Peak season can mean big spikes in sales, which is why it’s vital that small businesses have peak season selling strategies in place to keep sales flowing while preventing overselling and order delays. By connecting sales channels and inventory management to make the most of multichannel selling, you’re taking a crucial step to boost sales during peak season.
1. Determine the forecast for demand
Trying to determine exactly how much of each product you’ll need before peak season begins might seem like little more than a good guess. But there is a method of inventory forecasting that will help you better understand what kind of demand you’ll be facing.
For proper demand forecasting, you’ll need to know your:
- Reorder point: This is the stock level at which you need to reorder. Follow this formula: Reorder Point = (Average Daily Usage x Average Lead Time in Days) + Safety Stock
- Safety stocks: Your safety stock is the inventory above your normal reorder points. It prevents product shortages or stockouts. This formula will let you determine a good safety stock level: (Max. Daily Usage x Maximum Lead Time) – (Average Daily Usage x Average Lead Time)
- Maximum stock levels: Your maximum stock levels are the highest amounts of a given product you can store at one time.
- Lead times: Lead time is the amount of time between you placing an order with your distributor and the order arriving.
- Trends: Trends are any repeating customer behaviors you’ve noticed. These could be seasonal or they may be less obvious.
When you have these figures, you can use one or more of the following forecasting methods:
- Quantitative forecasting: Using numerical data, you can create models that will show you what the demand for a product will be based on historical data.
- Graphical forecasting: Converting the same data used in quantitative forecasting into visual forms like graphs can help you identify trends that might have been more elusive when they were simply figures on a spreadsheet.
- Trend forecasting: Using current market conditions, historical growth patterns, and sales, trend forecasting focuses on a single product to determine future demand.
- Qualitative forecasting: If your business is new, or you haven’t been gathering good data before now, surveys, market research, and even focus groups can help develop a forecasting model based on real behaviors.
Forecasting isn’t a guaranteed method of peak season logistics planning that will always be 100% accurate, but getting ahead of demand will help you balance your inventory appropriately before your busy season begins.
2. Prepare yourself and your team
Getting you and your team ready for peak season is a big job, but it will pay off big time. A well-trained, confident team that understands its functions and how what they do fits into the way your business runs means people will be more invested and ready to make peak season feel like a walk instead of a breathless sprint.
When you’re running an ecommerce business and you’re doing everything yourself, one of the most important things you can do for yourself is to create a plan that you can refer back to while you’re getting ready for peak season.
Create a roadmap with all of the information and dates you’ll need to tackle peak season head-on. Here are a few items you’ll want to prioritize for your ecommerce store:
- Make your site mobile-friendly: A big percentage of online shopping is now done on mobile devices, so getting a mobile version of your store up and running can help you make more sales. Site optimization also lets you highlight your best-selling products and any deals you have.
- Know when you have to place orders with suppliers: Turnaround times usually get longer as peak season approaches, so if you need to put in an order before peak season, make sure you do it with more than enough lead time. Ordering early means you’ll have time to correct problems and prepare for shipping orders.
- Consider working with a fulfillment company: If you know that you won’t be able to keep up with shipping orders while you’re taking care of everything else, a fulfillment company can help. They can warehouse your products and ship them quickly. You will have to pay for the service but if it means orders go out quickly and customers stay happy, it might be worth the added expense.
- Add a buy now, pay later option: Offering customers a chance to buy over time can increase sales. Partnering with a service provider that offers BNPL options means you don’t take on the risk, just the rewards.
- Take inventory: Performing inventory early and often will help keep counts more accurate. In turn, accurate counts will ensure products are reordered as needed and customers aren’t waiting for back-ordered items to arrive.
If you have a team of salespeople working at your brick-and-mortar shops, training is one of the most effective methods of preparing them for peak season. Here are a few training ideas to get you thinking about what will be the best fit for your team.
- The seven selling steps: This method of sales helps your team understand where a customer is on their journey and how to get them to the close.
- Product feature training and mock product demos: If you have new or improved products rolling out, teach your customer service and sales team about these products and new features. When they know the products thoroughly, they can help customers with questions or concerns.
