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🔩 Credit Select Plus - Nuts and Bolts

The Credit Select Plus program connects your customers with 30+ lenders through one simple application. This guide explains how the application process, lender decisions, and funding flow work — and how to set the right expectations with your applicants.

🧾 The Application and Lenders

Each applicant is evaluated independently by multiple lenders, typically within seconds.
Here’s what to know:

Applicant Basics

  • Every applicant must use a unique email address.

  • Using a cell phone number is strongly recommended — it speeds up communication.

  • A credit lock will prevent lenders from retrieving credit data. Ask applicants to remove any lock before applying.

Application Rules

  • Anyone can submit an application, but only the applicant can accept and execute a loan offer.

  • Each lender may decline or present one or more offers that vary in rate, term, and amount.

  • Applicants can accept or decline any or all offers. There’s no obligation to proceed.

  • Offers are pre-approvals and may require document verification before funding.

Additional Details

  • Multiple individuals can apply separately, even if they’re connected to the same sale.

  • Applicants may be able to accept more than one offer from different lenders.

  • Most lenders require a minimum annual income of $20,000.

  • FICO scores vary by bureau and by scoring model; a score seen on Credit Karma may differ from the one a lender uses.

  • Lenders may approve applicants with scores as low as 500, but lower scores reduce approval odds.

  • Loans are unsecured unless specifically stated otherwise (collateral is typically a vehicle).

  • Most lenders include an origination fee (1–6%), disclosed in the loan agreement and reflected in the APR.

⚙️ The Platform and Process

The Credit Select Plus platform streamlines financing by connecting one application to more than 30 lending partners.

How It Works

  • The system automatically matches each application to 4–7 lenders based on built-in filters and triggers.

  • Lender decisions appear within seconds.

  • Flexxbuy cannot alter or influence lender decisions. Each lender’s system evaluates applications based on credit score, income, and debt load.

  • Flexxbuy cannot contact lenders or act on behalf of applicants.

Credit & Funding

  • Submitting an application only creates a soft credit pull — it does not affect credit scores.

  • Most approved loans fund within 1–3 business days, depending on how quickly the borrower submits required documents (if requested).

  • Loan funds are sent directly to the borrower.

💡 Tip: To minimize drop-off, follow Flexxbuy’s recommended best practices for closing financed sales.

Fees & Billing

  • Lenders may include a 1–6% origination fee for borrowers (disclosed at acceptance).

  • Flexxbuy’s funding fee is based on the funded amount or your invoice amount — whichever is lower.

    • Example: If a loan funds for $10,000 but your invoice is $5,000, Flexxbuy bills based on $5,000.

    • Likewise, if a loan funds for $3,000 but your invoice is $5,000, billing is based on $3,000.

  • Flexxbuy operates on an honor system and will use the billable amount you report.

  • Fees are automatically deducted from your payment method about 10 days after funding, or earlier if you report funding received sooner.

  • Notify Flexxbuy of any billing changes or corrections within 5–7 days of funding.

Performance Tip

Approval rates vary by industry and applicant demographics.
Focus on the wins — each approval often represents a sale you might’ve otherwise lost.