Getting Credit in a COVID Market
1. Whilst the majority of industries are ok, unfortunately some are now seen as high risk and will be challenging to get approval for in the current environment. Unsurprisingly, these include:
* Sports, Art and Recreation
* Private Education (excludes Private Schools)
* Transport (excluding Public Transport and Delivery Services)
* Accommodation and Food Services
If you have applications for any in these sectors, please make sure you include guarantees and direct debit as this will help with the approval process.
2. If a customer is still in the Hardship Deferral Period unfortunately we currently cannot approve any additional finance. We will advise further when this situation changes.
3. Currently financiers are seeing an increase in applications with suspicious activity. As a result, signatures and details of customers are being more carefully vetted, so when signing up clients please keep this in mind.
The good news is, until at least 30 September 2020, SER can accept clear copies of documents for deals up to $250k.
As you can imagine with all of the above going on, approvals and settlements are unfortunately taking a little longer than usual. But be assured that SER will do everything in its power to process, approve and settle applications in an efficient manner, to ensure fast approvals and settlements. Hopefully the above guidance will help in getting these deals processed as quickly as possible.
Please feel free to reach out if you have any queries on the above.
National Credit Manager, S.E. Rentals
S.E. Rentals are the finance as a service specialists that will help you grow your business by providing finance solutions in an 'all things technology' future. We provide you with the flexibility, scalability and agility to help you achieve your Managed Service objectives, and our unique in-house software platform, Finance Oxygen, automates the process for you