FinanceIt has announced the launch of their iPad app which will be available in early August. The app will make it easy for businesses to offer consumer financing by using the iPad camera to scan a photo ID for an instant loan approval. This feature, along with a completely paperless process, will reduce the entire funding process to less than 5 minutes. Access to the first release of the app will be limited, and granted on a first come, first served basis for those who register.
Since launching in 2011, FinanceIt has enabled over 2,300 retail, home improvement, health, and vehicle businesses to process over $380 million in loans. “We provide small and medium sized businesses with the tools they need to compete with big box retailers. By taking advantage of marketing programs like “0% financing” or “don’t pay for 12 months” these businesses can gain a significant competitive advantage at no additional cost.” said FinanceIt COO, Casper Wong.
With 80% loan approval rates and no cost to merchants, FinanceIt’s mobile application is poised to disrupt the retail credit card industry. With the scan of a drivers license, FinanceIt’s iPad app provides instant point of sale financing for loans under $5,000.
Details of the first app release:
- Quote a monthly payment from anywhere
- Approval rates as high as 80%
- Completely free to use, no merchant fees
- Paperless with electronic signatures
- Instant approvals using the camera to scan photo ID
- Loans under $5,000
- Marketing programs with deferral periods and 0% interest financing
- Interest rates starting at 6.99%
In Fall of 2013 a second version of the app will be released which will include the vehicle program and maximum loan amounts of up to $60,000 – both of which are currently available through the web platform. The FinanceIt app will initially be available to businesses in retail, healthcare, and home improvement – including furniture and electronic stores, dental practices, home renovation contractors, and other similar retail businesses. Interested merchants can sign up online.