What is a payment plan?
A payment plan divides an expensive purchase into affordable monthly installments, giving your customers greater buying power.
What does it cost for businesses to use Financeit?
Financing offered through the Financeit Platform has no monthly fees. The Standard program is always free. Some of the promotional programs have small fees associated with them.
Are my customers charged backdated interest fees?
There are no backdated interest fees.
Are my customers charged any other fees?
For loan terms longer than 1 year, our lending partners will add an administration fee to the loan amount, calculated at 1% of the purchase cost. For example, the admin fee for a $1,000 purchase is $10.
What documentation does Financeit ask for when a customer applies for a payment plan?
To approve a customer for a payment plan, the lenders require basic documentation, like photo ID. In certain cases, we may also ask for additional documentation, like proof of income.
Once a loan is approved and funded, how do I get paid?
As soon as a loan is funded, our Partners are immediately notified by email, and paid by direct deposit to their bank account. The deposit typically takes 2 business days to clear.