What are typical loan terms?
FCC makes home improvement loans in amounts between $2,000.00 and $15,000.00 and provides loan terms up to 120 months.
What are the Maximum Loan Terms?
Our maximum loan terms are as follows:
$2,500 – $4,000 = 36 months
$4,001 – $6,000 = 48 – 60 months
$6,001 – $10,000 = 72 – 84 months
$10,001 – $20,000 = 96 – 120 months
An example of financing terms offered:
For a loan amount of $11,000 with a $0 down payment: Monthly payments of $198.13 with an Annual Percentage Rate of 17.99% for 120 months. Available to well-qualified buyers on approved credit. Not all buyers may qualify. Higher rates apply for buyers with lower credit ratings.
What documentation are the sales representative required to obtain from the customer?
The sales representative will be required to obtain a credit application signed by each borrower and a current pay stub (not more than 30 days old) and/or other proof of income (e.g. social security award letter, pension check statement, etc.), as listed on the credit application.
How does the Dealer obtain credit approval from FCC?
The dealer can fax (866-928-4413) or email Apps@fccfinance.com the credit application to FCC, along with the proof of income and work order. FCC will provide a same day decision regarding financing.
How does the customer receive the loan documents?
FCC can immediately email loan documents to the customer’s home email account which can be executed by way of an E-Signature, or to the contractor, whichever is preferred.
How does FCC know when to fund the loan?
Upon completion of the home improvement project, the contractor will send a completion certificate executed by the customer and the dealer to FCC. FCC will contact the customer to verify the customer is satisfied with the work and forward the funds to the contractor.
When is the first loan payment due from the customer?
The first payment is typically due thirty (30) days from the date of completion.
What is the benefit to your business?
Approval of the second look deals will give you a substantial lift in your revenue, revive a lead you have spent money to obtain, and benefit your sales representatives.