How to Offer Installment Loans for Bad Credit Score

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Businesses that sell more "luxurious" or pricier products or services should always have several payment options for their customers. Accepting exclusively one-time payments in home improvement, HVAC, or healthcare can lead to severe revenue losses. Why? Because many customers can afford your service, but not if they have to cash out all at once.

Just 39% of U.S. Citizens can afford an unexpected $1,000 expense. Meaning, by accepting only one-time payments, you lose more than half of potential customers. That's why more and more intelligent businesses offer installment loans as part of their financing options.

Depending on the customer's credit score and credit history, buyers can get different loan amounts. As a business, you can provide installment loans by yourself or by partnering with a lender or lending partner.

Since many small businesses don't have the proper experience to handle a loan request’s legalities, give installment loans, and manage late payments, companies often go with the latter option.

But that doesn't mean you shouldn't know how the whole credit score and credit reports business works. To help you get smarter, here's an educative introduction to offering installment loans to customers with a bad credit score.

What is an Installment Loan?

You might not be familiar with the term "installment loan,” but you probably encountered one. An installment loan is a cash loan where the client borrows a fixed loan amount at once. The borrower repays the loan amount over a fixed amount of monthly payments (installments). Although an installment loan usually has fixed monthly payments, the monthly installments can differ if the installment loan comes with variable interest rates.

An installment loan can either be an unsecured or a secured loan. A secured loan requires collateral, while unsecured loans don't.

That's the general definition of an installment loan, but repayment terms can vary. Clients always look for a fixed-rate loan with affordable monthly payments and a low origination fee. Just because someone needs an installment loan, they don't want to go through debt consolidation, especially if their credit score isn't too great.

To get an installment loan and borrow money, banks usually look individual's credit score first. Based on the credit report from credit bureaus, the bank decides on the loan amount, down payment, interest rates, etc. If a client has poor credit, the bank can deny loan approval.

3rd party lenders (such as a credit union) have more flexible criteria and a quicker loan process, especially for clients with bad credit scores and poor credit history. The main reason is that 3rd-party lenders are private companies and have more law leeway. Although clients can't open a bank account with nonbanks, they can get different loan types such as auto loans, student loans, etc.

For example, if an individual needs to pay unexpected medical bills, 3rd party lenders are a quick way to get loans. That's why it's no surprise that nonbank lenders issued 68.1% of total mortgage loans in 2021 alone.

Is a Personal Loan an Installment Loan?

People mistake a personal loan and an installment loan as different. In reality, an installment loan falls under the more general personal loan category.

A personal loan is any granted loan that an individual gets for covering expenses for different reasons. An auto loan or a student loan can be a personal loan.

But not every personal loan has to necessarily have fixed monthly installments as part of its loan agreement.

Another example is payday loans. Clients usually have to repay payday loans by their next payday. Although some payday loans can be installment loans (with interest rates), installment loans are a  broader term. Most importantly, payday loans often don't require checking the credit history.

In conclusion, a personal loan is the most general term of the three. An installment loan is a subcategory of personal loans, and a payday loan is a further specification.

The three most common types of installments loans are car loans, mortgages, and consumer loans.

Car Loans

Auto installment loans can range from 12 to 96 months. Meaning, the client needs to repay their installment loan across 12 to 96 monthly payments.

Longer terms usually mean lower monthly payments but also higher interest rates. Meaning, if a client takes an installment loan over 96 months compared to 12 months, they will pay less each month, but the overall cost will be higher due to higher rates.


A mortgage is an installment loan used to buy a house. Due to a high loan amount, mortgages can last anywhere between 15 to 30 years. Similar to car loans, mortgages usually have fixed monthly payments, and the longer the payoff period, the bigger the rates.

Since mortgages last for decades, they play a vital role in a client's debt to income ratio, further impacting the chances of getting another installment loan. If the client is late with their payments, lenders can hesitate to approve a new loan offer.

Consumer Loans

A business offers consumer loans to customers interested in buying a "high-end" item or service. Although it can be a luxury, it can also be essential such as medical bills.

