Charlottesville, Virginia – August 16, 2017: LendPro is pleased to announce the release of its Pre-Approval service, an online resource that allows shoppers to understand the additional buying power that financing offers them, while shopping on-line, before they enter the store. Development of this new service began after discussions with LendPro’s retail partners made it clear that providing their customers more information about their pre-approved status, and consequently driving ready-to-buy foot traffic into the store, was seen as an important and differentiating capability.
With this product, LendPro deepens its commitment to offering a frictionless experience supporting the hybrid in-store/on-line shopper. With a simple click of a button on the retailer’s website, web-based shoppers will be given feedback on the credit that will be made available to them in-store. The shopper will be given information including an estimate of credit limit and the current interest rate of the lending or lease-to-own product they can expect to be given in the store.
LendPro’s Pre-Approval process is customized to each retailer based on the specific set of lending partners provided by LendPro’s Consumer Finance System. Starting with customer-supplied data, LendPro’s Pre-Approval service gathers publicly available information to determine the likelihood of the shopper being approved by each lender. Now, with the Pre-Approval process, fewer shoppers will be negatively surprised by credit decisions upon completion of the formal credit application in the store.
LendPro Pre-Approval is a separate and more capable offering to the LendPro Pre-Qualification (“Pre-Qual”) product. LendPro Pre-Qual uses a more limited set of data and simply determines if a shopper is likely to qualify for credit from any of a retailer’s lending partners. LendPro Pre-Qual will continue to be available to retailers who do not wish to offer the more robust Pre-Approval service.