Can we do funding in Canada or any other countries? No - Funding options are only in the U.S.
If I'm from the U.K. and want to be a referral partner and generate leads in the U.S., will that work? - Absolutely, you can become a partner with Fundwise from anywhere in the world.
Are there any monthly recurring payments after signing up? Nope, there's nothing else you need. This package deal for JK group members has everything you need. There is an option to get a Fundwise Partners email, which of course is not required, but that does cost $10/mo if you want one of those, but only 5% of our partners do that.
How long will it take until I have my landing page link and partner crm? We'll get that set up for you within 24 hours. You'll receive two emails. One email is an invite to set your username and password to access the partner crm. The other email is a welcome email containing your landing page link. As soon as you get that, you can start sharing and generating leads.
How do I access the training area? After you sign up, the thank you page after this page has a button under a welcome video that takes you to your training area.
How can I sign up other partners? In the training area on the left side, you'll see 'Affiliate links to sign up other partners'. This is where you can set up your affiliate account, get your affiliate link and share that link with others that may be interested in becoming a partner. The affiliate link goes to an evergreen webinar. If the partner signs up, you get 50% of the sign up fee.
How long does it take for clients to go through the funding process? It can be anywhere from 7 days to around 30 days just depending on the situation of the applicant.
What are the requirements for funding? Either a 650 credit score or if they have a business generating sales, 600 credit and $10k/mo avg sales for the past 6 months.
Do I need to follow up or collect any docs or info after someone applies for funding through my link? Nope, we do everything else. Our team calls, texts and emails those who can possibly qualify for funding. We underwrite, close and fund then pay you a commission on each funded deal.
What is the process that people who apply for funding go through? After someone clicks on your landing page link, they fill out and submit a short 9 question form. Part of that form asks for a birth date and home address. This is all the info we need to get a credit report from Experian to underwrite. If the client has low credit and no business revenue, they'll receive an email notifying them they don't qualify. If the applicant has a chance of qualifying for funding, we reach out by phone, text and email to set up an appt. Then we go over the program with them on the phone. If the client wants to move forward, they sign an agreement to move forward with funding. A funding manager is assigned to them and gets to work on getting them funding.
When do I get paid? We pay commissions out once a month which comes the fourth week of each month. For partners sending in volume (5 or so signed deals a week which means 5 people move forward with funding in a week) you can request weekly commission payments.
How do I get paid? When you have a lead/referral that qualifies and moves forward with funding, you'll receive an email from Docusign where you'll fill out your payment information so we can pay you by ACH direct deposit.
If I want funding, can I apply through my own landing page link? Yes, we have Fundwise Partners do this all the time. You'll also be paid on your own deal which is like getting a nice discount.
Are there any upfront fees? Nope
How does Fundwise get paid? There is a 9% performance fee that comes out of the backend of the funds with our startup funding program. The client pays 9% of the amount they receive. If a client is approved for $50k, the performance fee is $4,500 and you receive 20% of that. With business loans, the direct lender pays the commission and you get 20% of that. It's possible for applicants to go through both the startup funding and the business funding. You would be paid a commission on each in those cases on that one client.
Are you a direct lender? No, we are not. We are a funding market place. That means we have a network of lenders that we use and work with. This allows startups and entrepreneurs to apply once with no effect to their credit to know what options they have saving them a lot of time and allowing them to get the best options available to them.