Frequently Asked Questions:
What exactly is an underwriter?
Toliver & Bancroft is a finance support company that employs underwriters. Underwriters are experts that underwrite, (or assess risk) for banks and direct lenders. By trade, they are typically the ones in the back office of every financial institution, who review the applicants' credit, income and other factors...and ultimately present the bank with advice on whether it is a good decision for them to lend money to the applicant or if it is a bad decision, because they are too high risk. Why does this matter? Because in a sense, it means you have someone working for you from the inside. Although they work for Toliver & Bancroft exclusively, they know exactly what the lenders need to see in order to get you approved, and which ones are the best to go to (including those lenders in our network in states where we legally broker loans.) Armed with the information they will get from you, they will then work diligently to find you a home for your loan. Upon finding a VTL, they will present their findings to you and you can choose to either apply or not. In states where we are legally allowed to do so, our underwriters charge and are paid a percentage of the amount you are approved for, but only if they are successful in helping you get funded, so they have a lot of incentive. This is assurance that they will make you their top priority.
How much is the application fee?
For our personal financing program, the fee is $25.00.
For our business financing program the application fee is $45.00.
Oh no, an upfront fee...is this safe?
While some companies are the real deal, unfortunately many are not. So be careful and do your research. A few simple questions can go a long way. Always ask for a receipt. Need references? A great place to check with is Better Business Bureau, who holds businesses to the highest standard. If someone has a bad rating with the BBB, steer far away! Toliver & Bancroft is a trusted member of the BBB, so you don't have to worry about being scammed. We are proud that our 13 years in business, helping our clients procure over $19 million dollars in personal and business loans with NOT ONE bad review ever, along with our A+ rating with the Better Business Bureau speaks for itself. So then, why do we charge upfront costs? Because unlike most other companies out there, our processing is not computerized, spitting out automated decisions, without taking into consideration YOU, the client, and your circumstances. While minimal, these application fees cover the time and trouble involved in real human underwriters, processing request, analyzing data, and figuring out what terms and conditions lenders can and should offer you. While you are never obligated to accept any VLT's (Validated Lender Targets) from us, the small application fee ensures that our work in your behalf was not in vain.
Could I be at risk for identity theft? Could someone steal my information?
All online communications are processed through SSL, a multi-layer security architecture which protects against identity theft and other security issues. Your payment information is not saved, and you will be emailed a receipt for confirmation of your payment. We never sell your information.
What information is used to determine if I can be approved?
Via email, your underwriter will gather some basic information from you, such as your personal security credentials (DOB, SSN, etc...) along with getting a clear understanding of why you are considered high risk (credit issues due to illness, student loans, bankruptcies, etc...), with the goal of putting together a profile (which takes only a few minutes) to get you fundable. Many people think it's impossible to get approved with a low credit score. However, our high risk programs take into consideration additional factors, such as income, residential history, employment history, and alternative due diligence that all comes together to determine your true underwriting score. While approval is not guaranteed (no firm can guarantee approval, and if they tell you otherwise, run far away!), we have successfully been helping clients get funding for over 13 years with scores as low as 350. Let us help you today, you won't be sorry.
How soon can I be funded?
Depending on the season it takes about 72 hours to get a VTL and from there, most lenders fund the same day as application. Under certain circumstances, however, it can take up to 10 days. We also offer a 1 day expedite program if you need answers right away.
What happens if I'm not approved?
We are sincerely interested in helping our clients get the capital they need. If the VTL's we disclose to you are unable to approve you, we won't give up like most companies do. Instead, we will assist you by referring you to trustworthy firms that may be able to help your unique situation. This may include free credit repair companies, home sell-leaseback programs, secured loan programs and more. It it's just a matter of getting your credit repaired, once you're fixed up a bit we'll try again, at no additional cost. We NEVER give up!
I got pre-qualified. What does that mean?
Pre-qualification means that based on the information you submitted (credit score and income) you could get approved if you apply for financing. Everyone is not eligible, so if you are, that's a good sign. However, this does not mean you are guaranteed to get approved. Once you pay your application fee, you will need to provide more information for Underwriting to review and a final decision is made after receiving this information. Your credit is never affected during this process.