LendingPoint launches Merchant Solutions platform to help retailers increase sales by providing more consumer payment options
KENNESAW, Ga.–(BUSINESS WIRE)–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 industry-leading credit underwriting, risk management, and customer service expertise. 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 that uses 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. Online loans range from $2,000 to $26,500, with terms from 24 to 48 months. Point-of-Sale loans range from $500 – $15,000, with terms from 12 to 60 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.
Since its founding in 2014, LendingPoint has issued nearly $500 million in consumer loans to more than 70,000 borrowers.
LendingPoint is a FinTech balance sheet lender working to revolutionize access to credit. The company is creating a better lending and borrowing experience by looking for more reasons to say “yes” — helping consumers across the credit spectrum unlock access to affordable loans and live better financial lives. Its LendingPoint Merchant Solutions platform provides merchants and other service providers a fully integrated, one-stop retail financing in-a-box solution to convert more customers at the point of sale. LendingPoint is a privately held company headquartered in Kennesaw, Ga. with offices in San Diego. It was named one of the nation’s best consumer loan companies by U.S. News & World Report and one of the Best Personal Loans by NerdWallet.