Every LendingPoint Merchant Solutions loan has a “Discount Rate” associated with it. A discount rate is the cost of the financing for the merchant. For example, if there is a merchant discount rate of 1% and the loan amount is $1000, you would pay a total of $10 in discount and be funded $990.

A discount rate is the cost the merchant pays for extending financing to their customer. Similar to a credit card transaction fee, a discount rate is a percentage charged on the total loan amount, and is deducted at the time of funding. For example, if there is a merchant discount rate of 10% and the loan amount is $5000, the merchant will pay a total of $500 in discount and be funded $4500 for the loan transaction. The riskier the customer, the higher the discount rates. The longer the promotion offered, the higher the discount rate.

LendingPoint Merchant Solutions’s max loan amount is currently $10,000.

Available Loan Terms vary based on Loan Amount, Promotion, and Credit Grade of the borrower. Different loan programs will also offer different loan terms. Max loan terms are currently 48 months.

LendingPoint Merchant Solutions’s interest rates vary based on credit grade and lender.
LendingPoint Merchant Solutions’s interest rates start at 13.99% and max at 34.99%.

With LendingPoint Merchant Solutions it’s simple. If you’ve finished your enrollment process simply go to your dashboard and click the green ‘Create New Request’ button. You can also add a button on your website linking to your public request form by using the Banner URL Generator in the Merchant Back Office.

LendingPoint Merchant Solutions is completely, 100% RISK FREE to merchants.

LendingPoint Merchant Solutions provides merchants with multiple ways to submit requests.

1. Submit a request face to face with a customer by logging into your loan dashboard and clicking “submit new request.
2. Email your customer a request form link that allows them submit a request from their home computer or smart phone.
3. Have a request button on your website allowing your customers to apply directly from your website.

LendingPoint Merchant Solutions works with multiple lenders, the goal always being to approve as many customers as possible. LendingPoint Merchant Solutions typically can approve around 70% of consumers.

We provide each merchant with a co-branded borrower request that is hosted on a LendingPoint Merchant Solutions subdomain. Merchants can use our banners and buttons to advertise financing on their website and drive customers to their unique URL. All customer requests, regardless of approval status, will be available in the loan platform. The merchant is emailed each time a request is submitted.

There are absolutely NO HIDDEN FEES with LendingPoint Merchant Solutions.
No Setup Fees
No Monthly Fees
No Monthly Minimums
We Have A Straight Forward & Simple Discount Rate Structure. Merchants only pay LendingPoint Merchant Solutions when they fund a loan, there are no other fees associated with our program.

No! LendingPoint Merchant Solutions allows merchants to offer promotions on a loan by loan basis. Merchants can use promotions as a sales tool to close more business and increase sales. Because LendingPoint Merchant Solutions has a risked based interest rates, borrowers are already offered competitive interest rates based on their credit risk. Because of this, offering promotional offers (such as 0% interest) is not required to close every credit transaction.

LendingPoint Merchant Solutions is able to prequalify consumers without doing a hard credit pull, which would impact the consumers credit. Our friendly soft credit pull allows us to decision on the consumers information and determine what loan offer they’d qualify for. Only if the consumer elects to move forward with the loan do we pull credit.

LendingPoint Merchant Solutions approves all customer requests in seconds.

LendingPoint Merchant Solutions’s request process is 100% electronic and does NOT require copies of the customers ID. We do ask each merchant to check the consumers ID to ensure the information submitted on the loan request is indeed the consumer in front of you (this helps LendingPoint Merchant Solutions reduce fraud, which helps keep our rates low).
The ONLY time you’ll ever have to collect a copy of the consumers ID is if the consumer fails their knowledge based authentication questions while finalizing loan documents, which is required to electronically sign the loan documents.

The minimum FICO score needed varies based on industry. Typically, borrowers need a minimum of a 580 FICO score to be considered.

Merchants can email a request link to their customer by following these steps:

1. Login to the request platform
2. Click “Create New Request”
3. You’re then asked how you’d like to apply, select “Email Link To Customer”
4. Fill out the required information (name, email and any message) and click send
5. The customer is then emailed a request link to apply. Once the customer clicks submit, the merchant is emailed and the request is shown in the dashboard.

A payment plan is payment option available to a consumers that breaks down a large purchase price into affordable, fixed monthly payments. Payment plans allow business to focus on affordability rather than total price.

