First Look Approval is dedicated to the success of our agents.  At the end of the day, if our agents are successful, First Look Approval is successful.  That's why we've built this back office training center along with the support materials you see, for YOUR SUCCESS.
 
When you first begin working with us, it is highly recommended that you review this section FIRST, before studying any of the material available in your back office.  This training center was specifically built as a starting point for all new agents, helping to ensure each agent has the knowledge necessary to be successful.  Please don't hesitate to contact us if you have questions.
   
 
1. What Is Consumer Finance?

 

  • Consumer Finance (in the most basic sense of the word) refers to any kind of lending to consumers. 
  • Consumer Finance involves lending money to people, rather than to companies. (First Look Approval works with businesses as a way to lend money to the business's customers)
  • Consumer Finance can help break down large purchase prices (typically $500 or more) into small, affordable monthly payments.
  • Consumer Finance helps people afford the goods and services they may not have otherwise been able to afford. (often times people can't afford the total price, but can afford a low monthly payment)
  • Consumer Finance is often used as another payment option within businesses, allowing customers the abilty to conserve cash and save credit by instead choosing an affordable monthly payment plan.  
 

2. What Are The Benefits Of Consumer Finance?

 
 
 
 

  • Consumer Finance allows for a purchase price to be broken down into affordable monthly payments.  
  • Consumer Finance allows businesses a way to make their prices more affordable by advertising monthly payment options in-conjunction with their cash sales price.
  • Consumer Finance options help businesses appeal to more customers as more customers will now be able to afford the businesses product or service.
  • Consumer Finance options allow customers the ability to conserve cash and save their available credit on their credit cards.
  • Consumer Finance payment options help businesses close more sales and increase revenue.
  • Consumer Finance should be apart of every business's marketing strategy, advertising affordable monthly payment options can increase traffic.
  • With Installment Loan Programs, there is a fixed monthly payment, fixed interest rate, and fixed repayment term. 
  • Learn more benefits by visiting the "Benefits Of Financing" page on our website.

 

3. What Is A Discount Rate?

 

A Discount Rate is completely standard in the consumer finance industry and is the cost of the financing to the merchant (remember, the merchants have no risk on these loans).  Wells Fargo, GE, Chase, Citi, CareCredit and every other Consumer Financing program available has a discount rate associated to their program.  Our discount rates are competitive to the big banks and vary based upon credit score.

Lets look at an example to further understand how this discount rate works.  On the Installment Loan program, lets say we are working with a roofing company who has a loan approved for $10,000.  Lets assume this loan is for a borrower with B+ credit, meaning there is a discount rate of 8.99% associated with the loan (see discount rate pdfs below).  The cost and payout to the merchant for this particular loan would be as follows:
 

Loan Amount:
Discount Rate:
Total Cost To Merchant For Loan:
Total Payout To Merchant For This Loan:
 

$10,000
8.99%
$10,000 x 8.99% = $899
$10,000 - $899 = $9101
 
 
4. Who's Our Main Competition?

 
  
Who's Our MAIN Competition?
 
BIG BANKS
 
How Much Of The Market Do Big Banks Control?
 
OVER 80%
 
What's The Single Biggest Setback With Each Of These Big Bank Financing Programs?
  
HIGH AMOUNT OF CREDIT DECLINES
  
 
  

Click Any Logo To View Website
 

5. What's Our Competitive Advantage?


 
Big Bank Financing
 
 
Big Bank Financing Programs are currently turning away any customers who don't have a PRIME credit score.  In other words, if you have a credit score below 700, you will likely be declined for financing.  The high amount of credit declines that result from these Big Bank Financing Programs are a major problem for businesses everywhere.  This strict lending by the banks is not expected to loosen in 2013.
 
VS
First Look Approval
 
 
First Look Approval's Financing Programs are unique in that we're able to approve Prime, Near-Prime, and even Sub-Prime customers. Unlike the Big Bank competition, we're able to approve customers all the way down to a 540 Credit Score.  Our lenders are aggressively lending to customers which is why our programs are able able to give our clients more customer approvals.
  
Big Bank Financing Programs offer very little when it comes to support, training, and implementation.  When a new business is approved for the Big Bank Financing Program, the Big Bank usually offers an 800 number for support along with a getting started guide to help begin.  This is not enough support.
 
First Look Approval offers a unique, hand-on approach to consumer finance.  Each of our clients are given a dedicated account manager for ongoing support and offered personalized training.  We additionally spend a lot of time implementing the program to ensure success.  At the end of the day, we're only successful if our clients are successful.
  
There are some Big Bank Financing Programs out there offering programs WITH RECOURSE to the business.  This allows the Banks to offer lower rates, however it's important for the business to know they are participating in the risk.  This is true for ANY recourse loan program.
 
First Look Approval only offers 100% Non-Recourse, Zero-Risk Loan Programs.  All businesses can rest assured they will not participate in any of the borrower risk associated with consumer financing.  That is our responsibility, not our clients. 
 
Big Bank Financing Programs are not the friendliest when it comes to borrower terms. The standard interest rate on any of their programs is typically 27.99%.  While Big Banks do offer many 0% promotional offers, the borrower's are almost always penalized if the balance is not paid off within the promotional term.  This increases monthly payments.
 
First Look Approval's lenders are much more friendly when it comes to the borrower terms. Our interest rates start at 8.99% for Prime borrowers and we offer 0% interest options for up to 24 months.  Interest rates are fixed with our installment loan program, and our 0% interest programs don't penalize the borrower for not paying the balance within the promotional offer.
 
