Lending Transaction Procedure
- Customer completes lender application.
- Lender initiates application underwriting review.
- Within one day, the lender follows with the customer to request more information or provide a credit decision.
- If credit is approved, the lender emails the customer to provide a lending term sheet for signature.
- Customer executes the lending term sheet and returns completed copy to the lender.
- Lender emails designated merchant representative of customer acceptance.
- Merchant invoices lender for corresponding customer purchase via email. Invoice must include “Bill to” and “Ship to” customer information.
- Lender emails lending agreement to customer for signature.
- Upon lender receipt of executed lending agreement and supporting documents from customer, lender notifies and funds merchant within two days via bank ACH.
- Merchant delivers the product to customer.
Most lending offers are for financing. However, some of our lenders offer a leasing option, too. Upon completion of the lender application, the offer will distinguish the lending type. If you have preference on lending type, please note it on the application.
Each lender’s initial pre-qualification quote is based on averaging their proprietary credit criteria. Completing a lender application will result in a custom and final lending terms quote.
Lending offers may vary by individual lender specialization in lending types (finance vs lease), credit scoring, term of loan, etc. Upon completion of more than one lending application, compare the most advantageous characteristics of each lender offer.
If you wish, you can apply for an amount greater than your product/service purchase if you also need working capital. Be sure to note your request within the lender application.
If you’d like to better understand your lending options, you’re welcome to complete more than one lending application.
The lender will review your application and reply directly via email with approval or request for additional information. Any approval will include the actual lending terms and monthly payment plan.
Personal guarantee requirements may vary based on your business type, credit standing and time in business. Businesses less than 2 years old will likely require a personal guarantee.
Typically, lender application approval takes one day. If the lender can’t readily confirm your submitted application information, they may need more time. Once you’re approved, the loan will be funded next day.