This page explains how data moves, who can see it and who decides. LendPro is not a lender. Lenders make all credit decisions and set all terms.
Key takeaways
- LendPro holds a SOC 2 report, and application data is encrypted in transit.
- Application data is shared with the lenders reviewing the application and with service providers that process it under LendPro's privacy notice.
- Qualified prospects can request LendPro's security documentation through their LendPro representative.
- To report a security concern, email support@mylendpro.com.
How does shopper data flow through LendPro?
- The application opens from a product page, kiosk, QR code, text link or the POS. In store, the shopper can use their own phone or a tablet, or an associate can complete it with the customer in a browser tab.
- The shopper picks a path and consents. See If You Pre-Qualify, No Credit Needed when the store offers it, or Lookup Application.
- LendPro sends the data encrypted in transit. Application data is shared with the lenders reviewing the application and with service providers that process it under LendPro's privacy notice. By default, several lenders can review at once. With the traditional waterfall setting, they review in sequence.
- Lenders decide and return their answers and any offers to LendPro.
- The shopper selects an offer and completes that provider's full application and terms with the provider.
- The merchant finalizes the sale in LendPro: invoice, e-sign, and settlement on delivery. Where the POS is connected, results return through POS Sync.
What security controls does LendPro use?
- SOC 2. LendPro holds a SOC 2 report.
- Encryption in transit. Application data is encrypted in transit.
- Hosted application. Information goes into the LendPro application, opened on the shopper's device, a kiosk or tablet, or a store browser tab.
- Private in-store entry. Kiosks, tablets and QR codes let shoppers apply on a device without reading details aloud.
Qualified prospects can request LendPro's security documentation through their LendPro representative.
Who does what?
| Responsibility | LendPro | Lender | Retailer |
|---|---|---|---|
| Hosts the application and routes data | Yes | No | No |
| Chooses the lender lineup and routing setting (configured by LendPro for each location) | No | No | Yes |
| Runs credit checks and decides | No | Yes | No |
| Sets rates, terms and disclosures for its product | No | Yes | No |
| Funds the purchase | No | Yes | No |
| Presents offers on the floor | Displays them | Provides them | Associates present them |
LendPro is not a lender. Lenders make all credit decisions and set all terms.
Does applying hurt a shopper's credit?
| Soft pull | Hard inquiry | |
|---|---|---|
| When it happens with LendPro | Pre-qualification, where the provider supports pre-qualification | Possibly, when the shopper accepts a lender's offer |
| Effect on credit score | None | May have a small effect, per the lender and bureau |
| Who runs it | The lender, through LendPro routing | The lender |
Where the provider supports pre-qualification, it uses a soft pull and won't affect credit scores. A lender may run a hard inquiry if the shopper accepts an offer. What is a soft pull?
Which store practices protect shoppers?
- Keep details private. Hand over a tablet, send a link, or complete the browser application with the customer, rather than reading details aloud.
- Do not write data down. No paper applications or sticky notes at the counter.
- Use the LendPro application. Do not copy information into separate lender portals. With LendPro 2.0 connected to STORIS, associates finalize sales and process returns and exchanges in the LendPro portal for most lenders, so fewer staff need lender portal logins.
- Let the shopper choose. Present each offer with lender name and terms in view.
- Disclose lease-to-own clearly. Lease-to-own is a rental-purchase agreement, not a loan. Total cost is higher than the cash price.
- Remove access for departing staff the day they leave.
How does LendPro handle shopper privacy?
Shopper data is used to route the application and return offers. Application data is shared with the lenders reviewing the application and with service providers that process it under LendPro's privacy notice. Each lender handles data under its own privacy policy and consumer disclosures, which the shopper sees before accepting an offer. For details, see the LendPro Privacy Notice.
What should you ask any financing platform?
- Does it hold a SOC 2 report? Ask for current security documentation.
- Who receives the data? Ask which lenders and service providers receive application data, and under which privacy notice.
- Is pre-qualification a soft pull? Hard inquiries at the counter cost shopper trust.
- Is the platform a lender? A platform that lends may steer applications to itself.
- Can lenders market your pre-qualified shoppers elsewhere? Ask every vendor and lender how pre-qualified shopper data may be used after the application.
Related: financing intelligence, soft pull, developers, FAQs.
What LendPro does not do
- Make credit decisions. Lenders decide and set terms.
- Run credit checks. Lenders run them.
- Lend its own capital. LendPro does not provide lender capital.
How do I raise a security question?
Retailers and lenders with a security question can contact their LendPro representative or book a call with the team. To report a security concern, email support@mylendpro.com.
Frequently asked questions
Is LendPro secure?
LendPro holds a SOC 2 report, and application data is encrypted in transit. Application data is shared with the lenders reviewing the application and with service providers that process it under LendPro's privacy notice.
Who sees a shopper's application?
Application data is shared with the lenders reviewing the application and with service providers that process it under LendPro's privacy notice. Lenders review several at once by default or in sequence with the traditional waterfall setting, and the retailer sees results of its own applications.
Does applying hurt a shopper's credit?
Where the provider supports pre-qualification, it uses a soft pull and won't affect credit scores. A lender may run a hard inquiry if the shopper accepts an offer.
Is LendPro a lender?
No. LendPro is not a lender. Lenders make all credit decisions and set all terms.
Can associates help with the application?
Yes. In store, an associate can complete the application with the customer in a browser tab, or the customer can use their own phone, a kiosk or a tablet. Retailers see results in the merchant portal.
Does LendPro have a SOC 2 report?
Yes. LendPro holds a SOC 2 report. Ask your LendPro representative about security documentation.
Do all lenders pre-qualify with a soft pull?
No. Not all providers offer a pre-qualification pathway, and a lender may run a hard inquiry if the shopper accepts an offer.