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Consumer financing provides individuals the opportunity to make their purchases affordable. The consumer lending options offered to individuals are extensive. This makes it crucial to provide a secondary financing solution that closely mirrors a prime lender.
Second-look financing also referred to as near-prime financing, provides a second chance to individuals denied by large lending institutions. This not only helps you increase revenue but also gains trust and customer loyalty. As a business owner, you want to help your customers make their dream purchase a reality.
There are three categories: prime, second-look or near-prime, and sub-prime. They are largely determined by the FICO scoring system. Individuals with a FICO score of 700 or higher, typically qualify for lines of credit that feature simple terms. Second-look financing refers to a financial product that is offered to individuals who hold scores just below the threshold served by primary finance providers and have been turned down. Many of these individuals have a strong full-time income and practice good payment practices. However, they simply do not have the credit rating to get a loan.
Second-look financing can help boost your approval rate. Banks and other institutions require applicants to possess a strong credit score, high income, and low credit usage to qualify. Most of the population falls into the subprime category. So, when your client is declined, it is almost always guaranteed they will go elsewhere.
The simple answer to this question is a solid YES! As a business owner, making the best choices for your clients will secure more sales. Providing a good alternative to leading lenders will certainly drive up revenue. Make your customer's purchase affordable and you won't risk losing the sale.
When it is time to discuss how to drive up credit approvals, it is time to consider a second-look financing company. There are various ways to provide a secondary financing solution to your clients. While you have an established partnership with your primary lending provider, you also want to increase your approval amount. Do not let one corporation decide “approve” or “deny” your customer purchases.
Consumers deserve the freedom to make purchases while rebuilding their credit scores. Your primary lender is not the only decision-maker for your clients. Finding a lending institution that provides a second look can be overwhelming. Let us take the stress factor out of searching for hours for a secondary financing option. Our seasoned analysts look into the variables that lead to primary credit declines. While our lending flexibility gives our underwriters the opportunity to approve more financing requests.
At Money Financial Group, we take great pride in providing a financial solution for merchants that can help a wide range of their client base. We are able to increase a large portion of consumer application approvals. Our underwriting skills and portfolio allows more flexibility when it comes to providing a credit decision.
We are able to work outside of the box unlike traditional banks and credit unions. We encourage all merchants to submit their declined applications with us. There is no risk in potentially turning a “no” into a “yes”. Contact us today to become a merchant!
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