Welcome To Coach Financing
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Marketplace lending means that our platform has access to a marketplace of banks and lenders. We will run a soft pull credit report on the consumer and based on our proprietary algorithms, we match them with the best possible offers. Consumer get the best rate and merchants can sell more of their goods and services. It’s a win-win.
Because this is a direct to consumer lending program, our underwriting is very minimal. We typically have your clients approved with 24 hours.
We approve historically high-risk consumers that many banks or lenders will not finance.
The approval process is very quick and easy for your clients:
Step 1 - They complete the online application on your custom page.
Step 2 – If approved, offers will be presented to your client.
Step 3 – They work directly with the lender to complete paperwork.
Step 4 - Client funds directly into their bank account.
Step 5 – Client completes the purchase with you for your coaching services.
Yes, the rates range from 7.99% to 35.99% depending on the consumers credit profile and state they reside in.
The marketplace solution currently does not offer 0% percent or same as cash offers. However, we will be adding this option as soon as we are able to.
No, there are not.
The cost to fund a loan is based upon the discount rate being charged, the discount rates is determined by business type and lending risk factors.
We offer term loans up to 60 months payback with excellent credit and depending on amount financed.
Loans are funded based on each lenders criteria, but this process typically takes 24-72 hours. Remember, all proceeds go to the client, not the coach. Your client still pays you directly once they have the funds in their account.
We recommend coaches collect any sort of a deposit and get a signed contract prior to loan approval. Certainly, once a consumer is funded they could decide to change their mind, but this is typically a rare occurrence if you are in communication with your client.
No, there is no recourse to coaches if clients do not make their loan payments.
Yes! With 14 lenders to choose from, we offer financing programs that buy down to a 580 credit score.
There is no cost to the client to see if they qualify for financing. Depending on the consumer credit score, some lenders charge origination fees once they decide to move forward with the loan. Origination fees can range from 1% to as high as 5% for very challenged credit. This fee is applied to the total loan amount which has a very small impact to their monthly payment.
We run a soft pull credit report, with has no impact on their score to prequalify your client for financing. Once the consumer selects the loan they want to proceed with, that is when a hard credit report will be pulled by the lender making the actual loan.
No, all our loan approvals are unsecured.
If you have any further questions, please contact us at: firstname.lastname@example.org. Thank you.