About Financing

Everything regarding the financing, the loan, and funding

What is the minimum and maximum amount my customers can borrow?

The minimum amount is $1,000 and the maximum amount is $100,000. For customers with their FICO score less than 700, the maximum they can borrow is $50,000.

What is the typical term for the financing?

Our terms are typically between 2 to 12 years. From our experience, most loans are between 2-8 years.

When can my customer get their funding?

The funding time varies per lending partner, but from our experience your customer can usually get their funding within 1 to 3 business days.

Is there any pre-payment penalties if my customer would like to pay back their loans early?

No, your customer can pay back their loans anytime without pre-payment penalties or having to pay ongoing interests.

What is the typical APR?

We can provide the APR based on the average data from Ccino borrowers in the year of 2019.

  • Excellent Credit (FICO 700 and above): 5.34% - 11.30%

  • Average Credit (FICO 640 - 700): 11.50% - 26.87%

  • Building Credit (FICO 640 and below): 19.95% - 30.61%

Keep in mind that these APR numbers are an average range and your customer may see higher or lower rates depending on their credits.

Our lending partners also offer auto-pay discounts which can provide an additional 2% discounts on APR if customers select auto-pay.

Why does the financing take longer than 1-3 business days?

When your customers see their offers, we are only presenting them the available offers and not pressuring them to make a decision.

Only when your customer has moved forward with their offer and got approved, will they get their funding usually between 1 to 3 business days.

Who gets paid? The contractor or homeowner?

At Ccino our lending partners deposit to the homeowner for the following reasons:

  • You do not need to be responsible for homeowner defaults.

    We work with lending partners to deal with homeowner defaults, your business will be paid upfront and the money is yours.

  • We do not require a certificate of completion to allow you get paid with your schedule.

    Many lenders require a certificate of completion or use a step-by-step deposit methods to pay your business. At SimpleDirect we help your business gets paid in your terms and our lending partners deposit the full amount to your customers.

  • Your customer signs a project intent agreement with us to intend to use the fund for your business.

    For every customer that gets funding, they will sign a project intent agreement with SimpleDirect that suggests they will use the fund for home-improvement purposes and use your services.

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