Depending on your industry, the reason for consumer installment loans can range from cosmetic surgery services to roof financing.

Generally, any business can offer consumer loans to make the purchase easier for the customer. But before we explain that, first, we need to understand how a credit score affects installment loans.

Poor Credit Score & Installment Loans

Depending on where a client gets a personal installment loan (traditional bank, credit union, nonbank lenders), they need to fulfill criteria set by the financial institution's loan term.

The credit score tells the lender how likely the client will stick to the repayment schedule and repay the loan amount in time. The official FICO credit score goes from poor to exceptional:

  • Poor (less than 580) - Consumers with poor scores have the slightest chance of getting monthly installment loans. Especially if they have debt and their debt-to-income ratio is high.
  • Fair (580 to 669) - Although still below average, consumers with a fair score can get personal installment loans with high-interest rates and other unfavorable terms.
  • Good (670 to 739) - Individuals with a good credit score are at or above average and can usually get an installment loan with competitive interest rates.
  • Very Good (740 to 799) - Clients with a very good credit score are low-risk clients who can get many different personal loans with high loan amounts and fixed payments.
  • Exceptional (800 to 850) - Clients with an exceptional credit score have access to the most favorable, fixed interest rates and can get the best installment loans.

How the Credit Score Affects the Loan

Credit ratings affect the possibility of an installment loan and the general loan term elements such as required monthly payment, loan amount, interest rate, etc.

Depending on your credit score, the interest rates can differ as much as a whole percentage. Meaning, clients with bad credit scores might pay 4% interest instead of 3%. This might not seem much at first, but it gets more significant with long-term loans.

Let's say a client is browsing long-term installment loans for home improvement. Since home improvement requires more significant loan amounts, the difference can quickly hit 5-figure amounts over a more extended period.

How to Offer Installment Loans for Bad Credit?

If you're running a small business, there are two ways to offer installment loans through consumer financing: primary or via a 3rd-party lender.

  • Primary Financing - The business acts as a lender. Meaning, the company offers the service but also involves financing the customer. This means the business owner is the one who checks the client's credit history, approves loans, provides the agreed loan amount, and keeps a watchful eye over personal loans issued previously.
  • 3rd-Party Lender - If a business owners partners with a 3rd-party lender, the lender takes over the risk of providing installment loans. Meaning, the lender provides the money and manages the entire installment loan process.

What makes 3rd-party lenders so attractive is that they offer a solution both for the business owner and clients. It's in the business owner's interest to provide flexible financing solutions. Not only are 3rd-party installment loans more relaxed, but they are more accessible as well.

Clients can borrow money by applying for an installment loan online. Furthermore, clients looking to get online installment loans usually don't need a bank account. Finally, although it's better if a client doesn't have bad credit, the chances are higher with a 3rd-party lender than the traditional bank.

The most significant advantage for the business owner is that you get the pre-determined loan amount the moment the 3rd-party lender checks and approves an online installment loan application.

If the client has a bad credit usage history, it affects the client, not the business owner.

For the client, they can compare loan rates and have more flexibility with the initial down payment. Often, the client needs to pay a one-time origination fee. But the client can enjoy the benefits of multiple installments loans without paying any additional origination fee later on.

Benefits of Offering Installment Loans

Because of how installment loans work (fixed monthly payment options), it's easy to see how your business can benefit. Such loans offer more financial flexibility, increase the buying power, and by partnering with the right online lenders, customers can file a loan request online.

Besides getting the loan early, down payment, origination fee, rates are lower and more attractive for your customer, especially those with a weaker credit score.

But offering installment loans has other, more subtle benefits as well.

Increase Sales

Offering personal loans (including installment loans) means you can reach out to more customers. Banks need to stick to rules, but in reality, customers with bad credit scores can often afford an installment loan.

As long as you partner with a lender who can do in-debt research, offering installment loans as part of your consumer financing strategy is a sure way to increase sales and revenue.

