SurgePays signs LOI with LowWeeklyPayments to form smartphone rent-to-own joint venture
SURG•Next steps and current scale
The parties aim to finalize a definitive operating agreement.
The program has expanded past 100 dealers.
Program targets subprime consumers
The program targets subprime consumers with low weekly payments, with device ownership transferring once payments are completed.
The joint venture would pair SurgePays’ dealer network with LowWeeklyPayments’ rent-to-own platform, approval matrix, and in-store payment technology.
LOI to form smartphone rent-to-own joint venture
SurgePays signed a non-binding LOI with LowWeeklyPayments to form a joint venture to scale a smartphone rent-to-own program.
The structure calls for a 51% SurgePays stake with managing-member control, while LowWeeklyPayments would hold 49%.
