Financing - SimpleFinance(tm) - Program Requirements

Simple supports nearly  3,000 merchant stores across the United States. Simple provides an alternative to traditional financing, as Simple does not pull a credit report when the customer applies for financing.

Everything is based off of the customer’s bank account and banking history. We refer to the customer’s bank statement as their “credit report”.

+ Program requirements:

  • 6 months total job time 3 months with current employer. It is necessary for Simple to verify applicant employment in some cases, which is done by phone through our processing department.
  • $1,000 in monthly checking deposits: The customer must deposit money into their checking account. We calculate their income based off of what they actually deposit. We do not underwrite off of paycheck stubs so if the customer splits their paychecks into 2 separate accounts, you are only able to count the funds going into the account they’ve applied with.
  • Traditional Checking Account is a firm requirement for applicant approval.  Trending requests are asking Simple to allow for pre-paid cards or payroll cards in place of a checking account. This unfortunately is NOT currently possible, ACH CHECKING ONLY.
  • Checking Account Zero Overdrafts/Last 30-days:  Simple WILL NOT allow a customer to have any other open No Credit Check at the time of application.

+ About the Lease:

  • 12 Month Lease: Each lease is structured for a 12-month lease term. Simple provides ALL customers with two early payment discounts.  
  • Simple 90-Day Cash Option or the 75% Early Buyout: The Simple 90-Day cash option does require the processing fee on top of the actual cash invoice amount. The 25% discount allows the customer to use an early buy-out option that will eliminate 25% of the the 12-month finance charges.
  • Lease Payments: the customer will make fixed monthly payments. Their payments will be set up in accordance to their payroll frequency either weekly, bi-weekly, semi-monthly or monthly.
  • What is the interest rate? You will be asked this question often so please make sure that you are comfortable answering it. The lease agreement is not governed by an interest rate but rather a monthly money factor. The customer will pay either 15-1.65% of the lease amount each month for the term of 12-months.


Version: November 2015 



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