Questions & Answers
Do I have recourse on the loans?
No all loans are non-recourse
What is the minimum loan amount?
$1,000.00
Does the customer have to have good credit?
No there are several lenders each with their own guidelines. Here is an example of what to expect. With a score of 600 and a debt to income ratio of 55% and a total household income of $1500 we have a 75% chance of placing this file, below the percentage drops much lower but still not impossible.
Why are there such big discounts on some customers?
Since there is no recourse to you, the lenders base the discount on the risk, so the riskier the loan the higher the discount needed to mitigate the risk.
Do I have to absorb the discount?
No, that is at your discretion.
How do I calculate the discount so I amount nothing?
Online with our loan calculator.
Does this go on my customer's credit?
Yes- we report to all three reporting agencies so if the customer takes care of his payments this will reflect well on his or her credit.
Why do businesses have to pay a $399 activation fee and a $39.95 monthly service fee?
As we all know cheap things are rarely good and good things are rarely cheap. We put a lot of extras in this program, and give a customer service level we hope you enjoy, and marketing materials and add-ons for your website; all this comes at a great expense. Further more, we are different than anything else out their, in other words, if your lender can approve 71%-77% of all loan applications down to a 560 would we be talking right now? What you are paying for is the technology and underwriting guidelines that will increase your business, and decrease your marketing cost. Not to mention explode your sales reps commissions. With CCS you are dealing direct with the source and in return you save and increase sales.
No all loans are non-recourse
What is the minimum loan amount?
$1,000.00
Does the customer have to have good credit?
No there are several lenders each with their own guidelines. Here is an example of what to expect. With a score of 600 and a debt to income ratio of 55% and a total household income of $1500 we have a 75% chance of placing this file, below the percentage drops much lower but still not impossible.
Why are there such big discounts on some customers?
Since there is no recourse to you, the lenders base the discount on the risk, so the riskier the loan the higher the discount needed to mitigate the risk.
Do I have to absorb the discount?
No, that is at your discretion.
How do I calculate the discount so I amount nothing?
Online with our loan calculator.
Does this go on my customer's credit?
Yes- we report to all three reporting agencies so if the customer takes care of his payments this will reflect well on his or her credit.
Why do businesses have to pay a $399 activation fee and a $39.95 monthly service fee?
As we all know cheap things are rarely good and good things are rarely cheap. We put a lot of extras in this program, and give a customer service level we hope you enjoy, and marketing materials and add-ons for your website; all this comes at a great expense. Further more, we are different than anything else out their, in other words, if your lender can approve 71%-77% of all loan applications down to a 560 would we be talking right now? What you are paying for is the technology and underwriting guidelines that will increase your business, and decrease your marketing cost. Not to mention explode your sales reps commissions. With CCS you are dealing direct with the source and in return you save and increase sales.