LendingPoint Merchant Solutions offers many different same as cash promotional offers. We offer 0% interest for 6, 12, and 24 months. With our 0% interest promotional offers, consumers are given an opportunity to pay off their full loan amount within a certain number of months to incur 0% interest.
LendingPoint Merchant Solutions calculates the consumers normal monthly payment on the loan, with interest considered, which becomes the minimum monthly payment that must be paid each month. If the consumer fails to pay off the full loan amount within the same as cash period, they simply continue paying the same minimum monthly payment. With LendingPoint Merchant Solutions, there’s no increase in monthly payment if they fail to pay off the full loan amount by the end of the SAC period.

To finalize a loan, all the merchant needs to do is upload an invoice and confirm that the product or service has been delivered to the customer.

LendingPoint Merchant Solutions initiates funding within 48 hours. Most merchants receive the funds within 72 hours.

Your customers are charged fixed interest rates with loans (between 13.99% – 34.99%). There are no prepayment penalties, borrower origination fees, or other fees other than interest rate. If the customer is late, we do have a late fee. Also, if a customer has a payment bounce or we receive an NSF on the account, there may be a fee charged.
For our lease programs, there are fees associated with each program which varies.

We offer 3 very helpful ways to learn how to use LendingPoint Merchant Solutions:

1. Demo request site
Demo site where merchants can practice submitting and completing loan requests.
2. Training Video
We have a training video merchants can watch that goes over the entire LendingPoint Merchant Solutions platform and explains how the program works.
3. Scheduled Training
LendingPoint Merchant Solutions holds scheduled webinars merchants can register for.

LendingPoint Merchant Solutions provides merchants reporting on a monthly basis. For some merchants, we do daily or weekly reporting.
We will be releasing a reporting portal soon where merchants can generate a number of reports at any given time on live data.

LendingPoint Merchant Solutions’s platform will automatically calculate the consumers monthly payment when you’re going through the loan request process.
If you wanted to estimate a monthly payment before entering an requests, you can use the payment calculator provided in the platform.

First, determine if the borrower was approved for their original requested amount. For example, if the customer requested $10,000 but was only approved for $5,000 then we know the maximum amount the customer qualifies for is $5,000. But, if the customer requested $5,000 and was approved for the full $5,000, they may qualify for a larger amount.
If you have determined the customer might qualify for a larger loan amount, the customer will need to re-submit a new request, request the appropriate loan amount, and cancel the old request.
NOTE: to avoid this issue in the future, merchants can encourage their customers to apply for more than they need, to determine the max loan amount they qualify for.

Simply email merchantsupport@lendingpoint.com to request certain promotional offers be unavailable and we’ll make it so they are no longer shown in your portal. Anytime you want to offer previously disabled promotions, simply email us and we’ll make the change.

Borrowers can contact LendingPoint Merchant Solutions servicing department to pay their bill or get setup on automatic payments.
If a borrower wishes to mail a payment, they should contact LendingPoint directly by phone at 844-379-0055 to obtain the proper address.

NO! Unlike big bank credit cards, LendingPoint Merchant Solutions does not charge backdated interest. If a consumer has a SAC promotional period, and fails to pay off the full loan amount in time, the consumer will continue paying the same minimum monthly payment with no retroactive interest charged. With LendingPoint Merchant Solutions, customers can always count on a consistent and fixed monthly payment.

We encourage all of our merchants to have their customers be the one submitting the initial loan request. With that being said, we understand every business is different and allow merchants to help facilitate the loan process. If you operate this way, it is important for YOUR CUSTOMER to be the one agreeing to the terms and conditions.

With LendingPoint Merchant Solutions, merchants no longer need to manage multiple lending relationships. LendingPoint Merchant Solutions is the only solution merchants need, providing full spectrum approvals with only one customer request. We provide the best financing option for the customer, regardless of credit, and take the guesswork out of financing. One platform, one process, one dashboard, one set of reports, multiple lenders.

We utilize online identity verification systems that allows us to keep the loan process 100% paperless (removes the need for us to collect a copy of their ID).
If the borrower fails the online ID verification, it is often the result of a very recent move or name change. If the borrower fails the knowledge based authentication questions more than 5 times please contact us and we will work with you to complete the request.

We understand some business owners want to keep a level of separation between their sales reps and financials. That’s why we give merchants the ability to hide discount rates on a user by user basis. Simply go to the user settings, access the user in question, and toggle the “Show Discount Rate To Sales Reps” button.