# EnerBank USA,Same as cash loans



## curapa (Oct 8, 2007)

Any input on the outfit? I got a mailer from them today. I have been wanting to offer some type of financing to my customers but there is no way I am doing it out of my pocket. 

www.sameascashloans.com


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## Scoma (Mar 9, 2011)

Sorry, I can't be of any help, but subbed to see what you find out.


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## BamBamm5144 (Jul 12, 2008)

I use them... everything has been fine.

Of course people who would get denied a credit card or anything else get denied for this. Basically, if people are worried about how they are going to pay or get the money for the job, they will get turned down. So far this week I am 1 of 2 for approval.

It is a basic 12 month, no interest no payment loan. No prepayment penalties. Make sure it is paid off before one year otherwise you get a nice whooping 17.83% interest rate.

Costs nearly $500 to get started but it will eventually help pay for itself and it does add some legitimacy.


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## J L (Nov 16, 2009)

We've been set up with them for almost a year now and have yet to have a single client interested in it, and we tell all of our clients about it. Can't offer much input beyond that.


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## curapa (Oct 8, 2007)

BamBamm5144 said:


> I use them... everything has been fine.
> 
> Of course people who would get denied a credit card or anything else get denied for this. Basically, if people are worried about how they are going to pay or get the money for the job, they will get turned down. So far this week I am 1 of 2 for approval.
> 
> ...


How does the system work? Do you just call in their social for approval or is there an online credit application? What does the $500 cover, just putting yourself in their system?


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## J L (Nov 16, 2009)

They take your proposal, dealer ID, promotion code, and they call the bank directly. Takes around 10 minutes.

There's 2 different types of offers - one single payment upon completion or 50% down, 50% upon completion.


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## curapa (Oct 8, 2007)

RemodelGA said:


> They take your proposal, dealer ID, promotion code, and they call the bank directly. Takes around 10 minutes.
> 
> There's 2 different types of offers - one single payment upon completion or 50% down, 50% upon completion.


 
So the $500 start up fee just puts you in their system? To make sure I understand, the offers you mentioned are 

1. When I finish the job I am paid in full for the entire job

2. I get a down payment of 50% and receive the other 50% when I am finished.

What kind of requirements do they have to get setup with them?


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## J L (Nov 16, 2009)

We were sponsored in by one of our suppliers, so I don't know anything about the initiation fee. But otherwise what you listed is correct. The offer is from $1000 to $45000. Getting paid is just a simple form that the HO signs off on and you fax in to them.

Getting set up with them is very similar to setting up a credit account at a supplier.


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## KB Carolinaitco (Sep 2, 2010)

Is anyone aware of any financing options for borrowers with "less than perfect" credit?


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## olligator (Nov 23, 2007)

For less than perfect credit:
- down payment to cover all materials (as much as practical)
- finance no more than 6~12 months max @3.5%
- late payments are dealt with by vinny and his italian friends in the collections department

Just kidding on the collections department, but that is what I offer in house. The few people that have asked me about financing have the cash flow but not the lump sums for progress payments. Financing or otherwise, if there's signs that I'm going to have trouble getting paid then I don't need that job when my phones ringing every day.


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## KB Carolinaitco (Sep 2, 2010)

Just to clarify, I wasn't looking to finance the sales myself. Looking for a sub-prime lender to sell the paper to. Similar to GE Money, EnerBank, Etc...


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## J L (Nov 16, 2009)

olligator said:


> For less than perfect credit:
> - down payment to cover all materials (as much as practical)
> - finance no more than 6~12 months max @3.5%
> - late payments are dealt with by vinny and his italian friends in the collections department
> ...


Do you get many takers on that?


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