
<PAGE>   1
 
                         NOTICE OF GUARANTEED DELIVERY
                                      FOR
 
                              RENT-A-CENTER, INC.
                               OFFER TO EXCHANGE
           ANY AND ALL OF ITS 11% SENIOR SUBORDINATED NOTES DUE 2008
 
                                       BY
 
                              RENT-A-CENTER, INC.
 
THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON
            , 1999, UNLESS EXTENDED TO A DATE NOT LATER THAN           , 1999
(THE "EXPIRATION DATE"). TENDERED NOTES MAY BE WITHDRAWN AT ANY TIME PRIOR TO
THE EXPIRATION DATE.
 
     As set forth in the prospectus dated                     , 1999 (the
"Exchange Memorandum") under the captions "The Exchange Offer -- Procedures for
Tendering Notes" and "The Exchange Offer -- Guaranteed Delivery Procedures" and
the accompanying Letter of Transmittal dated             , 1999 (the "Letter of
Transmittal") and Instruction 2 thereto, this form, or one substantially
equivalent hereto, must be used to accept the Exchange Offer if certificates
representing the 11% Senior Subordinated Notes due 2008 (the "Notes") of
Rent-A-Center, inc., A Delaware corporation (formerly known as Renters Choice,
Inc.) (The "Company"), are not immediately available or if the procedure for
book-entry transfer cannot be completed on a timely basis or time will not
permit a Holder's certificates or other required documents to reach the Exchange
Agent on or prior to the Expiration Date. Such form may be delivered by hand or
transmitted by telegram, telex, facsimile transmission or mail to the Exchange
Agent and must include a guarantee by an eligible institution unless such form
is submitted on behalf of an Eligible Institution. Capitalized terms used and
not defined herein have the respective meanings ascribed to them in the Exchange
Memorandum.
 
                             THE EXCHANGE AGENT IS:
 
                       IBJ SCHRODER BANK & TRUST COMPANY
 
<TABLE>
<S>                                            <C>
       By Registered or Certified Mail:               By Hand or by Overnight Courier:
      IBJ Schroder Bank & Trust Company              IBJ Schroder Bank & Trust Company
                 P. O. Box 84                                 One State Street
            Bowling Green Station                         New York, New York 10004
        New York, New York 10274-0084               Attn: Securities Processing Window,
     Attn: Reorganization Operations Dept                  Subcellar One, (SC-1)
        Facsimile Transmission Number:                     Confirm by Telephone:
                (212) 858-2611                                 (212) 858-2103
</TABLE>
 
     DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH ABOVE
WILL NOT CONSTITUTE A VALID DELIVERY. THE ACCOMPANYING INSTRUCTIONS SHOULD BE
READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS COMPLETED.
 
     This form is not to be used to guarantee signatures. If a signature on the
Letter of Transmittal is required to be guaranteed by an "Eligible Institution"
under the instructions thereto, such signature guarantee must appear in the
applicable space provided in the signature box on the Letter of Transmittal.
<PAGE>   2
 
Ladies & Gentlemen:
 
     Upon the terms and subject to the conditions set forth in the Exchange
Memorandum and accompanying Letter of Transmittal, receipt of which is hereby
acknowledged, the undersigned hereby tenders to Rent-A-Center, Inc., a Delaware
corporation (formerly known as Renters Choice, Inc.) (the "Company"),
$          principal amount (at maturity) of Old Notes, pursuant to the
guaranteed delivery procedures set forth in the Exchange Memorandum and
accompanying Letter of Transmittal.
 
