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:
- Complete a quick and easy application in any IKEA store. Get
results immediately!
- Choose a monthly plan that works for your budget, then review
and agree to the terms.
- Load your funds to your mobile wallet and tap to pay with your
loan funds at checkout.
- 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