- Explore the buyer journey: Similar to the seven selling steps, by exploring how your customers are getting to you, as well as what problems your products are solving for them, your sales team can meet them where they are and connect them with the right products.
- Elevator pitches: In today’s world, you don’t have a lot of time to make an argument for why your product is the best. Work with your sales team on their elevator pitches (fast, 30-second or less pitches) to help them boil things down to the essentials.
- Have them work with marketing materials: By showing your team the marketing materials you’ll be using to generate sales, you’re setting them up for success when customers have questions or want to know about the best deals available.
Peak season is also when you’re most likely to need extra help, so make sure you plan ahead and find seasonal team members as early as possible. Using temporary help to complete many repetitive tasks that don’t require a lot of in-depth knowledge of the products will set them up for success and allow your sales and customer support staff to do what they do best.
3. Ensure inventory accuracy across platforms
There are many inventory management techniques that you can put to work to keep your counts accurate and your customers happy. The first step to managing inventory across platforms is to decide on your main small business inventory management system. Once you have that decided, you can work on connecting it to other channels.
If you’re using one of the more popular e-commerce systems for your online store, chances are good that they have APIs or apps connecting your online store to your inventory management system. These integrations can keep everything updated across channels nearly in real time. That’s going to be really important when you have customers buying from your brick-and-mortar location and your online store.
4. Plan for production
Ensuring that your inventory is in good shape means more than just ordering enough. It also means working with your suppliers and manufacturers to keep products flowing from them to you all year round.
Production planning not only means that you’ll have inventory during the busiest times of the year, but it is also important for keeping your prices as low as possible while consistently getting the highest quality goods.
Planning your production schedule to accommodate delays is important. Take the numbers you found during the inventory forecasting process and use the data you have about the availability of raw materials to see where pain points might exist. Study the information you have about manufacturing timelines along with the information you have about materials and you should be able to keep a steady flow of products coming.
5. Keep a dedicated stock level
A dedicated stock level is the amount of product you keep on hand at all times, no matter what season it is. While this number might be relatively low, it’s a good idea to revisit it before peak selling season to ensure you’ve got enough “safety stock” to withstand a surge in demand.
The reorder point formula is one of the easiest ways to keep products in stock and to know when it’s time to order more. By looking at your historical sales data, including average daily sales, delivery lead times, and your safety stock levels, you can reduce the likelihood of overselling and forcing customers to wait.
6. Start your marketing efforts earlier than you’d think
Marketing your business can be tricky year-round, but it gets even more complicated when you’re trying to plan for your busy season. The best advice we can give you is to start earlier than you’d think.
Starting early means you’ll enjoy some benefits you wouldn’t get if you started advertising when everyone else does:
- Getting ahead of your competition. Being the first name that potential customers see can have a huge impact on whether or not they choose to buy from you. Not only does early marketing help create name recognition, but it also shows people that you’re anticipating their future needs.
- Gives you more data to gauge demand. With digital marketing, there is a dearth of analytics that you can dive into to see what is performing and what efforts correlate to sales, and at what levels. Having that information before you’re in the middle of peak season can help you determine demand early.
- Allows you to adjust your marketing efforts to better cater to demand. The data available through digital marketing can also show you what is working and what isn’t. If you start your marketing efforts early, you’ll be able to shift if something isn’t hitting the way you’d like it to.
There’s no set time frame to start marketing early. It depends on a number of factors, including your industry, the time of year, and your location. Local marketing during the holiday season can be especially difficult, but peak season planning should include finding ways of being available to your customers in-person and online is a must.
7. Use dynamic pricing to stay competitive and increase profits
Dynamic pricing during peak selling season is a strategy that will put more money in your bank account. This process involves tracking what prices competitors are selling the same (or similar) products for and adjusting your prices to compete. While that might mean lowering prices sometimes, it also means raising them if others are also increasing what they charge.
There are a few methods of dynamic pricing that you should consider when you’re setting your sales strategies for peak season:
Price discrimination
This type of dynamic pricing is where your business charges more or less for the same product depending on the channel the customer used to arrive at the product. For example, a pair of your company’s shoes might cost $50 at your brick-and-mortar store but cost $65 in your online store.
