Propensio Finance, an affiliate partner of QASSS (QA Scheme Support Services), has just launched a brand new 2-tier rate product, widening their credit offer to both sub-prime and near-prime customers to help retailers and installers generate more business.
Propensio Finance specialises in providing fast, flexible, non-prime lending to the home improvement market, widening the customer base for installers, helping those consumers with less than perfect credit scores gain finance and helping installers convert more sales.
Their new 2-tier rate product includes the 19.9% rate for sub-prime customers and a new 14.9% rate for near-prime customers with no subsidy to the installers. The new product is already generating interest and is helping installers offer wider propositions and generate more business, as well as enabling more customers to access finance for home improvements.
Propensio accepted £10m of business in 2019; ALL of it at 19.9%. Much of this had been sold at the Point of Sale at 9.9% or even, IFC or BNPL or low rate finance and yet over 60% of the deals they accepted went all the way through to payout so trust them when they say that non-prime customers do not expect to get prime rates – they are happy that you are able to find them finance for their project.
Now with their 2-tier acceptance plan, some of those customers may even get a better rate of 14.9% and, even at 19.9% is equivalent to many people’s standard credit card rate.
Don’t prejudge! Let the customer choose
Propensio Finance wants to work with installers and companies who are FCA regulated. If you’re interested in finding out more and working with Propensio Finance, please register your interest by clicking here.
Benefits of Propensio Finance
• Competitive interest rates
• Swift and efficient onboarding
• No subsidies, so no impact on supplier margin
• In-house team of experts to help you get the most out of your lending
• Dedicated National Business Managers on hand to support and assist with training