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Mquig Mquig is offline
Guru
Join Date: Sep 2002
Location: North East England
Posts: 123
Arranging Finance for my Customers

Could anyone please give me the name(s) of specific companies that would allow me to arrange loans for my customers. I am launching a home improvements company, and want to offer finance to my customers.

Please advise with any details

Thanks!
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craig_bell craig_bell is offline
Connector
Join Date: Dec 2002
Location: Gateshead
Posts: 177
Hi,

The way that this will often work is that you get the customer to sign the finance agreement and then fax it through to the finance company... they will then decide whether or not to give the customer credit and if this is carried out, you will often be paid within 30 days (minus a small charge or percentage). This will also be often interest-free for say 12 months as the chances are the customer will take this over a longer period so this is how the finance company will make money.

One of the companies (and probably one of the best through experience) is First National. Information about what you are looking for is under http://www.firstnat.co.uk/products/i...ntroducers.htm and then 'retail'.

Hope this helps!

Craig
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Mquig Mquig is offline
Guru
Join Date: Sep 2002
Location: North East England
Posts: 123
Thanks Craig! - I have heard of them before, but wasn't sure of the correct name and website etc. They look as if they could help me out. Do you know if I would get anything from them for arranging a loan for my customers, I know a few other companies offer a premium for arranging a loan with them?
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Rhys's Avatar Rhys Rhys is offline
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Join Date: Sep 2002
Location: Cardiff
Posts: 190
I know when I had my previous business I used to offer finance. I must have contacted about 30 companies and I had about 6 replies. In the end it was a decision between Black Horse and Bank of Scotland - they were the most pro-active and they seemed to know their stuff. They weren't offering me the best deal but in this situation you need to be careful because if something goes wrong with the finance then it will reflect on your company.

You also need to consider what customer groups they focus on. If you choose a comapny that requires a very good credit rating then this may exclude say 50% of your customers. Then if they apply and get rejected they may feel anger towards your company again.

With anything it's a balancing act. Talk to as many different companies as possible and see what they can offer you.
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craig_bell craig_bell is offline
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Join Date: Dec 2002
Location: Gateshead
Posts: 177
Any luck yet?
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Mquig Mquig is offline
Guru
Join Date: Sep 2002
Location: North East England
Posts: 123
Had a look at First National, and they seem to be exactly what I am after, I'm going to have a look at a few others, and maybe it could be worth while looking at a one that can accept bad credit, with a secured loan etc.


Thanks for your help!
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Homer J Simpson Homer J Simpson is offline
Entrepreneur
Join Date: Jan 2004
Posts: 31
Sorry to dig up such an old thread, I was just searching through ones that contained the word credit :-)

Mquig, if you are still around can I ask how you are getting on.

I may well be able to help (and pay you commision) in a few months time once I'm up an running.

Cheers,
HJS.
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Anthony Anthony is offline
Starting Out
Join Date: May 2002
Posts: 23
www.mbna.co.uk

I know for a fact that this company looking to increase their retailer accounts to 20,000 this year.

They work with large, and small, and offer a variety of products.

They also give you a form which you fill in with the customer and then phone through. Providing the customer has no bad credit then you'll have it approved within 4 mins. Docs are then sent to the cus, and once signed and returned, your payout will happen.

Definately a company worth working with, especially in the retail loans department. If you ring 0800 551 441 and ask to start up a retail relationship then they can put you through to a relationship manager.

MBNA Loans

Apply online or by phone 0800 551 441

Prospective Affinity
Programme Enquiries
0207 389 6200

Monday to Friday, 8 a.m. - 5 p.m.
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Homer J Simpson Homer J Simpson is offline
Entrepreneur
Join Date: Jan 2004
Posts: 31
Thanks,
HJS.
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