Everything regarding the financing, the loan, and funding
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.
Our terms are typically between 2 to 12 years. From our experience, most loans are between 2-8 years.
The funding time varies per lending partner, but from our experience your customer can usually get their funding within 1 to 3 business days.
No, your customer can pay back their loans anytime without pre-payment penalties or having to pay ongoing interests.
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.
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.
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.