While other companies in the financial sector withdraw, Genesis provides second-look solutions for retailers, healthcare providers, and those in need
BEAVERTON, OR – (PRNewswire) – Mar. 31, 2020 – Genesis Credit® President, Mark Denman, issued a statement recently to partners and associates that its leading financial solutions programs not only continue to be available during the COVID-19 pandemic but that the company is uniquely poised to absorb the fallout from the national shutdown of so many retailers and healthcare providers.
“You and your customers are more than just a number,” said Denman, referring to the company’s mission to its retail and healthcare partners, “and it seems to fit the current state of affairs.” There will be a lot of unknowns in the coming months that will affect our mutual customers’ and patients’ ability to access financing that could carry into 2021 and beyond, he said.
While other companies serving the non-prime financial sector are shuttering or withdrawing their support to continue funding transactions, Genesis Credit is able to leverage its 18+ years of experience helping their partners serve those with challenged credit histories rebuild, even in the toughest situations.
“As customers struggle to achieve normalcy in the coming months, many will experience an unfortunate drop in their FICO scores,” said Denman. This will not necessarily be due to risky financial behavior, but the result of a pandemic beyond their control.
Many consumers are without paychecks as a result of furloughs, store closings, or outright terminations. “Due to the sudden change in the economy as a result of the health crisis, primary lenders may implement actions to reduce their portfolio exposure to higher risk,” Denman forecasted. If the current situation mirrors the financial crisis of 2008-2009, lenders will move away from their riskiest customer segment, who happen to be Genesis Credit’s best customers and patients. “These are the people caught in the crosshairs, through no fault of their own,” he said.
This doesn’t mean customers should do without shopping or patients have to forego treatment plans. They’ll be looking to rebuild their credit scores and a second-look financial solutions program like Genesis Credit is an excellent way to accomplish this. The company’s programs are ideal, with pricing closely mirroring that of primary lenders. Using the furniture industry as just one example, over 82% of customers accept the offer due to Genesis Credit’s easy terms and prime-like experience.
“We stand at the intersection of business and the consumer,” said Denman, referring again to the Genesis Credit mission. “Our experienced team of analysts, engineers, client success managers—the entire Genesis team---is working hard to ensure that even in these uncertain times, we are here for our partners and their customers and patients.”
About Genesis Credit
Genesis Credit, a brand of Genesis Financial Solutions, Inc. is a leading provider of non-prime consumer financing solutions with over 3 million active accounts, 12 million applications processed annually, and 1,500 team members. Genesis provides top quality financing solutions and respectful service for non-prime consumers through our merchant and direct-to-consumer credit card programs. Our programs offer consumers, who are typically turned down by a prime lender, a second chance to access financing and credit cards with simple terms, competitive rates, and excellent customer service.
View source version on PRNewswire.com