closed-end installment loans with a fixed APR to help finance your purchase. You pay back the loan in monthly payments and prepay at any time without a penalty. You can reach out to Bread at firstname.lastname@example.org or 844.992.7312 if you have any questions.
Q. My credit is not great. Can I use my family member/spouse/other person’s information for the application? They are OK with me using it.
A. No, because this is not a paper application and no physical signature is required, it is extremely important that the person applying input their own information and also agree to the disclosure and terms. Using another person’s information, even if they are ok with it or are a family member, can have legal consequences.
Q. My device is not working. Can you fill out the application on your end?
A. No. Unfortunately, this is strictly prohibited by our financing partner. The person whose information is provided for the application must fill it out and agree to the terms.
Q. I applied and got a monthly payment that is much higher than the “as low as” number you advertised. Why is that?
A. The “as low as” number is an example based on one of the rates our financing partner offers. Their rates range from 0% to 29.99% APR. Different customers qualify for different terms.
Q. I think I deserve a lower rate. What sort of underwriting do you use?
A. Unfortunately, we do not have any control over the underwriting decision. If you have any questions regarding your credit application with our financing partner, Bread, you can reach out to them directly at email@example.com or 844.992.7312.
Q. I was not offered credit terms. Why is that?
A. Unfortunately, we do not have any control over the underwriting decision. You should receive a notice from our financing partner within 24 hours regarding your application.
Q. I was asked to call Bread in order to move forward the application. Why is that?
A. It is possible Bread needs more information to verify your identity before moving forward. This is normal, and done to protect our customers against identity theft. You can reach them at 844.992.7312.
Q. Is this Red Beard Sailing's financing program or Bread’s financing program?
A. Bread is our financing partner and offers financing options for our customers. However, if you accept the financing terms and complete your purchase, you will receive a notification from Bread, not us, regarding your monthly payments.
Q. Why did I get this rate? / Why did I get this APR?
A. Unfortunately, we do not have any control over the underwriting decisions. We would still encourage you to move forward with the transaction either with Bread or with an alternative payment option. Further, should you have any questions regarding your credit application with our financing partner, Bread, you can reach out to them directly at firstname.lastname@example.org or 844.992.7312.
A. You can reach out to Bread at email@example.com or 844.992.7312 if you have any questions regarding the disclosures, the terms of your loan or your loan agreement. These are important disclosures, as with any other credit application, and we encourage you to read them.
Q. Will the financing affect my credit score?
A. You can check your rate and terms at any time without impact to your credit score. If you qualify, you will be given payment terms and will be able to see how much the purchase will cost you in monthly payments.
If you check out and complete the sale, there will be a hard inquiry on your report, just like any other credit application. You will be prompted to review your payment terms before you check-out so please be sure to check out only if you are OK with the financing terms. The number of inquiries is one of the factors that credit bureaus consider in determining credit scores.
This will only happen the first time you successfully complete a purchase with Bread. Subsequent purchases using Bread will not require them to post an inquiry to the credit bureau.
Q. What is Cross River Bank?
A. Like most other financing programs, Bread works with a federally-insured bank partner to offer you financing options. All Bread loans are provided by Cross River Bank.
Q. When will I hear from Bread about my payments?
A. Once we fulfill your order, we will notify Bread. Bread will send you an email to access your account, where you will be able to view your monthly payments, your final Truth in Lending Disclosure, and your Loan Agreement.
Q. What do you mean by “fulfill your order”?
A. Fulfillment is a term we use to determine order status. An order that has been fulfilled has either been delivered, or has been packaged and left our facility in the hands of a shipping service.
Q. When is my first payment due?
A. Bread will send you an email to access your account. However, your first payment will not be due no less than 30 days from your date of check out so you have some time.
Q. Can I prepay my loan with Bread?
A. Absolutely. And there is no penalty should you do so.
Q. What is my credit limit?
A. We do not know. This is determined by our financing partner. However, we know that unlike a credit card with a strict credit limit, each purchase is evaluated separately as a closed end transaction.
Q. What is your refund policy / How does a refund work with Bread?
A. If you ask for a refund before we fulfill your order and we process it, you do not need to anything with Bread. They will cancel your application. If you ask for a refund after we fulfill your order, it is possible your loan with Bread will have started. Bread will still cancel your loan but you may owe a little bit of accrued interest. You should contact Bread if you have any questions about your payments.
Q. Should I contact Bread regarding refunds?
A. You should speak to us regarding your refund request. Once your refund is processed by us, Bread will cancel your loan.