Competitive Advantage

In a highly competitive market, every little advantage counts, and financial flexibility is more than a minor advantage.

If you can afford your customers different loan options, even more, if they can register for installment loans online, not only are you standing above the rest, but you're ensuring that future customers hear about you too. This brings us to the third advantage.

Customer Loyalty & Reference

Knowing that a family could fix their roof or pay medical bills thanks to you doesn't go unnoticed. If you provide customers with what they want and make it convenient, you can be sure of two things. First, they will come back. Second, they will talk about you to their friends.

The only thing you need to ensure is that you partner with the right lender: a lender who has your interest and the interest of your customers in mind.

Online lenders can sound too good to be true. Although they provide installment loans to customers with bad credit scores, keep in mind that a credit score below 670 has genuine risks.

Some online lenders will approve an installment loan no matter the score. Although that won't impact your revenue directly, it can create a bad reputation if the customer ends up fighting the loan provider.

Remember always to do your research when looking for consumer financing providers.

Finding the Right 3rd Party Loan Provider

It doesn't take much to find consumer financing companies. What can take time is finding a consumer financing lender that's right for your business.

Your customers differ, meaning that it's a bad idea to have the same approach for every customer interested in a loan for your product or service.

Time Investment Company prides itself on a tailored and family-oriented approach. We know that if we want to succeed, businesses we partner with need to be happy. And the only way for a business to strive is to provide top service to its customers.

If you're looking to improve your financing strategy, feel free to contact us, and we will help you take the step in the right direction.

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Sara Hafeman

With years of experience in the consumer financing industry, Sara Hafeman currently leads marketing and partner development at Time Investment.

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Wendy DuBois

Wendy is a veteran with the Time Investment Company. She started in 1999 at our collections desk and was soon promoted to dealer services. Later in her tenure at TIC, she did underwriting and management. Twenty-three years later she is working in dealer concierge, providing outstanding customer service to our dealer clients.

Wendy chose to join TIC while she was working in a daycare facility. A friend working here told her to apply… and the rest is history!

Her hobbies include watching her children play sports, spending time with her family, and traveling.

The TIC Core Values she cherishes the most is Fun. “Don’t you want to come to work and love your job and the place you work for?” she asks. With the fun aspect, you are not just clocking in, doing your job, and going home. You’re making new friends, loving your job, and all while having fun!”

Monica Sabala

Monica Sabala has a passion for helping others. Which is what attracts her to work in customer care and collections. She now works in the Concierge office at TIC, an inside sales position, setting industry standards in the customer experience field.

She joined the Time Investment Company because it was “a great fit that offered flexibility, remote work, and the opportunity for growth.”

Outside of the office, she treasures family time and sharing the love of the Lord.

TIC’s core value that Monica relates to most is Excellence.

“Living a life of excellence is the standard. It’s seen in everything — attitude, preparation, and execution. To see it in my workplace is very motivating!”

Joe Peplinski

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Joe worked his way through college as Junior Golf Coordinator for the Mary Hafeman Golf Experience in Mequon, Wisconsin. After graduating in 2019, Joe joined TIC as an inside sales representative. He has since been promoted to Concierge III Lead, where he strives to provide best-in-class service to our valued dealer clients.

Joe saw the opportunity at TIC as a great experience to start at a finance company and build his resume. He holds a degree in Business Management and Marketing from Edgewood College.

His hobbies include playing sports and traveling. Of all the Core Values at TIC, Joe likes to focus on Service and Excellence. “The company is all about relationship building and being a team player,” he says. “We are all working together to achieve our goals. I believe this sets us apart from most finance companies. We have that personal touch instead of hearing an automated voice. You will be able to talk to a real person and go over anything in regard to an account.”

Zachary Hafeman

Concierge Manager

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Zach started working at Time Investment Company ever since he graduated from high school 12 years ago. He started out at the company working seasonally while playing Junior A hockey, and then later doing customer verification calls, collections, and cash management duties to learn the business. He continued to work with us while attending college.

