Frequently Asked Questions...
The interest rate is variable, this is due to the fact that the consumers make an online application and then receive several offers from various lenders. The rate offered is dependent upon the applicants' financial situation, credit score and affordability. Interest & acceptance rates are what you would expect if you were to apply through a comparison site or your local high street bank.
Great question, as a broker, with 26 unsecured lenders and 12 secured lenders on our panel, we just cannot give an average APR, this only works with the individual lenders. The reason for this is, we cover a vast range of industries and customer demographics and ultimately, the rate is 100% dependant on the quality of the customer's credit profile, with rates from 2.9% APR, we are the most competitive in the market.
Interest-free finance is a trick, it doesn't exist. Either the customer pays an interest rate or the business (you) offering the finance pays for the finance, then what happens? The merchant either a) loses money b) pushes their prices up to cover their costs and c) becomes uncompetitive in the market as their prices are inflated to cover the "interest-free" finance. The best option and the most transparent way forward is to offer the customer the option to apply and get a rate based on their credit rating.
Following an initial call with one of our business development managers, we will send you the following:
- This is the agreement between us, it is self-explanatory. We are here to answer any questions you may have. This is an E-signature document; meaning that you do not need to print it off, just follow the instructions and sign online
- An invoice, which will either be a deposit or a full invoice. The exception to this is if you've chosen to lease our platform for a period of time, then we will simply require a signature on the agreement to get started.
Once we have received these along with photo ID and proof of address we then check all the information supplied and if we are satisfied we then register your details on the system, once complete you will receive an email and a telephone call advising you of the next steps and how to start taking applications. Don't worry, your account manager will walk you through this step by step.
Your customers can apply online and in most cases will receive an instant decision to their email address. The application can be made at your personal application page. We also show you how to add the application form as an app on your phone or tablet. Including the integration of the application form into your website as a co-branded page, should you want to do this.
The funds are paid directly to the customer. This is usually within 48 hours of the application being accepted. Once the customer is in receipt of the funds then you would treat them as you would a cash customer, deposit, balance to be paid or full balance due at time of delivery. This is simply in line with your current cash customer sales process.
We offer both secured and unsecured loans. Loans for larger projects or items may be able to be secured against a property or asset. Secured loans may take longer to payout due to the need for additional information but you will be kept informed every step of the way. If you have business customers, we can also arrange funding for this, please contact your BDM to discuss or email us at email@example.com.
Great question, in today's economy, regardless of the fact that consumers are trying to hold on to their cash more than ever, offering a customer an option (in-house) to cover the cost of your product or service is less an option, it's becoming a necessity and customers simply expect it to be available! So why be the one not offering it?
Absolutely not. If the customer chooses an unsecured/personal loan then the lender is responsible for collecting any payments and the borrowing was not subject to an asset. Unlike some finance companies out there, who only pay you "IF" the customer pays, with us, you get paid 100% of the fund into your account on day 1.
There is some development costs to get started, this a one-off fee to onboard your business depending on the type of business you operate and the level you would like to join at, you can find more details by getting in touch with a BDM. There are typically no ongoing costs. We do ask that, if you're happy with our service, you recommend us to business partners, which really helps towards our marketing costs.