Menu

Gas App Finance Scheme

Please click the continue button below to apply for our finance scheme

Continue

Who are the lenders?

There will be a panel of lenders so your customer has a higher chance of obtaining a loan.

However, Phoenix Financial Consultants remains the FCA authorised credit broker and those of you who are authorised to access finance will still need to be Introducer Appointed Representatives (IARs) of Phoenix.

Chris Constable
Powerflush Birmingham Ltd

Phil Higgins
Pure Gas 4u

testimonial
testimonial
testimonial
testimonial
testimonial
testimonial

Finance FAQs

Finance FAQs for engineers provided by Phoenix Financial Consultants Limited

Phoenix Financial Consultants Limited is the FCA authorised credit broker (Register No. 539195) and approves engineers to be Introducer Appointed Representatives (IAR).

Q. What loan terms are available?

Your customer can choose a loan term of 3, 5, 8 and 10 years.

Q. Is the customer guaranteed to be accepted for finance?

The customer will complete a short application process to determine if the loan is affordable for the customer. The lender's decision is final and cannot be influenced by Phoenix.

Q. What is the loan APR?

The Representative APR is 9.9%.

Q. Can I advertise the availability of finance?

Yes. However, as you are acting as an introducer only you must not quote any details of the loan (like the APR) or give any advice to the customer. All the details of the loan option are provided on the customer’s boiler quote.

You can advertise for instance "Boiler Finance Available" “Finance Available” and run it on all your Adverts, Vans, Flyers, Website, Facebook page anywhere and everywhere really.

Q. The customer has called me and said their application is referred. What should I do?

You don’t need to do anything as the lender will review the customer's application manually and contact the customer directly. You will be notified of the decision on GasApp so you can confirm the installation date with the customer.

Q. Does the customer need proof of income / bank statements?

In general no. However, in a small number of cases the lender may request a pay slip or a bank statement from the customer to verify income. If this is required the lender will contact the customer directly.

Q. Is there a maximum and minimum loan amount?

The customer can apply to borrow a minimum of £500 up to a maximum of £15,000.

Q. Can a loan cover repairs?

Yes, the loan can cover the cost of large-scale repairs on boilers and heating systems and include the cost of flushing heating systems. Please note that only repairs costing more than £500 are eligible for the finance scheme.

Q. What items can the loan cover?

The entire price of the job can be financed, i.e. the cost of the customer's boiler, all other materials, your labour charges and VAT.

Q. What boilers can be chosen under this scheme?

There is no restriction on the type of boiler or manufacturer.

Q. Is there a minimum or maximum age for applicants?

Your customer must be 18 years or over. There is no upper age limit.

Q. What groups of customers can apply for the loan?

- Employed, self employed and retired individuals (subject to a minimum income of £5,000);

- House persons (provided the partner has income over is £5,000);

- Individuals on certain benefits, i.e. working families tax credit and disability allowance.

Q. When will the customer's first loan repayment be taken?

In general, the first payment is taken within one month of the installation of the boiler and completion of the satisfaction note.

Q. Can the customer change their loan repayment date?

Yes, full details of how to do this are contained in the customer’s loan agreement.

Q. Who actually receives the finance once the loan is approved?

The funds are paid from the lender to the credit broker, Phoenix. The customer does not receive the money. The engineer will receive the funds from Phoenix (less the 4% fee payable to access the scheme) once the customer satisfaction note has been submitted.

Q. As an engineer, when do I receive the funds?

Payments are made via faster payments every Tuesday or Friday and are made within 72 hours of Phoenix receiving the money from the lender.

Q. What fees do I pay to be able to introduce finance?

The finance subscription is £100 per year + Vat. You will also need a full Gas App UK membership at £15 per year. A subscription to Gas App UK is required at all times to access the finance feature within the app. Finance subscriptions need to be manually renewed every 12 months on the anniversary of your subscription, an email will be sent to you as a reminder.

For every loan completed, there is also a 4% admin fee deducted from the funds as per the video above.

Q. If the customer has a complaint about the process who do they contact?

These details are provided to the customer as part of the loan application process.

Q. Can I get a VAT invoice for my finance subscription?

Yes, a full VAT invoice will be raised after your account is live. The invoice is usually available around 10 days after you sign up for the finance subscription.

Q. Can customers living in Northern Ireland apply for this loan?

Yes.

Q. Can my customer pay a deposit?

Yes they can - but it is not compulsory for the customer to pay a deposit.

Q. What invoice do I submit?

You can split the invoices or submit one invoice for everything. You may wish to split the invoices if e.g. you are not VAT registered and want some of the loan to go to your merchants to pay for materials.

Q. What is the significance of the satisfaction note?

A satisfaction note needs to be signed by the customer upon completion of the job to say they are satisfied with the work you have completed in order for you to get paid. There is a tab in the ‘QUOTES’ section of the App itself where you will find the satisfaction note. Simply complete the customer details and ask them to sign the screen and click submit. This is sent to Phoenix who will authorise the disbursement of funds to you.

Q. Is there a minimum turnover or trading history required in order to join the scheme?

No - the scheme is open to all Gas Safe engineers. You will need to be appointed as an Introducer of the credit broker Phoenix and there is a short application process for this.