Circuit Micro

This company offers to sell various electronic and computer equipment with financing terms. The customer is required to submit an online application including contact information, household income, employer information, and banking information for automatic debits. The company charges a $39.95 application fee that must be paid whether or not the customer is approved.

The company advertises “No Credit, Bad Credit, and Bankruptcy No Problem” and states that 99% of all applicants are approved. However, the company makes several contradictory claims about the income qualifications required for financing. On the application page it states that a minimum of $800 monthly income or more is required. On others a minimum of $1200 or $1600 monthly income is required. On the application terms page, it states that qualified buyers can receive 0% APR for 180 days, same as cash. However, other pages claim that a 0% APR is available for 12 months same as cash. Further, the company states that all loans require $0 as a down payment, but that a security deposit may be required. The company’s application terms indicate state that: “Your initial credit limit and interest rate will depend on how the customer meet the established income and credit standards not limited to a valid US Bank account for repayment ability.”

We believe the company’s advertising is deceptive and misleading, that the terms and conditions are contradictory and confusing, and that any offer requiring a security deposit is not a $0 down offer.