The consumer financing market is often discussed in three categories: prime, second-look or near-prime, and sub-prime. These categories are broadly determined by the FICO scoring system, with individuals earning a FICO score of greater than 700 typically qualifying for lines of credit that feature the easiest terms. Second-look financing, also referred to as near-prime financing, refers to a financial product that is offered to individuals who score just below the threshold served by primary finance providers and been turned down by them.
It is estimated that 30% of the U.S. population falls in the second-look/near-prime category, and a substantial portion of these individuals have solid, full-time income. Many may have been accepted for primary financing in their past and would like the freedom to purchase goods and services while also rebuilding their credit.
Our seasoned analysts look at a myriad of variables beyond the credit score to provide a financing solution that closely mirrors that of a primary lender. And our respectful, service-centered programs increase sales and treatment acceptance, building loyalty to your store or office. That’s how a partnership with Genesis Credit helps merchants and practices bring their products and services to so many. Because at Genesis Credit, you and your customer are more than just a number.
† Offered through Genesis Credit® issuing bank partners