Bread Finance FAQ

What is Bread?

Bread is a new type of financing platform that helps you pay for your purchases over time by making easy-to-understand monthly payments.

Bread terms are clear and straightforward. There are no hidden fees. There is no prepayment fee. If you pay late or bounce a check, a ten dollar fee will apply in each case, in addition to the amounts due on your loan.

How can I buy a Fisher Wallace Stimulator® with Bread?

When your cart is complete and you are ready to checkout, select Bread on the Payment Method screen. Enter your name, address and last 4 digits of your Social Security number and you will be shown the exact payment terms for the items in your cart, based on your credit rating. Using Bread does not impact on your credit score.

Who is eligible to apply for Bread?

U.S. residents over the age of 18 (19 for Alabama or Nebraska residents) are eligible, provided Bread can verify your identity. If you apply to see if you’re qualified for Bread and are denied, you won’t be eligible to apply again for 90 days.

Why should I use Bread?

Bread makes it fast and easy for you to pay over time. For many borrowers, rates may be lower than with a credit card or other alternatives.

Does using Bread impact my credit score?

You can check your rate and terms at any time without impact to your credit score. If Bread is not able to offer you credit, or if you do not accept the terms Bread offers, there is no impact on your credit score.

If you accept Bread's terms and complete your purchase, Bread informs the credit bureaus that you have used Bread. This will only happen the first time you successfully complete a purchase with Bread. Subsequent purchases using Bread will not require us to post an inquiry to the credit bureau. As with other credit products, the number of inquiries is one of the factors that credit bureaus use to determine your credit score, and so this may affect your score.

Bread is a loan. If you make all your payments on time you will be building a positive credit history that usually has a positive impact on your credit score.

However, if you do not make your payments on time Bread may report it to the credit bureau. This will likely have a negative impact on your credit profile and score.

How do I make payments?

You can make payments to Bread through ACH or debit card or by mailing them a check. To make an ACH or debit card payment, you log into your Bread account at members.getbread.com. Bread will guide you on how to set up an ACH payment from your bank account or use your debit card. You only need to do this once if you choose to automatically debit your account or charge your debit card for all your future Bread payments. To make payments by check, mail the check to:

c/o BreadServicing Department
P.O. Box 1264
New York, NY 10276

When are my payments due?

Your first payment to Bread will be due no sooner than 30 days after Bread ship your order. Subsequent payments are due every month after that, usually on the same day of each month. (For instance, if your first payment was due on the 7th of a given month, future payments are generally due the same day each month. You can see your full schedule of installment due dates in your account at members.getbread.com.

What is the application process like?

It’s fast and easy. Select Bread on the "Payment Method" screen during checkout. You’ll be asked to provide some basic information about yourself. Bread then presents you with clear, transparent terms. Simply choose your terms and complete your order.

Is Bread a credit card?

No. Bread makes installment loans.

Can I pay my loan back early?

Yes! You can prepay anytime for all or part of your loan. There is never a penalty for paying early.

Also, if you prepay more than the monthly payment but less than the total balance due on your loan, your monthly payment will remain the same. However, you will pay off your loan sooner and because of that you will pay less in total interest.

What happens if I don’t pay?

If you don’t pay, you’ll receive reminders from us, and you will be charged a late fee of ten dollars. If you continue not to pay, Bread may report this to the credit bureaus, which can have a material negative impact on your credit score and ability to get credit in the future. So please do not take on more than you can responsibly pay back each month.

Is Bread a bank?

Bread is not a bank. When you use Bread, you are taking out a loan from a partner bank that will be managed by Bread.

How is the APR (annual percentage rate) on my loan determined?

Bread looks at the credit risk of lending money to you as a borrower, and assigns an APR that fits your credit profile. Your Annual Percentage Rate or APR is the cost of credit as a yearly rate. Your APR is displayed in clear, simple terms. You are never obligated to accept it. Bread tries to reward good borrowers with lower rates. The

Why was I asked to pay for part of my purchase up-front?

Sometimes Bread can help to fund some but not all of your total purchase. In that situation, Bread allow you to split payment for your purchase by paying for part of the purchase price up front with a credit card, and financing the rest with Bread.

Why was I declined for a loan?

Unfortunately, Bread cannot always find a loan that’s right for you. If you believe Bread have made a mistake, please let us know. If you are declined, you will receive a notice from Bread within 30 days at the email address you provided to us, describing some of the reasons you were declined.

I want to return my device. What do I do?

If you return your device for a refund within 30 days of receiving it, your Bread loan will be cancelled.