FAQ

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What is FLEXXBUY?

FLEXXBUY helps businesses make more sales by providing financing for their customers. FLEXXBUY partners with more than twenty lenders to help create a customized financing platform for your people to accommodate those with excellent to good credit, fair credit, as well as poor and no credit.


Is this for people with bad credit?

People that use FLEXXBUY may have poor credit or simply lack the spending power to make significant purchases. Over the past number of years, credit scoring and grading have become more strict. People that would have been considered good credit risks in the past are now considered sub-prime candidates. The programs used by FLEXXBUY businesses understand and base their approvals on criteria other than just credit score. Many of the lenders that work with FLEXXBUY are looking for financial stability, above all else.


What is the approval based on?

Approvals are based on many factors. Each lender has their own system of vetting the customer in order to weigh the risk against default. While many of the lenders understand that these consumers may come with higher risks, they minimize them by looking for signs of financial stability and solvency.


If the customer can get the money another way, should they still use the program offered by the FLEXXBUY business?

That really depends. They will have to weigh their options. We typically tell businesses that if the customer has other choices, they should consider them if they are more favorable than the finance terms offered. We advise the businesses that work with us to explore all options with their customer to find the one best for them and the customer. Our loans come with no pre-payment penalty so consumers often take our loan to free up their resources with the idea of paying it off down the road.


Is the customer guaranteed to be approved?

Unfortunately, no. The success rate for these programs are significantly higher than traditional financing options but in some cases, individuals are simply not quite ready to take on additional debt.


How is this program different from traditional financing options?

Traditional finance companies are really looking for cream of the crop, typically those with credit scores of 700 or higher. Taking into account that the average American has a credit score below 660, these programs are not exactly comprehensive. As a matter of fact, many merchants that offer traditional financing report declines in the 65 to 70 percent range. While FLEXXBUY lenders can competitively offer financing to these customers as well, the general consensus is that people with high credit scores already have options. It’s the folks with lower credit scores that are coming back from a financial setback that need additional help. That is where FLEXXBUY focuses most of its attention.


Is there a minimum and maximum on the amount that can be financed?

Each program is different and we will customize a package that best fits your business needs. Our programs vary from being able to accommodate a few hundred dollars all the way to $40,000 (sometimes higher).


How long does it take to get an approval?

All of our programs where offer decisions in a matter of seconds.


How long will the customer get to pay back the loan?

Depending on the program, the term can be from 12 months all the way to 4 or 5  years.


How long will it take for my business to get its money?

Typically, you will be paid your money within 3 to 5 days.


What will it cost my business?

Each platform is customized but we are very conscious of keeping the discounts low for our merchants. We will not include lenders that charge high fees.


My business already offers financing options, do I still need to offer FLEXXBUY?

Absolutely, and here is why. FLEXXBUY can either replace existing financing or supplement it. Today, a high percentage of people are getting turned down for traditional credit based financing. There are people that would have gotten approved in the past. FLEXXBUY can help many of those people achieve their objective and do business with you. Also, there are many people who don’t bother coming to your business because they know their credit is bad and won’t qualify for traditional finance options. FLEXXBUY will help drive more people to your business.


What are the qualifying criteria for a merchant/business to offer FLEXXBUY?

Most businesses can qualify for one of the FLEXXBUY programs though there are some restricted business types. If your business type is unacceptable or restricted, we will tell you.


What happens if a customer's payment bounces?

Our programs are non-recourse against missed payments or defaults.