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IKEA Canada assembles financial services to help make home improvement more accessible to the 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

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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:

  1. Complete a quick and easy application in any IKEA store. Get results immediately!
  2. Choose a monthly plan that works for your budget, then review and agree to the terms.
  3. Load your funds to your mobile wallet and tap to pay with your loan funds at checkout.
  4. 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.