<TABLE>
<S>                                            <C>
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       CERTIFICATE NUMBERS OF OLD NOTES
                (IF AVAILABLE)                           PRINCIPAL AMOUNT TENDERED
---------------------------------------------------------------------------------------------
 
---------------------------------------------------------------------------------------------
 
---------------------------------------------------------------------------------------------
 
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</TABLE>
 
If Old Notes will be tendered by book-entry transfer: (check one)
 
Name of Tendering Institution:
 
<TABLE>
<S>                                                    <C>  <C>
                                                            [ ] The Depository Trust Company
-----------------------------------------------------
                                                            [ ] The Midwest Securities Trust Company
Account No. ---------------------------------------    at   [ ] The Philadelphia Depository Trust Company
</TABLE>
 
     The undersigned authorizes the Exchange Agent to deliver this Notice of
Guaranteed Delivery to the Company and IBJ Schroder Bank & Trust Company with
respect to the Old Notes tendered pursuant to the Exchange Offer.
 
     All authority conferred or agreed to be conferred by this Notice of
Guaranteed Delivery shall not be affected by, and shall survive, the death or
incapacity of the undersigned, and every obligation of the undersigned under
this Notice of Guaranteed Delivery shall be binding upon the heirs, executors,
administrators, trustees in bankruptcy, personal and legal representatives,
successors and assigns of the undersigned.
 
                                   SIGN HERE
 
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                    Signature(s) of Registered Holder(s) or
                              Authorized Signatory
 
--------------------------------------------------------------------------------
                        Name(s) of Registered Holder(s)
                             (Please Type or Print)
 
--------------------------------------------------------------------------------
                                    Address
 
--------------------------------------------------------------------------------
                                    Zip Code
 
--------------------------------------------------------------------------------
                         Area Code and Telephone Number
 
Dated:                                                                    , 1999
      --------------------------------------------------------------------

<PAGE>   3
 
                                   GUARANTEE
                   (NOT TO BE USED FOR SIGNATURE GUARANTEES)
 
     The undersigned, a member firm of a registered national securities exchange
or of the National Association of Securities Dealers, Inc., or a commercial bank
or trust company having an office in the United States, hereby (a) represents
that the above-named person(s) has a net long position in the Old Notes tendered
hereby within the meaning of Rule 14e-4 under the Securities Exchange Act of
1934, as amended (b) represents that such tender of Old Notes complies with Rule
14e-4 and (c) guarantees delivery to the Exchange Agent of certificates
representing the Old Notes tendered hereby, in proper form for transfer, or
confirmation of book-entry transfer of such Old Notes into the Exchange Agent's
account at a Book-Entry Transfer Facility (as defined in the Exchange
Memorandum), in each case together with a properly completed and duly executed
Letter of Transmittal with any required signature guarantees and any other
documents required by the Letter of Transmittal, within three New York Stock
Exchange trading days after the date hereof.
 
--------------------------------------------------------------------------------
 
<TABLE>
<CAPTION>
 
<S>                                                    <C>
 
---------------------------------------------------    ---------------------------------------------------
                   Name of Firm                                               Title
---------------------------------------------------    ---------------------------------------------------
               Authorized Signature                                Name (Please Type or Print)
---------------------------------------------------    ---------------------------------------------------
                      Address
                                                           Dated  _____________________________  ,1999
---------------------------------------------------
          Area Code and Telephone Number
</TABLE>
 
NOTE: DO NOT SEND CERTIFICATES REPRESENTING OLD NOTES WITH THIS FORM.
      CERTIFICATES FOR OLD NOTES MUST BE SENT WITH YOUR LETTER OF TRANSMITTAL.
<PAGE>   4
 
                             THE EXCHANGE AGENT IS:
 
                       IBJ SCHRODER BANK & TRUST COMPANY
 
<TABLE>
<S>                                             <C>
      By Registered or Certified Mail:                By Hand or by Overnight Courier:
      IBJ Schroder Bank & Trust Company               IBJ Schroder Bank & Trust Company
                P. O. Box 84                                  One State Street
            Bowling Green Station                         New York, New York 10004
        New York, New York 10274-0084                Attn: Securities Processing Window,
    Attn: Reorganization Operations Dept.                   Subcellar One, (SC-1)
 
       Facsimile Transmission Number:                       Confirm by Telephone:
               (212) 858-2611                                  (212) 858-2103
</TABLE>
