Lender rates and approvals are not always what we expect. We spend months, even years, focusing on improving our credit scores. But when the time comes to take out an additional line of credit for a personal loan, the offers (or lack thereof) staring back at us might raise a question: “Why didn’t I qualify [...]
Remember when airlines first began adding baggage fees? At first, it seemed incredulous that an airline would charge loyal customers for what had once been a free service. Then it became common practice. Consumers came to expect it, just as they came to expect their seat size to shrink and their in-flight snacks to disappear [...]
Why do merchants offer financing to consumers that scream 0% Interest in big bold letters? Well, there are two primary reasons that explain it:Prime credit consumers have come to expect “free” money and to pay-over-time for a large purchase, andMerchants feel that this type of offer catches a consumer’s attention and makes them a more [...]
This week, SweetPay released its latest solution, SweetPay Installments, to new and existing SweetPay members. SweetPay Installments was built from a pre-existing partnership with IGW, a Rocket Loan affiliate, to integrate their services directly into SweetPay’s digital lending platform. The goal in mind? To create even more options for consumers to be able to [...]
What do many consumers' financial situations look like? Simply put, paycheck to paycheck. This standard of stressful finances often go hand in hand with having fair or even poor credit. A 2019 Experian Credit Review reflected 18% of consumers having just “fair” credit and 16% of consumers having “very poor” credit -- a FICO [...]
Any pet owner will tell you that their critter adds infinite value to their lives. Keeping their pets comfortable and healthy is a top priority whether they creep, wag, swim or slither. Unexpected vet expenses, however, can become a source of stress, and that’s on top of the standard $1400-4300 annual expense in owning [...]
Having worked in the consumer financing industry for years, I have now witnessed first-hand how two significant events have caused turmoil in the credit markets. First, the Financial Crisis of 2008-2009 and now the Pandemic of 2020. My first lending platform, LendPro, and now my latest platform, SweetPay, both work [...]
The coronavirus shook the world in 2020, its ripples undulating over into the new year and beyond. Today’s pandemic state is temporary, but one that has permanently altered the way we live, work and do business. That includes the way that we save, spend, and source money. A recent survey of US consumers found [...]
You know your customers like to pay-over-time for large purchases, regardless of their credit worthiness. So, you spend time, energy, and money putting into place a consumer financing program. Now, you’re ready to have your customers finance their purchases. There’s only one problem. They have no idea you have consumer financing options! [...]
Ever wonder what happens when the financial markets go into disarray? You don’t have to look back too far to recall the Financial Crisis of 2008-2009. Consumer lending took a double hit. First, lenders tightened up, or raised, FICO requirements of consumers applying for personal loans. Then, consumer’s credit scores dropped due to both income [...]
