Credit Criteria We can approve most lease applications within four hours. To help expedite the process, remember this: The most important contribution you can make to the credit process is to provide accurate and complete information on the application. A rule of thumb: including too much information never hurts; too little information never helps. Time in Business The business must be in operation for at lease two years to qualify for any of our standard lease plans. However, we do offer a special New Business Program for those who have been in business for less than two years. Type of Business Although we review each application on an individual basis, those businesses with historically high success rates are naturally preferred, while those with a high risk of failure are generally discouraged. Type of Equipment The type of equipment to be leased must be appropriate for the type of business submitting the application to be approved by Internet. Checking Account History The lessee must have a business checking account with at least a 6 month history of activity which reflects prudent financial management practices. Trade References We ask for at least two trade references with whom we can verify a relationship and credit history that bills are paid in a timely fashion. Personal Credit History (When appropriate) We look for a favorable record from the reporting bureaus: the amount of unused, available credit, as well as the overall payment and credit history. Applicants with no chronic history of late payments, tax liens, judgments or bankruptcies are preferred Existing Lease If the applicant is a current or former lessee of Integra Leasing, with a good payment history, we will generally approve a new lease application. We will also approve applications from businesses with a pre-approved credit line with Internet Leasing, although we may confirm the accuracy of the previously supplied credit information. Credit Criteria We look for companies who have demonstrated the capacity and willingness to pay their bills in a timely fashion. This usually means that the principals of the company have demonstrated a similarly clean record in handling their personal obligations. Approvals are usually simple if:  The company has been in business for over two years*, The principals have reasonably clean personal credit histories, Bank relationships are satisfactory, There is some history of paying comparable extensions of credit in a timely manner, and No other derogatory information is found. * Companies in business less than two years can be approved with a more detailed credit information package. Information Requirements Transactions of less than $30,000 rely a great deal on the information contained in the credit application. Filling out the application completely and correctly the first time can go a long way toward expediting approval.  (For transactions that exceed $30,000, we need more extensive credit information. In addition to the application form, we require at least two years financial statements and tax information on both the company and its principals.) When filling out the lease application, be sure to watch out for these pitfalls:  Bank Accounts - Providing account numbers and a contact name will speed things up. Also, if you've done business with your current bank less than two years, give us some information on your prior bank. Other loans or leases - Include account numbers and contact names, as well as information on paid-off accounts. Trade references - Please list major suppliers with which you do business and give names and phone numbers. Legal names - We need the exact legal name of your business and whether it is a corporation, partnership or proprietorship. Signature - A corporate officer or partner must sign to authorize us to check credit. Personal Data - Home addresses and social insurance numbers of principal shareholders and partners are mandatory unless you are a large public company. If any have been at their present address less than two years, please include the prior address. Your Integra Account Representative will work closely with you to develop the needed information and will keep you advised of the status of your application. Don't Give Up! Credit decisions are based on logic. Often, an application doesn't get approved simply because there isn't enough information available. If there is some important piece of information that might affect the decision, please provide it. Helpful items might include the existence of new contracts awarded to your company, expense reductions that will result from acquiring the equipment, or the existence of other companies under common ownership.   Tips Copyright © 1998-2000. Integra Leasing Corp. All rights reserved.