Consumer finance options for Checkatrade members
Register your interest
Who are Shermin?
With over 40 years trading history, Shermin Finance Ltd are the UK’s leading consumer credit brokerage for the Home Improvement industry with access to the UK’s largest panel of lenders within the sector and industry leading technology solutions.
Consumers demand better payment terms
- Finance is more important now than ever before with consumers looking to spread the cost of their purchases
- Having spent lockdown at home, demand for Home Improvements have gone through the roof. Those with the most attractive payment terms will be more likely to win the work.
The Benefits
Offering Interest Free credit is proven to increase sales in every single sector
Interest Free Credit is clean, honest, simple and easy to understand
Given the current environment, it’s more important than ever to have alternative payment options on offer, with customers even more reluctant to part with their cash
Increase your conversion rates
Increase transparency and trust
Free access to the Trade-Quote app enabling you to send clean, professional quotes and manage your finance applications
Up to 12 months Interest Free Credit 0% APR
We’ve negotiated a market leading rate for Checkatrade members
No need for FCA regulation. 12 months Interest Free Credit doesn’t require you to be authorised
Fast, easy setup – Click below to get started and be up and running within 48 hours (in most cases)
Sign-up with...
- 1. Sign-Up to Trade-Quote
- 2. Checkatrade and Shermin work together to set you up within 48 hours in most cases
- 3. You will be sent a link to complete a short training module
- 4. Upon completion you will be sent your login details and away you go!
OK, you're signed up, now what?
1. Go and see your customers! Every customer you see from now on should be sent their payment options via Trade-Quote for the best result.
2. Log in, complete the quote and click ‘email quote’ (you can do this as many times as necessary).
3. Your customer gets an email from Trade-Quote (mentioning your name of course) with both Cash and Finance options presented to them.
4. If they want to go ahead with finance they click ‘apply now’ next to the option they want
5. The customer completes the finance application and gets their credit decision instantly (don’t worry you get alerted too) and its completely digital.
5. The customer completes the finance application and gets their credit decision instantly (don’t worry you get alerted too) and its completely digital.
6. Once approved you can now go and complete the job!
7. Once your job is completed you need to log in, find the relevant quote and send the ‘Satisfaction Note’ email.
8. The customer receives this email and clicks the button marking the job as complete..
9. You get paid in full, minus the relevant subsidy charges within 72 working hours.
10. THAT’S IT!
Your questions answered
As a Checkatrade trader you have already undergone a rigorous vetting process. In most cases this means that you will be approved for a finance facility. We do run credit checks and background checks and things like CCJ’s and poor credit score could affect your application. If that’s the case we’ll get in touch and explain the decisioning.
No. The FCA states that sub-12 months interest free credit is exempt from the requirement to have an FCA license. No need to be an AR, IAR, Limited or Full permission. Simple!
The finance options cost between 7-10% of the total amount borrowed depending on the term of the interest free period.
We will confirm the exact costs once we have accepted your application.
Within 48 hours in most cases.
Nope. None at all!
We work with various lenders depending on the products you sell and the region you work from. Regardless of the lender, the finance products are identical and the process is exactly the same for you.
This is a great question and it varies based on a number of factors including; customer credit score, affordability, amount being borrowed etc. In most cases a deposit of around 25% can really help bring down the monthly cost, increasing the chances of an approval.
Min loan amount is £500 and Max is £10,000. Bear in mind that affordability comes into play here. If you borrow £5,000 on 12 months interest free, the repayments are £416.67 per month. That’s why a decent deposit will help.
Absolutely! Just contact us to ask for more information. We can provide a full suite of finance products if you are already FCA authorised.