Once he graduated, he joined the company full-time, working in the Dealer Services Department. He then took on TIC’s first inside sales position as New Client Growth Strategist and worked in that capacity for three years before being promoted to Concierge Manager in 2022.

Zach enjoys playing golf, and hockey, watching TV shows and movies, spending time at the lake, and watching Packer games.

Integrity is the TIC Core Value that he holds as the most crucial. “I find it the most important to always be upfront, truthful and trustworthy with not only business customers but also with everyone I interact with on a daily basis,” he says.

Mark Willis

Regional Sales

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With more than 30 years of financial services experience, Mark Willis is a proven, successful leader with a long, winning track record of results in finance, business, and home improvement.

Mark joined TIC in 2021 after being referred by Mike Farrell. A driven self-starter, Mark came to Time Investment Company having achieved years of success as a self-employed consulting and sales professional.

He served as a product sales and solutions manager at Toshiba and was Vice President of Store Operations and Product Management at Axcess Financial. Prior to that, Mark had more than a decade of successful management at Walmart, where he last worked as Senior Director of Category Management, Strategy, and Product Development.

His hobbies include playing golf and making home improvements. He has a bachelor’s in business/corporate communications from Abilene Christian University and an MBA in Management and Operations from Babson F.W. Olin Graduate School of Business.

The cove value that particularly strikes a chord with Mark is Service. “It’s all about taking care of our dealers,” Mark says.

David Bocian

Regional Sales

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David brings more than 30 years of professional experience in both the home improvement and consumer finance industries, making him an ideal match for the Time Investment Company and our customers. Over the years, David has worked with national lenders on both sides as a dealer and as a sales representative.

Prior to joining TIC in January 2022, David was an accomplished operation and finance manager with solid skills in consumer finance, sales, and marketing. He came to us from his position as business development manager at Veracity Strategic Business Solutions in Tampa, Florida. Before that, David was the Director of Sales and Business Development Manager at Castle Credit in Chicago. He also worked for 11 years as the VP of Operations at FJB Associates in Berlin, Connecticut.

David chose to come work for us here at Time Investment Company when he got a surprise call from a recruiter asking if he would be interested in joining the company. “I was so impressed after the first Zoom call with Mike, Tom, and John. Their knowledge of the industry from the dealer’s perspective fascinated me.”

His favorite hobbies include family time with his wife of 25 years and 3 sons. He also enjoys golfing and watching Steeler Football games.

The TIC Core Value that is most important to David is Integrity. He holds a BA in Political Science and Government from Assumption University.

Nicole Ishay

Administrative Recovery Manager

“The culture here at TIC is something that I am not used to, and I knew I would fit right in,” says Nicole. “Learning new things every day and making an impact in the organization’s growth is what I am most passionate about.”

Outside of work, Nicole loves walking, shopping, and traveling.

The TIC Core Value she holds dearest is Fun. “It helps people to have a more positive mindset, enjoy higher levels of well-being, and better mental health.”

“Fun at work is a key element of employee happiness.” She quips when asked what values here at TIC are most close to her heart, continuing, “I chose Fun as one of the TIC Core values because it helps people to have a more positive mindset, enjoy higher levels of well-being and better mental health.”

Toni Steldt

Loan File Manager

Toni comes to TIC with a strong background in customer service in a variety of contexts – from waitressing to manufacturing.

She chose to join us at Time Investment Company because of our focus on employees and providing them room for growth.

Outside of the office, Toni’s hobbies include camping with her family, having bonfires in the backyard, and motorcycling.

Toni relates most to the TIC Core Value of Fun. “I believe laughter is the best medicine,” she says.

Jamie Phillips


Jamie spent over 15 years in various roles at Bank of America, culminating in a four-year tenure as Director, Global Principal Investments Finance. In that role, he served as the chief financial officer for BAML Capital Access Funds, where he supported the firm’s growth from $175 million to $1.2 billion in commitments.

He then spent several years as Accounting Director at GMR Marketing before joining the Time Investment team.

