Seeking this type of loan product

I am seeking a small loan provider that I might be able to refer my customers to for purchases/services. For example: customer comes in wanting to finance a computer purchase. We would have a form to fax in or a website where we could apply for a loan, fill in customer data, get approval or denial. If approved, loan provider sends me payment, I give computer to customer.

I asked my business bank (bofa) and they said they no longer offer such services.

I would imagine it’s kinda a rough business these days but there has to be someone doing it.

Most of these loans would be $2k at max, most under $1k.

Any suggestions?

American Express is big in the leasing business. Many of the big websites - such as Apple and Dell - allow a streamlined lease application through them. I don’t know how they feel about smaller operations, but it’s a place to start.

You might also look into BillMeLater. They’re a subsidiary of PayPal/eBay that works something like a credit card. Customers can get an “instant” decision. It’s geared toward online purchases, but might work in other settings.

I believe this is under ‘personal lending’. A friend used to work for one of these companies, I think it was Beneficial lending.

Furniture stores are a big user of this type of credit. Stop by a few local furniture stores and ask who they use.

As I recall, these loans were worse than credit cards*, but better than payday or title loans.

  • I think they did offer some great 90 day same as cash deal, so if the customer could pay in full in 90 days there was no interest. Good for the customer only if they can do it. Most do not.

Take legal advice. It seems you are acting as agent in arranging a financial transaction. In most countries this is a highly regulated activity. There may well be niches in the regulatory regime to accommodate merchants like you, but take damn good care that you come within them.

My credit union offers computer loans.

They also offer unsecured loans for small amounts of money (I think < $10K).


C4redit unions in terms of customer service and loan honesty are far better than personal lending loans you find at furniture stores and similar places.