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 /CNW/ – Financial Services are now available in IKEA Canada stores nationally, 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 the many, IKEA Canada is collaborating with Royal Bank of Canada (RBC) to launch PayPlan by RBCTM purchase-financing to its customers. This pay-over-time solution gives IKEA Canada’s in-store customers access to simple and straightforward financing with no hidden fees—all from a trusted source. This convenient and transparent financial service is now available at IKEA Canada locations across the country, with additional plans for online customers to be able to access PayPlan by RBC purchase-financing starting in June.
“As Canadians try to make more of their homes to meet diverse needs, with tighter cashflow, we’re pleased to make a meaningful service available to our customers,” notes Lori Kirkpatrick, Financial Services Leader at IKEA Canada. “We’re encouraged to deliver a much-requested service that enables our customers to create a home as unique as them while spreading their costs into more manageable amounts over time.”
“RBC understands that Canadians are looking for more flexible and manageable ways to make large purchases,” said Vinita Savani, Senior Vice President, Personal Lending & Auto Finance. “PayPlan by RBC is a financial solution to help consumers make those 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, on financial terms that suit their budget. PayPlan by RBC is a pay-over-time solution that offers IKEA Canada customers flexible payment options, with loan term lengths ranging from 12 to 48 months and annual percentage rates (APRs) as low as 0% or 9.99%1, available on eligible purchases2 between $1,000 to $10,000. Canadian residents over the age of majority in their province of residence are eligible to apply for a PayPlan by RBC installment loan and will receive an immediate decision following a soft credit bureau inquiry that doesn’t affect their credit score.3
How it works:
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Complete a quick and easy application in any IKEA store. Get results immediately!
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Choose a monthly plan that works for your budget, then review and agree to the terms.
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Load your funds to your mobile wallet and tap to pay with your loan funds at checkout.
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Pay for your purchase in installments over your selected loan term length.
IKEA Canada is committed to supporting the financial wellbeing of its co-workers 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 Personal Finance Essentials course for co-workers across the organization.
To discover more about IKEA 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 discover more about PayPlan by RBCTM, visit rbc.com/payplanloan.
ABOUT IKEA CANADA
Founded in 1943 in Sweden, IKEA is a leading home furnishing retailer, offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible can afford them. IKEA Canada is part of 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 the many people and does so through its local community efforts and sustainability initiatives. For more information on IKEA Canada, please visit IKEA.ca.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 94,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
1Loans are subject to application and approval. Rates vary depending on the amount borrowed and term selected and range from 0% to 9.99% APR. Approved applicants may select among 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 with a 12-month term at 0% APR OR $161.32 per month with 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 the 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’s term begins, RBC Ampli Inc. may report your loan and/or its monthly/final repayment status to credit reporting agencies, which may show up on your credit report and impact your score.
SOURCE IKEA Canada Limited Partnership
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