Jamie joined TIC because he likes the indirect lending/consumer finance industry, and he likes the culture at our company.

Jamie holds a Master of Business Administration Degree from the University of Chicago.

His hobbies include cooking, hurling, and watching his daughter play sports.

The TIC Core Value of Excellence holds a special place in Jamie’s heart.: “I am always trying to improve and make things better,” he says.

Mary Kelly

Senior Manager, Customer Care

Mary came to TIC after serving as a Customer Service Team Leader at Alta Resources in Neenah, Wisconsin, where she worked for Johnson & Johnson, Kellogg’s, and Purina Pet Care. Before that, was also the Sample Department Manager for the County Materials Corporation, where she experienced driving standard operating procedures as a production foreman. For six years, Mary also ran her own business as a personal chef.

Mary joined TIC because she was ready and excited to move forward with her career in a new industry.

Mary’s hobbies include crocheting, watching movies, going to farmer’s markets, and walking.

Our core value that resonates with Mary the most is Fun! “When the workday gets long, a bit of laughter makes the time go by,” she says.

Michael Blue

Senior Manager, Collections

With 25+ years of call center experience and two decades in collections, Michael has a strong track record of leading teams to increase recoveries on multiple portfolios such as out-of-statute debt, credit cards, medical, auto, and private and government student loans.

Michael comes to TIC after more than 20 years of working in a corporate environment. Prior to joining TIC in 2019, Michael served as the Extended Business Office Manager at State Collection Service. Prior to that, he spent nearly 14 years at the Van Ru Credit Corporation as a collector, supervisor, collection manager, and assistant general manager.

“I love all the people that I work with and the family atmosphere,” he says of the Time Investment Company. “TIC has become my second family and the company focuses on its core values. This company is full of smiles and is a fun place to work!” he says.

Michael enjoys spending his free time with his family and outdoors camping, riding ATVs, and fishing. He feels that he can never get enough sun.

The TIC Core values that he best relates to is Excellence: “I am committed to setting high expectations for myself and my staff to maximize recoveries and minimize delinquency,” says Michael.

Russell Brown

Director of Platform Applications

Russell has more than 30 years of financial services industry experience working with companies of all sizes. He has a long track record of success in operations, process improvement, and consumer protection regulatory compliance. He has skills in change management and transformation initiatives that support customer loan origination and servicing systems, electronic banking, and debit/credit payment solutions.

He also has an extensive background directing highly skilled financial management teams in supporting and achieving company objectives in a variety of contexts.

Russell holds the Certified Compliance Professional credential from the American Bankers Association’s Institute of Certified Bankers.

Outside of work, Russell enjoys traveling, training for the next Marathon, and spin cycling. He also enjoys the warm weather and is a self-described “sucker for a scenic view.”

The TIC Core Value he relates to the most is integrity. “I’ve always been taught to do the right thing and take ownership of your decisions and actions,” says Russell. The best way to engage with people is to treat everyone the way you want to be treated.”

Sara Hafeman

Director of Marketing and Sales Support

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Sara came to the Time Investment Company from the hospitality industry, where she spent 15 years honing her sales and customer service expertise in a variety of positions, culminating in her role as Director of Catering at Marriott Hotels. She joined TIC in 2011, just as the company was set to expand, and needed someone with a deep background in sales and customer service like hers.

That background soon led her into new roles with TIC, including sales support, marketing, and management.

Sara enjoys outdoor activities like hiking, golfing, relaxing by the lake and loves traveling with family.

Of the TIC Core Values, Sara finds the most resonance with Service. “My whole career has been built around serving my customers and building their trust so they know, no matter what, I will take care of them,” she says.

Jayne Peplinski

Director of Human Resources

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The chief talent officer of Time Investment Company, Jayne started with the Time Investment Company in 2004 as a data entry specialist. She was soon promoted to accounts receivable manager, and then to her current position in 2012.

After a number of years working in the public school system, Jayne came to TIC to be a part of a family-owned business and to make a difference, not just for her family and herself, but also for others.