 
Big Bank Financing Programs are often clunky, outdated, and not user friendly.  While most Big Bank Programs offer an online platform, the usability is often lacking.  We find Big Banks take longer to update their technology, as the process is much more of an undertaking.  We believe this to be the reason why Big Banks are often using outdated technology in the consumer finance industry.
 
First Look Approval's programs both offer a simple, easy to use online application platform that provides credit decisions instantly.  Our technology is more advanced than the Big Banks, making the user experience more simple and enjoyable.  With our installment loan program, we have electronic signatures integrated to make the contract signing process easier for our clients.

 
  
6. Details On Our Financing Programs

 
100% Electronic Installment Loan Program
 
  • Our easy to use online application platform gives instant credit decisions.  This gives the merchant the ability to generate loan documents on the spot, helping to close more sales.
  • Program allows merchants to complete customer loans 100% online without any printing, gathering of additional documents, or physical signing of paperwork.
  • This program utilizes online signatures and online identitiy verification, allowing an entire loan package to be completed online. The process to complete a loan is so easy, a caveman could do it! (seriously, it's that easy)
  • Multiple lenders are integrated into the platform allowing for more customer approvals. Our lenders will approve prime, near-prime and even sub-prime applicants.
  • Our interest rates are 100% fixed and start at just 8.99%.  Because our interest rates are fixed, customer monthly payments are consistant and will never increase.
  • There are many promotional offers available for merchants to offer their customers.  We feature 0% interest promotions for 3,6,12,18, and 24 months.  The merchant can choose which customers they want to offer promotions to on a loan by loan basis.
  • The program features competitive merchant discount rates and is 100% risk free to the merchant.  It's designed to be used as a way to increase cashflow.
  • We have multiple website integration options available for clients enrolled on the program.  We can fully integrate into the merchants online shopping cart (for merchants selling products online) or we can add a borrower application to the merchants website advertising for customers to apply for financing online (for merchants offering a service).
  • No hardware, terminals, or downloads needed.  Merchants only need internet service.
  • There is no application fee and no down payment required!
  • Merchants are funded for loans via ACH within 72 hours.
  
  
Standard Discount Rates Associated With Program
Max Loan Amounts
*Medical Service & Home Improvement Loans have a max loan amount of 20k.  All other industries have a max loan amount of 10k.
Borrower Interest Rates
Revolving Credit Card Program

  •  100% Risk Free, Non-Recourse Revolving Credit Card Program
  • More customers approved for financing.  Our Credit Card lenders approve Prime, Near-Prime and Sub-Prime applicants down to a 600 credit score.
  • Easy To Use Online Application Portal With Instant Credit Decisions
  • Maximum loan amount is $10,000
  • Monthly payment factor of 3.5%
  • Online borrower application available for the merchants website to allow borrowers the ability to apply and get pre-approved for a loan online.
  • Extremely competitive discount rates.  In medical, we often beat CareCredit!
  • Once credit line is established, customer can add subsequent charges without re-applying. This is great for businesses who have repeat visits with customers.
  • Quick ACH funding within 48 hours
  • Many 0% interest promotions available for use at the merchants discretion (6, 12 and 18 month SAC promotions are available)
  • Immediate Availability - charges can be submitted same day as the approval
  • Each merchant is given a personalized account manager.
  • Each merchant is given free marketing materials and free online training.
  
Standard Discounts With Program
Loan Details For Borrower
  • Standard borrower APR is 27.99%.
  • Minimum payment for the borrower is always 3.5% of the balance or $25, whichever is greater.
  • Reduced interest for 18 months included on EVERY approval.
  
Sub-Prime Financing Program 
 
  • Program will approve 80% of applicants
  • Discount Rate to merchant is 2.99% FLAT for retail goods & 9.99% FLAT for medical services.
  • 90 day Same As Cash (SAC) included on all approvals
  • Online platform is integrated with instant decisions, online identity verification, and e-signatures.  With this sub-prime financing program, there is no need for document collection.
  • No application fee!  No down payment required!
  • There is zero risk to merchants offering this program.  All loans are 100% non-recourse and are funded within 48 hours.
  • There is no setup fee, monthly fee, or long-term contracts.
  • There is no hardware, terminals, or downloads needed.
Program Is Approved In The Following States:
  • Alabama
  • Alaska
  • Arizona 
  • California
  • Delaware
  • Idaho
  • Illinois 
  • Kansas
  • Kentucky
  • Missouri
  • Nevada
  • New Hampshire 
 
 
  • New Jersey
  • New Mexico
  • New York
  • North Dakota
  • Oregon
  • Pennsylvania
  • South Dakota
  • Utah
  • Virginia
  • Washington
  • Wisconsin

7. Review The Complete Details On Each Program
  

8. Where To Begin As An Agent

  
    
Agent Getting Started Guide
General FAQs
For Agents
Now that you've gone through the initial training process and have a better understanding of First Look Approval and Consumer Finance in general, you're ALMOST ready to begin.

Before getting started with prospecting for new accounts, please be sure to download and read our Agent Getting Started Guide.  This is your ticket to success, detailing step by step what you need to do to begin.  Also be sure to read our General FAQs For Agents.  Finally, be sure to review in detail the Agent Support Document section of our website.  There are many documents and tools available for your success!
 
The last step to complete before getting started with prospecting is to schedule a training call with First Look Approval's VP of Sales and Marketing, Evan Philippi.  Evan will work with you to ensure you understand the most important information that's needed to begin.  Evan will additionally be your point of contact ongoing within First Look Approval and will help you whenever needed.  Remember, we're here for your success!  Don't hesitate to contact us if you need help or have any questions.  
 
We Look Forward To Working With You!!