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LendingUSA introduces FastScreen, a tool for loan pre-qualification

By Edlyn Cardoza

January 06, 2022

  • FastScreen
  • FinTechs
  • Funeral Merchants
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LendingUSA, Point-of-need Financing, FastScreen, Loan Management, Funeral Merchants, USALendingUSA, a leading point-of-need financing company, introduces a new tool to its robust merchant portal. Called FastScreen, the tool allows LendingUSA funeral merchants to quickly determine whether a customer is likely to be approved for a loan through a quick prescreen.

“We noticed a pattern in feedback from our funeral merchants—conversations about money are almost always uncomfortable, and no one wants to be the bearer of unnecessary bad news when a loan application is declined,” says David Rueda, Executive Vice President at LendingUSA. “FastScreen empowers merchants with information that allows them to selectively offer financing to families who are more likely to be approved.”

With a simple interface that requires only essential customer information, a FastScreen can be completed before the “cost conversation” even begins. When a funeral professional knows that a customer is likely to be approved for a loan, he or she can confidently offer financing through LendingUSA without fearing an uncomfortable discussion.

Started on December 9, 2021, LendingUSA funeral merchants now have access to FastScreen through their online merchant portal. When completing a FastScreen request, the funeral merchant will be prompted to provide the customer’s name and address. Within seconds, FastScreen renders a prescreen decision. If the customer is pre-qualified, they can tell their customer the good news so that they can proceed and complete the standard application form. If the customer is not pre-qualified, the funeral merchant can opt to focus on other payment methods.

“We believe that FastScreen is going to positively impact our funeral merchants by making it easier to offer financing only when appropriate,” says Rueda. “Now, the entire transaction can be less stressful for everyone involved. We look forward to continuing to advance our product to provide a better experience for both merchants and customers.”

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