Thanks for asking!
Here's an overview of several financing solutions that can be offered
to higher risk customers, without becoming a lender yourself. Many
merchants and service businesses are able to partner with consumer
finance companies, providing a wider variety of financing options to
assist customers with less than perfect credit. Packages range from
tax refund anticipation loans to residential mortgage programs.
Household Finance Business Programs
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Household offers a broad range of retail partnership programs. Several
of those programs might match your needs:
Application Package Program
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"Customers not passing your own lending guidelines are forwarded with
their authorized application package to Household who sells,
processes, closes, and funds the loan. Compensation is based on
customer-authorized packages in a flat fee environment for services
rendered based on HUD and RESPA."
Application Package Program Contact Form
http://www.household.com/corp/hicu_mortgage_app.jsp
Flow Funded/Correspondent Program
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As a loan partner, [loans are] "closed in the name of your institution
after receiving conditional underwriting approval (manual or
electronic) from Household." Loans are then sold to Household as a
secondary market transaction.
Household B2B Programs
https://www.householdmortgageb2b.com/ln/lnmb_login.jsp
Household Business Programs
http://www.household.com/corp/hibp_residential_mortgage.jsp
Refund Lending
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Household offers five Refund Lending products that can be used to fund
home improvement projects:
ExpressRefund Loan
Help your customers apply for fast refund loans.
Instant Tax Refund Loan
Drive business through your door with the fastest RAL delivery in the
industry - decisions made in less than 30 seconds on average.
ExpressRefund Check
Available for federal and state refunds.
Refund Processing Transfer
Available for federal refunds to clients with a bank account.
TaxLine
Help your clients who owe a balance to the IRS.
Household Refund Lending Products
http://www.householdtaxfinancialservices.com/htax/ERO/Ind?cmd_static=eroProducts
American General Financial Services
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Easy To Say Yes Program
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Available to fill "occasional" finance needs. Features simple and fast
application processing, automated technology, quick funding.
Installment Financing for Merchants
http://www.agfinance.com/agfs2002/agfsweb.nsf/contents/retail_sayyes
Wells Fargo Financial Services
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Wells Fargo Closed-End Contract Financing program features fixed terms
and payments, plus features such as fast application processing via
the Internet, phone, or fax and prompt funding of your sales
contracts, including Automated Clearing House (ACH) funding.
Wells Fargo Financial Retail Financing
http://financial.wellsfargo.com/commercial/retailcredit/retailfinanciang/index.html
CitiFinancial Retail Services
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"CitiFinancial Retail Services offers high approval rates with
generous customer credit lines through automated processing
supplemented by a human decision process.
CitiFinancial establishes true partnerships with retailers to help
structure customized credit and marketing programs that work
synergistically over the long term."
CitiFinancial's unique extended credit program is designed to meet the
needs of those customers who may not meet initial credit criteria. For
those buyers, a staff of credit analysts can immediately extend
credit. This "second look" process is seamlessly integrated into
CitiFinancial's technology.
CitiFinancial Retail Services Program
http://www.citifinancialretailservices.com/index.php
CitiFinancial Affiliate Program
Go to: http://www.citifinancial.com/ and select Affiliate Program from
the lefthand menu.
Loan Referrals
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You could also assist your customers by providing referrals to
reputable personal or mortgage loan companies that work with clients
with poor credit. You might put together a resource sheet or website
package that lists local and internet resources. Some loan makers
offer affiliate or referral programs. You can decide whether to offer
the referrals simply as a service, or be paid if customers receive
loan funding.
Here are some examples of companies and services you might refer to or list.
Local Loan Shops
================
CitiFinancial
123 Any Street
Your Town, OR 96789
503.555.1234
http://www.citifinancial.com/
Household Finance
123 Any Street
Your Town, WA 96789
509.555.1234
Website: http://www.household.com/corp/index.jsp
Use your local phone book to locate and list contact information for
additional Loan Stores, Consumer Finance Companies, and Home Equity
Line of Credit lenders.
Online Loan Shopping
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AmericaOneUnsecured.com offers less-than-perfect credit personal and
business loans, plus offers two referral programs.
http://www.americanunsecured.com/credit-card-advance-n.html
AmericaOne Funding Group (Referrals)
http://www.americanunsecured.com/secure/broker_intro.html
AmericaOneUnsecured Affiliate Program
http://www.americanunsecured.com/secure/affiliate_intro.html
LendingTree is an online loan marketplace where Lenders compete for
loan business. Customers, even those with less than perfect credit,
can select the loan that best matches their need and circumstances.
LendingTree Home Equity Loans
http://www.lendingtree.com/stm/offers/homeequity.asp
LendingTree Personal Loans
http://www.lendingtree.com/stm/offers/personal.asp
LendingTree Affiliate Program - Earn money for referrals
http://www.lendingtree.com/stm/affiliates/affiliate-application.asp
GetSmart
Shop a loan without having to disclose social security number, and
without an entry on your credit report.
GetSmart
1-800-GETSMART
http://www.getsmart.com/
Articles and Resources
----------------------
The Well Informed Borrower - Personal Loan Information
http://www.bankrate.com/brm/rate/personal_home.asp
Five Steps to Do-It-Yourself Credit Repair, by Dani Arthur
"Blotches on your credit report cost you. But, don't despair. It's
never too late to become credit worthy -- just get started, and
remember that it won't happen overnight."
Do-it-yourself Guide to Credit Repair
http://www.bankrate.com/brm/news/cc/20011008b.asp
Free Credit Repair Resources, Tools and Information
http://www.moneysearch.com/loanlibrary/credit_repair.html
There are, of course, many more resources out there on the Internet,
however, so many are of dubious quality. I've selected only programs
and information that I know to be reputable.
Additional Information
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Hoover's Industry FactSheet - Personal Lending
http://www.hoovers.com/personal-lending/--HICID__1325--/free-ind-factsheet.xhtml
Search Strategy
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Google Search Terms:
"retail sales financing"
merchant services financing
retail services financing
"sales financing" retail
"sales financing" home improvement
Should you have questions about the information or links provided,
please, feel free to ask.
---larre |
