Despite last year’s global challenges, the furniture industry rebounded in 2020 as people spruced up their spaces and renovated multiple rooms within their homes. Although financing played a significant role in this success, one thing that also increased – primary credit declines. Turning customers away is never the desired outcome, and second-look financing can help you improve your overall finance approval rate.
Thanks to HFA, every retail member can offer second-look financing to their customers through Genesis Credit. Let’s look at what second-look financing is, why it’s so important and how Genesis Credit can help retailers approve more customers.
What is Second-Look Financing?
Second-look financing picks up exactly where primary lending leaves off. It gives retailers the ability to offer financing products to customers that fall just below the prime lenders’ approval threshold. Genesis programs offer similar APRs to primary programs, deferred interest, and high revolving credit lines. Who Can Utilize Second-Look Financing? Previously, second-look financing was only available for mid-to-large retail merchants in the furniture industry.
Thanks to the partnership between Genesis Credit and HFA, all members, no matter their size, can utilize our second-look finance solutions. More approvals, more customer purchases, and more happy customers!
The Take-Away: Including Genesis Credit’s Second-Look finance program is key to reducing primary credit declines and increasing customer purchases.
Reach out today for more information on how we can help grow financing for your business. Customers deserve a second chance, and Genesis Credit is here to help. CLICK HERE for more information.