Frequently Asked Questions

  • Is LendPro a lender?

    No. LendPro partners with a variety of consumer finance lenders and integrates them into an easy-to-use technology platform so that the consumer in a retail store can easily and privately apply for consumer financing - on a kiosk, tablet, or touchscreen computer - without having to apply separately through several different application methods.

  • If I already have a prime lender for financing some sales, why do I need LendPro?

    If your prime lender is declining 25% or more of consumers in your store who want to purchase your products, LendPro has an efficient and effective way to turn-around those turn-downs with alternative lending options. LendPro’s Open-to-Buy system can significantly increase that approval rate by enabling two or three additional lending options for different credit profiles, thereby improving the likelihood of an approval of your customer from one of the lenders.

  • What does a 'second-look' financing mean?

    Second-look financing simply means that an applicant that is declined by one lender has the opportunity to apply with an alternative lending source that may be more accommodating in their evaluation of the consumer’s credit and financing profile. No-credit-check financing is also popular to accommodate those consumers who do not want their credit checked. LendPro’s lender partners cover three primary credit tiers - prime, near-prime, and subprime - thereby giving your customers a better opportunity of being approved for financing your product.

  • Will my customers be willing and interested in trying a second-look lender?

    First, they must know you have consumer financing options for all credit profiles. But, if the process is time-consuming, invasive, and embarrassing, both your customers and staff will be resistant to pursue an approval across multiple lender options. Given the ease-of-use, speed, and privacy of the Open-to-Buy system, your customers will be more inclined to try multiple sources of financing in order to get approved.

  • What is No-Credit-Check financing?

    Lending options known as no-credit-check or no-credit-required are geared toward the individual who has damaged credit or has not established a credit history, therefore has a poor FICO score. It could also be for someone who is in process of raising their FICO score and doesn't want another hit to the credit report. No-credit-check lending helps this type of consumer make the purchase now. While this type of lending is more expensive than other forms (installment loan or revolving credit), most no-credit-required lenders have a same-as-cash or early payoff discount feature.

  • What is LendPro's process for applying through multiple lenders?

    LendPro's technology platform with its integrated lender partners creates a streamlined, cascading effect for an applicant to efficiently apply through multiple lenders. The applicant will apply with the first-look lender and, if declined, will be presented with a second-look opportunity, and so on. The applicant will know with each and every lender application what the status of that application is and what the terms are of the next-look lender option. At any time in the process, an applicant can terminate the application process should they choose to do so. LendPro sees a 75% continuation rate through the multiple lenders, primarily due to the ease and effectiveness of the application process.

  • How will I achieve more consumer finance approvals using LendPro’s Open-to-Buy system?

    LendPro has partnered with industry leading lenders that span the credit spectrum, including no-credit-check and subprime lenders to allow you to “cast a wider net”.  Not only will you see a bump in application volume at the prime-lender level but you will have more applicants willing to apply due to the variety of lending options.

  • What happens with the customer’s personal information?

    No personal data is stored on the Open-to-Buy device and your staff will never have access to a customer’s social security number or date-of-birth. All data is transmitted immediately in a secure internet transmission and is stored in LendPro’s secure data center, only accessible by select individuals with login credentials. 

  • Do shoppers desire a private, secure method of providing me their personal information?

    Especially the younger generation appreciates and desires a personal and private way to exchange information with you. They desire the ease of touchscreens and use them in everyday life. Empowering your customers with this technology will improve their experience in your store.

  • What does this do to the effort my store associates put forth during the financing process?

    This simple, easy-to-use process allows your sales staff to focus on selling rather than processing financing paperwork. It empowers your customer while freeing up your staff.

  • What devices can Open-to-Buy run on in my store?

    Open-to-Buy is platform independent and can run on a PC, iPad, touchscreen computer, or kiosk.  LendPro can provide a turnkey system or enable you to run the Open-to-Buy system on equipment you own.

  • How can I entice more consumers to want to apply for financing?

    Most consumers are unaware that retail stores have consumer financing programs, especially for the credit-challenged or subprime credit applicants. By first informing the consumer that your store has consumer financing options for their purchases and then having the Open-to-Buy platform with multiple lending options in a streamlined manner available to consumers in store, you will have more consumers willing to apply for financing.  .

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