Other forms of price discrimination can be bulk discounts, discounts for seniors, or pricing all of your products at their individual maximum values.
Price skimming
For this type of dynamic pricing, you’re deliberately inflating the price of a new product. While that might seem counterintuitive, people who like to be early adopters and those who see the value in your product will pay these higher prices.
Yield management
For products with low demand, you can lower the price to help them move. This strategy helps you sell products that are slower to sell, but it can lead to upticks in sales only when you lower the price.
Today, you can use AI-powered technology to help crawl the internet and adjust your prices based on what others charge. And to ensure your customers see consistent pricing, you can set up systems that will keep your prices the same for a customer if they first click on an ad and then come back to your online store later through a different channel.
8. Reward customer loyalty
Everyone likes being rewarded for their loyalty to their favorite brands. Just because it’s peak season doesn’t mean that should change. In fact, peak season is the perfect time to start rewarding your customers because both old and new customers will be shopping with you during this time. If you show them how much you value them, they’ll keep coming back.
Customer loyalty and rewards programs don’t have to be complicated, and they don’t have to be expensive for your company to run.
To get started growing customer loyalty:
- Ask for a customer’s email address so you can follow up on their purchases and provide them with exclusive access to discounts or sales.
- Give first-time customers a discount when they create an account on your web store.
- Create referral bonuses for customers who tell others about you. These bonuses could be in the form of discounts or early access to new products.
If you don’t know which kind of loyalty program would be the best fit for your customers, ask them. A survey could provide you with a lot of information about your customers that will help you take care of them beyond a rewards program.
9. Avoid flash sales
While there’s certainly nothing wrong with the idea of promotional pricing, flash sales can cause many problems that can impact your business during peak season (and even into the rest of the year).
If you’re running a company with a large customer base with a hot product line, you’re managing orders from a number of different channels at the same time. During normal business, you might not have any issues, but flash sales put a ton of strain on each of those channels. And today’s faster processing and internet speeds mean that orders could be coming in by the second.
But if your sales channels don’t integrate or one channel batches sales and sends them to your inventory management system at certain times or at set order thresholds, you risk overselling. Even with safety stock and proper forecasting, demand might quickly outstrip your supply.
If that happens, what do you do? How do you decide who gets their order first and who has to wait? If you don’t want to figure out how to solve those problems, skip the flash sales.
10. Stay flexible
Planning is what we do to get ahead of uncertainty. But that doesn’t mean that your plans will play out the way you want them to. Even with the best market research, perfect inventory levels, and the latest sales training, you can’t always be prepared for what customers will do. So try to build some flexibility into your plans.
Here are a few ways to stay flexible during peak season
- Prepare several versions of marketing materials in case the first ones don’t lead to enough conversions.
- Be ready to utilize alternate shipping carriers to keep up with surging peak season shipping demands.
- Keep your team trained on the features of multiple products in case your forecasted bestseller isn’t the hit you thought it would be.
- Give yourself a few moments before making decisions in the middle of chaos. Clearing your head even a little will help you see the bigger picture.
As a business owner, you’ve weathered storms before and come out stronger. You can do it again.
11. Keep your POS systems in working order
Few things are as frustrating for a member of your sales team as encountering a point-of-sale (POS) system that isn’t working when they’re trying to close a sale. It can jeopardize a sale and put future sales at risk if an unsatisfied customer starts discussing the issue they had with your company.
You might be asking, “do small businesses need a POS?” While we understand why it might not be at the top of your mind (especially with all of the other things you have to deal with as a business owner, it is important to have a point-of-sale system for businesses of all shapes and sizes.
Here’s why: a POS is about making things faster and easier for your customers. A nice side benefit is that a good POS helps your company, too!
Modern systems allow people to pay for their purchases in the way that is most convenient for them. On your website, that might mean checking out with PayPal. In your retail store, that could mean paying for their purchase using the credit card they have saved in their phone’s digital wallet.
A good POS also integrates with your inventory management system to keep track of orders and alert you when stock is running low.
