Loans

LendingPoint Unveils Retail Financing Platform

To help merchants and other service providers convert more consumers at the point of sale, LendingPoint has unveiled LendingPoint Merchant Solutions, a platform that will provide fully integrated one-stop retail financing, the company said in an announcement.

LendingPoint Merchant Solutions combines LoanHero’s merchant onboarding, program management and reporting technology with LendingPoint’s credit underwriting, risk management and customer service expertise. The move comes after the company acquired LoanHero in Dec. 2017. As a result of the integration, LoanHero’s team and technology will operate as part of LendingPoint Merchant Solutions, and the LoanHero brand will be retired.

“When merchants offer consumer financing at the point of sale, they can remove friction and increase conversion,” LendingPoint Chief Marketing Officer Mark Lorimer said in the announcement. “Our ability to offer shared risk plans, payment servicing plans, as well as the full suite of promotional loan products, allows us to service all of a merchant’s customers from 850 all the way down to 500 FICO scores.”

As a balance sheet lender, LendingPoint uses data and technology in a proprietary model to paint a more complete financial picture of a customer. This model allows LendingPoint to approve loans for more people who may be passed over by traditional FICO results.

LendingPoint’s loans range from $2,000 to $26,500, with terms from 24 to 48 months. The company responds to customers with an approval decision within seconds, creating loan offers aligned with the customer’s financial profile and transparent terms that aim to take the guesswork out of repayment.

Since its founding in 2014, LendingPoint has issued nearly $500 million in consumer loans to more than 70,000 borrowers. It’s a privately held company headquartered in Kennesaw, Georgia, with offices in San Diego, seeking to help consumers across the credit spectrum unlock access to affordable loans.

TRENDING RIGHT NOW

To Top