Outside of the office, Jayne’s favorite activities include hiking, listening to music, reading, and spending time with her family.

Her favorite of the TIC Core Values is Fun. She strives daily to contribute to making the Time Investment Company a joyous place to work, where employees feel valued and appreciated. “My team helps to create a fun atmosphere whether it is volunteering opportunities, fundraising competitions, luncheons, or just handing out candy on Fridays,” says Jayne. “We spend a lot of time working so why not have fun while we are here!?”

Todd Figard

Director of Servicing/Chief Compliance Officer

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Todd has more than 20 years of leadership and management experience in the credit and collections field. He has diverse experiences managing a variety of portfolios and debt types, including auto loans, personal loans, medical debt, utilities, credit card collections, and government debt. He has a proven track record of maximizing recoveries of delinquent and charged-off debts.

Todd joined the Time Investment Company after meeting with the owners and senior leadership and noticing and seeing that our vision and values aligned with his own. He enjoys working with others and working for a company that values people and relationships above everything else. Prior to joining TIC in 2018, Todd worked in a variety of collections and operations roles for Van Ru Credit Corporation, culminating in more than a nine-year stint as general manager.

Outside of work, Todd enjoys outdoor activities such as hiking, biking, and swimming. He also enjoys stargazing, traveling, and putting his Nikon P900 camera to good use. A lifelong learner, Todd enjoys listening to audiobooks and podcasts on business, success, spirituality, theology, health, and anything else that will help to learn and to grow as a person, and better serve his family, community, business associates, and customers.

Todd’s favorite of the TIC Core Values is Integrity. “Integrity and Trust are the foundation that other values rest upon,” says Todd. “True integrity isn’t always popular or convenient, but it is the path I have chosen.”

Paul Worachek

Chief Credit Officer

With three decades of experience in the lending and credit industry, Paul is one of our newer leaders on the team. He joined TIC in May of 2022. “TIC has a terrific reputation in our industry and is a family-owned, values-based company,” says Paul, and this reputation is part of what led him to join TIC as the Chief Credit Officer. “This is the atmosphere and culture I enjoy, and our customers appreciate.”

Paul’s career has focused on credit underwriting, leadership, business development, risk management, and customer success. He enjoys creating a positive experience for customers and team members.

Prior to joining the Time Investment Company, Paul was Vice President of Lending at Marine Credit Union and Regional Vice President of Heights Finance Corporation. He holds a BBA in finance from the University of Wisconsin – Whitewater.

Paul enjoys spending time with his family and friends. He especially enjoys the family cottage trips, annual family apple picking, trips to the Caribbean, and getting to as many Packers, Badgers, and Brewers games as possible. When he isn’t working, you will find Paul outside enjoying a round of golf, going for a walk, or just working in the yard.

Paul’s favorite of the TIC Core Values is Fun:

“Having fun at work is critical in making the other four Values thrive,” says Paul. “We work hard each day striving for excellence, and it is important to enjoy the journey.’

Jonathan Gelhaus

Chief Information Officer

As Time Investment Company’s chief technologist, Jon has more than two decades of information technology experience in the consumer finance and commercial insurance industries. His career focus is on leading effective digital transformation and leveraging technology to create more efficient business workflows. Over the years, Jon has held roles in data security, infrastructure, data warehousing and business intelligence, application development, compliance, and information security.

Prior to joining TIC in 2021, Jon held C-level roles in a private equity-owned consumer finance company where he was a key member of a management team driving double-digit year-over-year growth which ultimately led to a successful sale of that business and a profitable exit for the PE firm.

In 2021 he joined TIC’s leadership with a focus on personal relationships that drive success, not only for our company but also for our dealers and contractors.

Jon’s hobbies include touring the country on his motorcycle, traveling, baking, and camping with his wife of 23 years and 3 young adult children. He lives in West Bend.

His favorite TIC Core Value is Generosity.

“It is not enough to only be successful,” says Jon. “You also need to use that success to make your community a better place to be.” Jon is committed to fostering and nurturing personal relationships that drive success not just for TIC, but also for our dealers and contractors.