Having a fast, reliable POS means:
- Happier customers
- More accurate inventory
- Fewer problems with overselling
During peak selling times, accuracy and speed will make all the difference.
This article originally appeared on the QuickBooks Resource Center and was syndicated by MediaFeed.org.
More from MediaFeed
18 loans for Hispanic-owned businesses
There are nearly 5 million Hispanic-owned businesses in the U.S., making this the fastest-growing segment of U.S. small businesses, according to the U.S. Small Business Administration (SBA). Yet, despite these big numbers, Hispanic and Latinx business owners frequently face challenges accessing capital and, as a result, often can’t successfully scale their businesses.
Fortunately, a number of organizations and government agencies in the U.S. are stepping up to address this unmet need, offering loans, grants, and other financing options to Hispanic and other minority entrepreneurs. These minority business loans may have lower interest rates and be easier to qualify for than some traditional loans. Here are 18 financing options that are worth checking out.
(Learn more: Personal Loan Calculator)
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To qualify as a Hispanic-owned business, more than 50% of the company must be owned by people of Mexican, Puerto Rican, Cuban, or other Hispanic origin. Currently, nearly one in four businesses are Hispanic-owned.
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A minority business loan is a small business loan designed to provide financing options for underserved communities. While minorities are free to apply for any business loan, minority business loans may offer more competitive rates and have less stringent qualification requirements.
Groups that are considered minorities in the U.S. include African Americans, Asian Americans, Hispanic Americans, and Native Americans. Women are also considered minorities for many types of loans, as well.
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The following lenders offer different types of small business loans to Hispanic and minority entrepreneurs and were chosen based on our analysis of search volume.
1. Accion
Accion is a nonprofit financial institution that invests in underserved communities and offers low-cost lending opportunities to Hispanic- and minority-owned businesses. The Accion Opportunity Fund provides loan amounts from $5,000 to $100,000, and is quick and easy to apply for online.
Accion offers two types of small business loans — the Southern Opportunity and Resilience (SOAR) Fund and the Small Business Progress Loan. SOAR is geared toward those in the south and southeast who experienced economic hardship from the COVID-19 pandemic and have been in business since September 2019 or earlier. The Small Business Progress Loan, on the other hand, is open to all minority-owned businesses and women entrepreneurs, and is partnered with American Express.
Accion also offers online resources, events, and networking opportunities (in Spanish and English) to help minority business owners learn and grow their companies.
(Learn more at: Home Affordability Calculator)
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The Community Development Financial Institutions Fund (CDFI Fund), which is part of the U.S. Treasury, gives funds to companies and organizations that help underserved people and communities. Minority business owners can reach out to local banks and nonprofit groups that have received CDFI funds to discuss and apply for low-cost business loans.
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The owners of Camino Financial were inspired to start their lending business in order to help people like their mother, who lost her Mexican restaurant business when they were children. To that end, they offer simple and affordable loans to small businesses who find it difficult to borrow through banks. They offer bad credit loans, secured and unsecured loans, microloans, and working capital loans up to $35,000. To qualify, your business must have been in operation for at least nine months and generate annual sales of $30,000 or $2,500 a month.
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The U.S. Small Business Administration (SBA) offers several financing programs that can help minority-owned businesses get access to the funding they need. Here are two programs you may want to check out to find a Hispanic small business loan:
Microloans
The SBA microloan program is administered by an intermediary network of nonprofit community-based lenders, rather than traditional banks. Through these lenders, the SBA aims to reach lower-income communities and minority-owned businesses that are often overlooked by traditional lenders. These loans come with low interest rates, six-year terms. and loan amounts up to $50,000.
Community Advantage Loans
The SBA’s Community Advantage loan program provides up to $350,000 in capital and is specifically designed to meet the needs of business owners in underserved communities. To qualify for an SBA community advantage loan, business owners need to have good credit and a strong business plan. However, the business’s balance sheet and amount of collateral will not affect eligibility.
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By offering crowdfunded loans with 0% interest, nonprofit Kiva is working to lift barriers to capital often faced by entrepreneurs from underserved communities. To apply, you need to market your Hispanic business to the community of 1.9 million individual lenders. These lenders can then choose to lend your company as much as $15,000 and you’ll have up to three years to repay them.
