ss_blog_claim=bd50edc517cf0b7549fe6b5f63b6b5f8 The SLS Business Finance Blog: The App Only Lease

Friday, June 15, 2007

The App Only Lease

The greatest misconception in our field is that because we don't use banks to finance equipment that we don't have to gather as much financial information as a bank does in order to process and approve the transaction. However, and many people are unaware of this, including other consumer and commercial financial professionals but we actually DO have a lease that requires hardly any paperwork at all. That case is the App Only Lease.

App (short for Application) Only leases mean literally a business credit application might be all that is required along with the credit check. Our credit app is only one page long with a 2nd page added to authorize checking the client's credit. Pretty simple stuff. Other App Only programs will require the business owner to provide a PFS (personal financial statement NOT business financials) as well so while its not truly App Only, it is much lesser documentation required for approval.

All App Only lease programs (including all of ours from our 19 sources) have the following 2 things in common:

1) Minimum 2 Years Time in Business Required (meaning 2 years since incorporation)
2) Maximum Amounts for the Program at 50k, 75k or 100k of Equipment

The amount of the upper limit varies with the risk the leasing company is willing to accept but we have seen 50k as the standard.

So, while this is a common misconception of lesser paperwork being required generally in our industry, if you or a business owner you know has been in business for 2 years or more and needs 50k worth of equipment or less, then tell us you want to qualify for an App Only lease. It's a great lower hassle program for everyone involved from you to the leasing company to us or your other commercial finance providers.

Please feel free to visit our website at or email me at if you have any questions or comments about this or any other of our subjects.


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