FinanceIt Launches iPad App Enabling Businesses To Offer Consumer Financing From Anywhere

^[1]FinanceIt ^[2] has announced the launch of their iPad app ^[2] 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.

[youtube:http://www.youtube.com/watch?v=ucZe-slZq38]

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 ^[2].