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CDC Small Business Finance is a nonprofit whose mission is to provide access to affordable and responsible capital to underserved entrepreneurs, including minority, veteran, and hispanic business owners. CDC offers loan amounts of $20,000 to $350,000 with five- to 10-year terms. They also offer SBA 504 commercial real estate loans of $250,000 to $40 million.If you are looking for advice to rebuild your credit, develop your business strategy, or manage financial reports, you’ll appreciate having access to small business advisors through CDC.
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Grameen America strives to achieve racial and gender equity by providing microloans of up to $2,000 to female and minority business owners. As part of their program, borrowers can open free savings accounts with commercial banks and build personal credit as they pay off their microloans. Grameen also offers training and support to women who want to start businesses and rise out of poverty.
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The Latino Economic Development Center (LEDC) offers Hispanic small business loans of $500 to $250,000 that can be used to purchase equipment, expand a business, hire staff, or purchase inventory. The three types of loans offered by the LEDC are as follows:
- LEDC Growth Loan: Loan amounts up to $250,000 for established small businesses that have been in operation for a minimum of two years.
- LEDC Startup Loan: Loan amounts up to $20,000 for new businesses with less than two years of business history.
- LEDC Seed Loan: Loan amounts up to $5,000 for businesses with less than one year of experience and with plans to launch a company within three months of funding.
LEDC also offers free business advice and credit-building services, as well as a directory of latino-owned small businesses.
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The National Association of Latino and Community Asset Builders (NALCAB) provides funding to a network of over 200 nonprofit organizations that serve diverse Latino communities throughout the U.S. With NALCAB support, these partner organizations offer Hispanic loans, grants, professional training, and support.
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Hispanic small business loans aren’t the only way for your business to get funding. There are also minority business grants that can provide capital that you don’t have to repay. These grants are offered by federal and local government agencies, corporations, and nonprofits.
10. Grants.gov
Grants.gov is the largest database of federal grant opportunities. While most grants are not specifically targeted to Hispanic small business owners, awards are available for all types of entrepreneurs, especially those focused on healthcare, U.S. defense, and environmental protection.
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digitalundivided’s BREAKTHROUGH Program (powered by JPMorgan Chase’s Advancing Black Pathways) offers $5,000 grants to Black and Hispanic women in the Dallas, Texas area. digitalundivided also provides training and resources to help businesses understand their customers, find financing, and choose the right business model.
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The National Association of the Self-Employed (NASE) works to provide resources for all self-employed individuals, including Hispanic business owners. They offer Growth Grants of $4,000, which can be used for a variety of business expenses, including marketing, advertising, hiring employees, and expanding facilities.
Besides access to grants, becoming a NASE member allows you to connect with experts who can advise you on subjects like finance, healthcare, strategy, law, and marketing. NASE membership also gives you access to discounts on healthcare, software, tax filing, and business travel.
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Hispanic businesses located in rural areas that have fewer than 50 employees and less than $1 million in gross revenue may want to consider applying for a Rural Development Grant from the USDA. Grants vary in size and can be used for a variety of projects that aid business development in rural areas, including training, technical assistance, acquisition or development of land, building construction or renovations, equipment purchases, and pollution control.
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The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs are government grants from five different federal government agencies. These competitive grants are focused around tech and science and offer up to $1 million in capital (divided into two phases) to qualified small businesses.
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You may be able to find funding for your Hispanic small business through Candid.org’s Foundation Directory Online, which contains information on over 240,000 grantmakers in the U.S. Access to the directory requires buying a monthly subscription, but you can cancel at any time.
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Comcast RISE, which stands for Representation, Investment, Strength, and Empowerment, is a grant designed for businesses that were hit hardest by COVID-19. The grant is worth $5,000 and is given to small business owners hoping to expand and recover from the effects of the pandemic. Awards go to those looking to uplift their communities with a focus on diversity, inclusion, and community investment.
