How to Set Up an In-House "No Credit Check Financing Plan" With Little Or No Cost

This is a good system that’s excellent for small companies. I’ve personally seen this program generate 25%-%40 enhance in gross sales simply by telling folks you provide “No Credit Check Financing”. This article will present you step-by-step the best way to set it up and lots of concepts coping with promoting the plan.


When implementing the idea mentioned on this article, Customized Concepts doesn’t inherit the accountability of the loans being paid again, of authorized points, or of something that outcomes from using this data.

The authorized disclaimer is a should. We do provide a “90 Day Financing Plan” that’s assured. We handle the small print and the danger. There is not any danger to the service provider. This article is predicated on the thought. You can put many issues in place to insure the loans are paid again. This will probably be your accountability. We will focus on them and allow you to know the professionals and cons.

You will want a great file administration system. If you might be operating a enterprise this isn’t actually an issue. I like to recommend that every one the paper work is scanned into your system. This permits for fast retrieval if there are any issues with the contract the shopper indicators.

Below is an instance that doesn’t cost the shopper finance expenses.There is an instance on our web site that has finance expenses. This would qualify your program as “Same as Cash Financing”. You are allowed to cost finance expenses and software charges. This would create one other revenue stream in your firm however, you cannot promote “Same as Cash Financing”.

The selection is up to you.


Yoshi walks in to your retailer and desires to purchase your services or products however doesn’t have the cash and has weak credit, no credit score, or simply doesn’t need to take out a loan. The merchandise prices $1000. Yoshi says that’s an excessive amount of proper now. You clarify which you could provide him a “No Credit Check Financing Option”. He says “Great”. You and Yoshi agree on what cost schedule will slot in his price range. He agrees that $200, each two weeks, would match his price range.

Yoshi will then write you out 5 checks submit dated checks for the quantity of $200 every. Five $200 checks equal the $1000 sale value. I do know there’s somebody saying is that authorized. Yes. The regulation with submit relationship checks could be very imprecise.

The two main issues that are available to play are:

1. If the shopper writes a submit dated examine that they know is not going to be good on the submit dated date. This is a type of fraud. Customer is within the improper.

2. You money the examine earlier than the submit dated date. When you and the shopper agree on the cost schedule you might be agreeing to money the examine on the dates said on the contract. You are within the improper. They can sue you for the penalties incurred and quite a few different issues relying in your state.

It is a good suggestion to preserve the submit dated checks inside 90 days of the sale date. This is safer for you and the shopper.

The examine will want to be stored secure (in a secure). This will ensure that they don’t fall in to the improper palms.

Next you will have to get the submitting system so as. You will want a method to let when the checks want to be cashed. You can do that one among two methods.

The first can be a primary folder association. Create one folder for each week. Check the folders in the beginning of the week son what checks want to be cashed.

The second and possibly most popular can be a primary program with Excel or another spreadsheet program. This would require that you simply put the knowledge in to your system, however would save the file set-up time. You will arrange the spreadsheet to arrange the funds by date. Check the spreadsheet every single day to see what checks want to be cashed.

Here are a pair issues to shield you from fraud and default on compensation.

The choices beneath are up to your discretion. You can use one among them or all of them. The extra you implement the extra safety you should have that the shopper is not going to default on the loan.

This first three are, in my view, a should.

1 Get a duplicate of the purchasers I.D.

2 Get a duplicate of their most up-to-date pay examine stub. You can take this one step additional and confirm employment. You may give the employer a name or you possibly can ship a fax to the Human Resources Department. The simplest way is to name. They cannot provide you with a lot data over the telephone however, they will let you know if the shopper works there and if there’s something which may have an effect on his future employment.

3 Call the financial institution to confirm the account is in good standing.

4 Verify the Checks. If you’ve got a service provider account that may course of checks this may be easy. If you shouldn’t have examine verification you possibly can name your supplier and examine pricing to get it arrange. If you shouldn’t have examine verification and you don’t want to pay for the service there are another choices. They are usually not as dependable however will work. Physically go to the financial institution the place the examine was issued and money it. If there are usually not funds they’ll let you know or they’ll money it and cost the shopper an overdraft charge. DO NOT DO THIS WITH THE POST DATED CHECKS. This ought to solely be accomplished with checks that aren’t submit dated. You and the shopper got here to an settlement that you wouldn’t money the checks till the date on the checks.

5 Verify the purchasers examine writing historical past. This will be accomplished a pair alternative ways. Check out National Check (NCN). You may also do a search on Google or for “How to verify a customer check writing history”. These programs can range in price and high quality. We use NCN. This possibility will let if they’ve bounced checks which are excellent, a historical past of writing unhealthy examine, or any examine fraud prior to now.

These are the fundamentals and if need to tweak it to suit your firm higher, nice.

We have a customizable contract on our web site out there for obtain. The kind is a PDF. If you shouldn’t have a PDF editor you possibly can go to and convert the file to a.DOC file. This contract is freed from cost and we is not going to ask you to give us any data. This is a good instrument that may prevent a while. There is not any want to design your individual. This is the precise kind we use.

We additionally provide “No Credit Check Financing” that takes away the danger and could be very consumer pleasant. We implement the procedures above and assure the cost to the service provider. If the shopper defaults we are going to honor the cost and we are going to take motion to get well the monies owed. The charges concerned are usually lower than what it might price you in the event you to arrange examine verification and verification of examine writing historical past. It is assured to prevent time.


Advertise the “No Credit Check Financing” in all places. Here are a couple of solutions.

Get an indication/banner that states you’ve got this system. We have an area firm that may paint the lettering on. You can get your native signal maker to provide help to, additionally. Window appliques, appliques in your automobile, magnets in your automobile, the record goes on and on.

Change the on-hold audio so it mentions “No Credit Check Financing” and likewise voicemail field recordings. Be certain to point out the plan if you reply the telephone.

Include this system on something that your corporation makes use of for promoting.

* Yellowbook Ads

* Business Cards

* Brochures

* Website

* T-Shirts

* Vehicles

* You want to get it seen to as many individuals as potential.

Do an area radio business that states you now provide “No Credit Check Financing” This is spectacular in the event you can afford the media.

I hope everybody studying this didn’t discover it a waste of time. If you cannot use the knowledge on this article please move it on to somebody who can. If you prefer to you possibly can obtain an actual copy of this text and contract right here. We is not going to ask for any data. I will probably be writing extra articles within the close to future. The article will probably be on ways in which small companies can enhance their gross sales with numerous strategies. Please subscribe to my e-newsletter if you need to be emailed when they’re posted.

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