Frequently Asked Questions
We know financing can look different for every insurance agent, and traditional lenders don’t always understand the unique cash-flow needs of your business. Our FAQs are designed to give you quick, clear answers about how our lending works—so you can access the capital you need to grow your book of business, smooth out commission cycles, and invest in your future with confidence.
Point Funding Loans & Lines of Credit
Do you have a prepayment penalty?
No.
Do you sell your loans?
Point Funding will always be the company that services your loan. We are a direct lender. We don’t sell loans.
Do you request hard collateral for your loans?
While we DO NOT require hard collateral, we do ask for your most recent mortgage or rent statement to confirm that your housing payments are current.
Do you ask for a credit report?
No.
Do you lend money or buy my commission stream?
Point Funding lends money. We do not buy your commission stream. You retain ownership of your commissions.
How much money can I borrow?
Point Funding offers loans up to $50,000, subject to our underwriting criteria.
Applying for a Loan
What happens after I submit my loan application?
After we receive your application, we'll follow up to request a copy of your driver's license, your most recent 9-12 months of commission statements (which you can typically download from your client management software), and documentation confirming that your rent and mortgage payments are current.
Do you charge a fee to apply for a loan?
Point Funding does not charge a fee if a loan is not funded. Applying for a loan is risk-free.
Will you report that I have filled out an application to my clients?
No. We do not report your application to your clients.
How do I apply for a loan?
You begin the application process by filling out this form.
Criteria for Lending
I have a tax lien. Will this disqualify me?
Like with bankruptcies, tax liens and other past financial difficulties are not automatic disqualifiers. We encourage you to apply regardless of your financial history, and we will work to develop loan terms that are satisfactory to both parties.
I have had a bankruptcy. Will this disqualify me?
Bankruptcies and other past financial difficulties are not automatic disqualifiers. We encourage you to apply regardless of your financial history, and we will work to develop loan terms that are satisfactory to both parties.
Do you request a credit report?
No.
How do you decide whether or not you will give me a loan?
We primarily look at your first-year commissions, renewal commissions, and past performance. We also subscribe to a number of public and private reports to check applicants’ backgrounds. For example, we look at FINRA and states’ insurance commissioner reports.
Loan Approval Process
If I am turned down for a loan, can I apply again in the future?
If your application is rejected, we invite you to re-apply at later date. We will gladly reassess your situation to see if it has changed to meet our lending criteria.
What is the loan approval process like?
Once the application is submitted an automatic email is generated from the website stating that we need your commission statements to proceed. If the application is received on a business day, we call you within one business day to personally introduce ourselves and explain the program.
After we receive your commission statements, we schedule a loan underwriting call, normally for the next day. The call is designed to either approve or decline the loan. The call takes 15 minutes.
We will email you a contract once the loan is approved. You can be funded the day after you return the signed original contact.
How long is the loan approval process?
If you send us your commission statements the same day after completing your application, you can be approved and funded within 72 hours.
Repayment
How do I make payments on my loan?
The majority of our loans are commission payroll deducted. In the event your insurance carrier does not allow commission payroll deduction, we will debit your checking account monthly. We debit consistently—a fixed amount on the same day of each month—so you won’t be caught by surprise bank charges.
How long do I have to repay the loan?
Repayment is structured anywhere from 2-5 years, determined at the time of underwriting.
What are the repayment terms for your loans?
We determine the repayment terms at the time of underwriting. We charge a financing fee based on your individual situation. The details of this fee will be described in full before the loan is finalized. No prepayment penalty.
What are the repayment terms for your lines of credit?
Repayment terms are determined during the underwriting process. We charge a monthly financing fee on the outstanding principal, which is tailored to your individual circumstances. Full details of the fee will be provided before the loan is finalized. Each month, you will be required to pay 1/24th of the outstanding principal, plus the applicable monthly financing fee.
HOW TO APPLY
Set aside two minutes to fill out our online application.
Once we receive your application, someone from Point Funding will personally call you to explain our loan program.