Mike Farrell

Chief Operating Officer

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Mike Farrell came to Time Investment Company in 2017, for the opportunity to create unique company growth in the indirect lending industry. He has more than 20 years of experience in banking and commercial lending.

Prior to joining TIC, Mike was the managing director of BlueTrail Finance from 2015 to 2017. Mike spent eight years as President, COO, and CFO of Axiom Bank in Orlando, Florida. Before that, he had a 19-year career at Fifth Third Bank, including experience in business development and finance roles. Mike holds a B.S.B.A. from the University of Dayton and an M.B.A. degree from Xavier University.

His hobbies include cycling, golfing, and hanging out at the beach.

Mike’s favorite of the TIC Core Values is Service. “I have always believed in building valuable relationships.”

John Hafeman

Vice-President, Director of Business Development

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As Director of Business Development, John Hafeman heads our sales team at Time Investment Company. He’s been with TIC for 29 years.

Prior to joining TIC in 1993, John was an outside sales representative for a Wisconsin-based office supply company. He started with TIC as a collection and customer service representative. But his hard work, dedication, and integrity earned him numerous promotions, and he was soon heading up the entire customer service and collection department.

At the same time, John was putting his sales experience to work, working with Tom on the dealer development and dealer relations side of the business.

Today, John oversees all aspects of business development at Time Inc., working tirelessly to build and cement the company’s relationships with contractors, dealers, home improvement firms, water treatment companies, and anyone else whose customers need an affordable financing solution.

Of all the Time Investment Company Core Values, the ones that resonate with John the most are Fun and Generosity, as these two have been keys to getting him through the many trials and challenges along the way.

“Being generous with our time, talent, treasures, and having fun along the way is what it’s all about to me!” says John.

Outside of the office, John enjoys fishing, hunting, and the great outdoors of Northern Wisconsin. He is an avid golfer and member of the West Bend Country Club.

Tom Hafeman


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Tom Hafeman began his career working alongside his brother Mike, doing collections for another finance company. He then took a year off to caddie for his sister Mary, a pro golfer in the LPGA. (Mary won the Women’s Eastern Amateur Tournament in 1981).

Shortly after Tom returned to a more traditional career path, the Time Investment Company was born.

“My brother Mike dreamed of starting his own consumer finance company, and I was just along for a short ride,” says Tom. Here I am, 39 years later, the President of the company, and living the American Dream!”

As a veteran of nearly 40 years with the company, Tom credits his success at TIC to the solid foundation in collections and sales that he and his brother developed over the years.

Outside of work, Tom has a passion for big game hunting and bowhunting and is active in wildlife management. He also enjoys traveling and spending time with his family.

As President of Time Investment Company, Tom played a big role in defining the company’s five Core Values: Service, Excellence, Integrity, Fun, and Generosity, and strives to live them every day.


Mike Hafeman

Chief Executive Officer

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As one of the original co-founders of the Time Investment Company in 1981, Michael Hafeman has a lifelong passion for entrepreneurship. After cutting his teeth working in collections for another consumer finance company in the late 70s, Michael realized that contractors and home improvement companies had a huge unmet need for a first-rate consumer finance company to work alongside with to help make their services affordable for middle-class customers.

“I felt there was a great need for a quality financing partner,” Michael explains. “We would create success by building long-term beneficial relationships not just with contractors, but also with doctors, dentists, and anyone who provides services people need but can’t always afford to pay cash for up front.”

An expert both in consumer finance and life safety industries, Michael was the CEO of the Dallas-based MasterGuard Fire Safety Solutions, an international fire alarm wholesaler, from 1994 to 2000.

His hobbies include spending time with his family, traveling, golfing, and exercising.

Michael relates most strongly to the TIC core value of “Fun:” There’s a cherished poster hanging in the company conference room with a quote from Walt Disney saying, “it’s kind of fun to do the impossible.”

Michael loves what he does, and his energetic and infectious attitude helps make the rest of us love it, too.