LendingPoint, the company working to revolutionize access to consumer credit, today unveiled LendingPoint Merchant Solutions to provide merchants and other service providers a fully integrated one-stop retail financing platform to convert more consumers at the point of sale.
LendingPoint Merchant Solutions combines the LoanHero merchant onboarding, program management and reporting technology with LendingPoint’s credit underwriting, risk management, and customer service capability. The company acquired LoanHero in December 2017, and has been working to integrate its merchant platform, which allows merchants to offer traditional and promotional loans to their customers. With today’s announcement, 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,” said Mark Lorimer, chief marketing officer (CMO) of LendingPoint. “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.”
LendingPoint is a balance-sheet lender using 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. Loans range from $2,000 to $26,500, with terms from 24-48 months. LendingPoint responds to customers in a matter of seconds with an approval decision, creating loan offers aligned with the customer’s financial profile and transparent terms that take the guesswork out of repayment.