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IKEA Canada brings together financial services to help make home improvement more affordable for many Canadians
IKEA Canada customers can now pay for in-store purchases over time with rates as low as 0% APR with PayPlan by RBC™ financing
BURLINGTON, ON, May 22, 2024 /PRNewswire/ — Financial services are now available in IKEA Canada stores across the country as the renowned retailer aims to make home furnishings more accessible and convenient for Canadians. In keeping with the company’s desire to create a better everyday life for many, IKEA Canada is collaborating with the Royal Bank of Canada (RBC) to launch PayPlan by RBCTM purchase financing for its customers. This pay-on-time solution gives IKEA Canada store customers access to simple, direct financing with no hidden fees – all from a trusted source. This convenient and transparent financial service is now available in IKEA Canada stores nationwide, with additional plans for online customers to access PayPlan via RBC purchase financing starting in June.
IKEA Canada brings together financial services to help make home improvement more affordable for many Canadians (CNW Group/IKEA Canada Limited Partnership)
“As Canadians try to make better use of their homes to meet diverse needs with less cash flow, we are pleased to provide a meaningful service to our customers,” notes Lori Kirkpatrick, Financial Services Lead at IKEA Canada. “We are encouraged to provide a highly requested service that allows our clients to create a home as unique as they are, while spreading their costs into more manageable amounts over time.”
“RBC understands that Canadians are looking for more flexible and manageable ways to make big purchases,” said Vinita Savani, Senior Vice President, Personal Loans and Auto Financing. “PayPlan by RBC is a financial solution to help consumers make important purchases on flexible terms, while helping them balance their monthly budget.”
With IKEA Financial Services, Canadians can enjoy well-designed, sustainable home furnishing solutions that make their homes work for them, at financial terms that fit their budget. PayPlan by RBC is a pay-over-time solution that offers IKEA Canada customers flexible payment options, with loan terms ranging from 12 to 48 months and annual percentage rates (APRs) as low as 0% or 9. 99%1, available on eligible purchasestwo between US$1,000 and US$10,000. Canadian residents of legal age in their province of residence are eligible to apply for a PayPlan by RBC installment loan and will receive an immediate decision after a soft credit bureau inquiry that does not affect your credit score.3
How it works:
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Fill out a quick and easy application at any IKEA store. Get results immediately!
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Choose a monthly plan that fits your budget, review and agree to the terms.
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Load your funds into your mobile wallet and tap to pay with loan funds at checkout.
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Pay for your purchase in installments over the term of your selected loan.
The story continues
IKEA Canada is committed to supporting the financial well-being of its coworkers and customers. In support of the development and launch of IKEA Financial Services, IKEA Canada has integrated financial literacy tools and training available through the McGill Course Fundamentals of Personal Finance to coworkers across the organization.
To find out more about IKEA’s financial services, visit IKEA.ca/FinancialServices.
PayPlan by RBC financing is offered by RBC Ampli Inc., a wholly owned subsidiary of Royal Bank of Canada. To learn more about RBCTM PayPlan, visit rbc.com/payplanloan.
ABOUT IKEA CANADA
Founded in 1943 in Sweden, IKEA is a leading home furnishings retailer, offering a wide range of well-designed, functional home furnishings products at prices so low that as many people as possible can afford them. IKEA Canada is part of the Ingka Group, which operates 482 IKEA stores in 31 countries, including 16 in Canada. Last year, IKEA Canada welcomed 28 million visitors to its stores and 166 million visitors to IKEA.ca. IKEA Canada operates business through the IKEA vision – to create a better everyday life for many people and does so through local community efforts and sustainability initiatives. For more information about IKEA Canada, visit IKEA.ca.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-driven approach to delivering leading performance. Our success comes from more than 94,000 employees who harness their imagination and insights to bring our vision, values and strategy to life so we can help our customers thrive and communities thrive. As Canada’s largest bank and one of the largest in the world, based on market capitalization, we have a diversified business model focused on innovation and delivering exceptional experiences to our more than 17 million customers in Canada, the U.S. and 27 other countries. Find out more at rbc. with.
We are proud to support a wide range of community initiatives through donations, community investments and employee volunteer activities. See how in rbc.com/community-social-impact.
1Loans are subject to application and approval. Rates vary depending on the amount borrowed and the term selected and range from 0% to 9.99% APR. Successful applicants may select from 0% APR for a 12-month term, regardless of the amount borrowed, or, if qualified, may be eligible for 9.99% APR for 24, 36, or 48-month terms, depending on the amount borrowed. Example: On a $5,000 loan, a qualified applicant could pay $416.67 per month for a 12-month term at 0% APR OR $161.32 per month for a 36-month term at 9.99% APR. Additional terms and plan options may be available during promotional periods. Offers and plan options are subject to change/cancellation without notice.
2PayPlan by RBC financing and installment loans are not available for IKEA Food products purchased at IKEA Swedish Food Market, IKEA Restaurant, IKEA Bistro; IKEA gift cards; purchases with IKS kitchen installation services; third-party services not billed by IKEA.
3If your PayPlan by RBC installment loan application is accepted, once your loan term begins, RBC Ampli Inc. may report your loan and/or your monthly/final repayment status to credit reporting agencies, which it can show up on your credit report and impact your score.
IKEA Logo (CNW Group/IKEA Canada Limited Partnership)
SOURCE IKEA Canada Limited Partnership
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