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The Entrepreneurial Spirit Fund by SIA Scotch Whiskey awards $10,000 in grants to small businesses owned by people of color in the food and beverage industry. Created by Hispanic entrepreneur Carin Luna-Ostaseskis, one of SIA’s goals is to provide funding, mentorship, and community to small businesses.
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If you’re a woman entrepreneur, consider applying for the Amber Grant, named after Amber Wigdahl, who passed at the age of 19 and never got to fulfill her business dreams. Each month, at least $30,000 is given in Amber Grant money. Applying takes just a few minutes and winners are announced by the 23rd of the following month.
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In addition to the grants and loans, there are organizations that can provide technical assistance, training, workshops, and networking opportunities to Hispanic businesses. Below are some you may want to check out.
digitalundivided
With a focus on assisting Black female and Latinx business owners, digitalundivided offers virtual training and a fellowship program for entrepreneurs. It also offers a pre-accelerator program for tech-enabled startup founders who have already begun to build their startup, are pre-revenue, and need assistance in developing their business model, marketing, and strategy.
Minority Business Development Agency
The Minority Business Development Agency is an advocate for Hispanic and other minority-owned businesses, and offers research, conferences, and resources to help entrepreneurs. Its Enterprising Women of Color Initiative is aimed to help minority women succeed in business through various offerings.
USHCC
The United States Hispanic Chamber of Commerce actively promotes the economic growth, development, and interests of Hispanic-owned businesses. Members have access to events and business resources to support them in their growth. In addition, members get listed in the Chamber’s online Hispanic business directory.
SCORE
SCORE is a national organization that connects business owners to free mentors to help them learn and grow their companies. SCORE also offers free workshops and a robust online database of useful business content.
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Looking for — and applying for — a Hispanic business loan can feel like an overwhelming task. Here are some ways to simplify the process.
Consider Your Options
Before applying for a small business loan, it’s a good idea to take a look at your credit profile and business financials, as this will give you an idea of what type of loan you might qualify for. If you have excellent credit, solid revenue, and have been in business at least two years, you may be able to qualify for a long-term, low interest loan from a bank or SBA lender. If not, you may want to look into financing offered by lenders and grantmakers listed above, as well as online lenders (who often have less strict qualification requirements for loans).
Determine How Much Money You Need
To figure out how much of a loan you need to start or grow your Hispanic business, consider how you would like to use the funds from a loan, then create a detailed budget for your project, adding in some padding to account for unexpected expenses.
Consider the Best Location for Your Business
If you haven’t yet launched your business, consider what might be the best environment for doing so. You may want to explore the best metros for minority businesses, since they may have established communities of hispanic business owners and resources to help you.
Gather All Your Paperwork
Whatever type of funding you decide to pursue, you will likely need to supply an extensive amount of information about your business in order to apply. This often includes:
- Business EIN
- Industry
- Entity type
- Business license and permits
- Annual business revenue and profit
- Bank account statements (personal and business)
- Personal and business tax returns
- Balance sheet
- Proof of collateral
- Accounts receivable and payable reports
- Existing debt
- Commercial lease
- Purpose of the loan/grant
- Business plan
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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Student Loan RefinanceSoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower considering refinancing, you should take into account the new income-driven payment plan, SAVE, which replaces REPAYE, seeks to make monthly payments more affordable, and offers forgiveness of balances that were originally $12,000 or lower after 120 payments, among other improvements. Also, please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as SAVE, or extended repayment plans.
Auto Loan RefinanceAutomobile refinancing loan information presented on this Lantern website is from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies). Caribou, AUTOPAY, and Engine by MoneyLion pay SoFi compensation for marketing their products and services on the Lantern site.
Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness, consult with the lender for more details. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending DisclosureTerms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
BankingSoFi Lending Corp. (“SoFi”) operates this website in cooperation with Engine by MoneyLion presenting promotions for products and services offered by other banks, lenders, and financial institutions. If you select a promotion above, you will be connected to the website of the company offering the product. The promotions presented on this site are from companies that pay SoFi and Engine by MoneyLion compensation for marketing their products and services. This may affect whether a provider is featured on this site and could affect the order of presentation. Lantern and Engine by MoneyLion do not include all providers in the market or all of their available offerings. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
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