Financing Solutions (FS) is a direct lender that offers a line of credit product that is great for small businesses and nonprofits. We work with ISO/Brokers. Below are some answers to typical questions ISO/Brokers usually have about FS.
Q: How can I get a fast quote for my client? We can provide you with a unique URL that links to our 2-minute, no documents required, application. That URL tells us the application came from you so that if the deal closes, we automatically pay you. You can give that URL to your clients or you can fill it out with your clients while you are on the phone with them. Brokers/ISO’s need to register here and we will email you your unique code.
Q: Tell me how your line of credit product works? Our line of credit product (up to $100,000) costs nothing to set up, nothing until used, and is inexpensive when needed. It renews yearly. There is no requirement to use it. When a client wants to use their credit line they log into our secured portal and request a draw. We will wire the funds into their bank account the same day. We charge a small contract fee on the draw and then there are no other costs for 4 weeks. The line can be paid off any time or after 4 weeks, you can pay a small weekly fee to continue the line until you want to pay off the balance. The cost for our line of credit when used is significantly less than a cash advance.
Q: How do you approve funding applications: Simple, we look to see if we feel the company can pay back their credit line then we will approve them. We require a 650 personal credit score and we look at a recent tax return (or 990 from a nonprofit) along with 4 months of recent bank statements. The yearly revenue of these companies or nonprofits are often $200k-$5 million. We do not fund law firms, construction companies, used car dealers, and a few other selective industries. e do not run any credit checks to give your clients an offer letter. The credit check only comes after your client signs the offer letter.
Q: Is FS willing to work with businesses that have 1, 2 or 3, etc. other alternative lenders already? Probably not but we will look at how much debt they have out in cash advances and calculate that to determine if we feel they can afford a line of credit.
Q: What paperwork do you like to see:We don’t need any paperwork to get you a quote and we will collect the paperwork for you. You just have to have your client fill out the 2-minute application from the URL we can send you. Register yourself at https://financingsolutionsnow.com/affiliates-registration/ and we will send you the unique URL that you can give to your client.
Q: What commissions do you pay ISO/Brokers? We pay the broker a flat $500 once the client sets up their line of credit. The credit line doesn’t have to be used. There are no additional commissions. Keep in mind that this is a very easy process.
Q: When you say FS is fast, how fast can you really do a deal? We provide an offer letter the same day and approve clients within 48 hours of receiving all paperwork.
Q: Who do the ISO/Brokers contact?
Q: Does FS protect my rights to commissions on my clients? First keep in mind that it would be a huge mistake for FS to alienate any Broker. We want you to continue to send clients so your clients are protected so YES, your rights are always protected. If your client doesn’t go without lien of credit but comes back within 6 months later to set up a credit line, you will still get paid.
Q: Who can I contact if I have a question? Remember to register first here. After you can E-mail or call us by clicking on Contact Us
