How Alternative Financing Has Improved the Lending Process
The good old days actually weren’t so great when it came to high-quality purchasing options.
Before the internet changed everything, what choices were available? You had a few, and none of them was great: cash, in-store cards, regular credit cards, layaway, and personal loans from a bank or credit union (for larger purchases like a riding lawn mower or a beach vacation).
Those personal loans were a chore to secure because the approval process took several days to complete. Same with credit cards, for which you’d apply with a written form and wait to get a decision back in the mail. You might end up losing interest in the product you were considering during the wait and opt to forgo the personal loan or never utilize the credit card. Layaway payments (never a great option) might get canceled.
There were roadblocks in the purchasing process, for sure. Time, effort, risk, and the reality of making a significant commitment (for a personal loan especially) were major factors that mitigated completing a purchase.
A new, better option now exists. With the emergence of alternative financing options like Credova, all of those aforementioned barriers have been greatly reduced. You simply can’t overstate how many options are available for completing financing contracts faster — with no risk and greater transparency in the approval and financing, no less — for savvy customers in 2020.
All About You
In business today, it’s all about you — the consumer. If a retailer doesn’t have a product that can benefit you, that company won’t be in business long. Now, with full-spectrum lending options like Credova, approvals can be extended to customers with troubled credit all the way up to those with a pristine score of 850.
Purchasing with Credova couldn’t be easier. Imagine you’re shopping online and you see a button that says you can pay $20 per month instead of $400 up front, with no hard credit check required and only a few key pieces of information to enter into the system for approval. Credova has reduced the time to minutes instead of days for approvals, has neutralized the risk (you won’t hurt your credit to apply), and has given you the opportunity to improve your credit when you make payments on time.
And what about commitment? With alternative financing, you can often choose the length of your financing term, such as 90 days with no interest. You can even buy out early. So many options, and none with pre-payment penalties you might endure if you were to borrow from a bank.
Here’s another characteristic that makes Credova great: Credit score isn’t everything, as Credova considers more than 50 unique data points when you apply. Beyond favorable rates, another major benefit is simply the ability to access financing. Traditionally, good financing was just for those with higher credit. Credova extends financing to a wider customer base, which gives you the chance to make the purchases you want and need.
All Good Things
Credova has taken a process of delayed gratification and made it more instant. We’ve reduced the time between the initial purchase decision and its conclusion, increasing the likelihood of a successful sale. And we’ve extended more favorable terms to consumers like you than traditional banks or lenders have the ability to.
Many markets have yet to bring financing practices up to current standards for customers. Mortgages, car loans, student loans — these industries all employ dated practices that are arduous, time-consuming, and extremely inflexible. The time, effort, risk, and commitment to each of these types of loans is significant. That’s why the future for alternative financing is so exciting, as it will be branching into these outdated markets and disrupting the status quo.
While the future is bright, so is the present. More options for you, the buying customer, is a good thing. The ability to build credit, and the ability to make the purchases you want and need, are also good things. Credova facilitates all this while reducing the time you spend, so it’s less stressful and more seamless than any other purchasing option.
What are you waiting for? Join the thousands of satisfied customers who trust Credova with their important purchases every day.
Learn More About Credova Financial or Apply Here