PowerPay Financing & Loan FAQ for Borrowers

Get Answers to Top Asked Questions

What is PowerPay?

PowerPay is a digital lending platform that exists to provide loans across several industries including home improvement, healthcare, recreational vehicles (RVs), solar energy, and even pet service financing. Our fully automated technology offers near-instant approvals on loans of up to $100,000, helping all consumers translate expensive projects, procedures or treatments into low monthly fees that can be paid overtime.

Unlike other digital lending platforms, PowerPay is a fully independent company that is committed to delivering loans with no extra fees or added costs in order to offer the lowest monthly payment possible to our customers. After all, the more affordable the loan, the bigger the possibilities are to fulfill your needs.

Does using PowerPay impact my credit score?

No!  PowerPay and/or our lenders use what’s referred to as a “soft inquiry” or “soft pull”.  A soft inquiry is used to verify your credit for preapproval or offer.  Soft inquiries do not impact your credit scores.

Why should I use PowerPay

Financing can be a great payment option when your dream home project, medical procedure, recreational vehicle or pet service costs too much money to pay for all at once. Using PowerPay, you can translate that expensive lump sum cost into a low, affordable monthly payment. The result is the opportunity to stop worrying about costs and having the ability to advance your financial needs right away.

What makes PowerPay different?

PowerPay is a fully independent company that is committed to delivering loans with no extra fees or added costs in order to offer the lowest monthly payment possible to our customers. After all, the more affordable the loan, the bigger the possibilities for you.

How do I buy with PowerPay?

It’s easy. You can either work through your participating contractor, dealer, or medical provider to contact us directly. Follow our simple application process. If you pre-qualify, you’ll be shown the monthly cost of the loan and can complete the process.

Where do I apply?

You can apply for a PowerPay loan by going to our website and completing the online application. We will review your application and, if you are approved, we will send you an agreement to sign. Once you have signed the agreement, we will deposit the funds into your bank account.

How can I get approved for a loan?

Just fill out the simple online application and receive a decision in seconds. It’s that easy.

Who is eligible to apply for PowerPay?

U.S. residents over the age of 18 (or 19 for Alabama or Nebraska residents) are eligible, provided we can verify your identity.

Can I pay my loan back early?

Yes. You can prepay anytime for all or part of your loan. There is never a penalty for paying early.

What is the application process like?

The application process is fast and easy. You’ll be asked to provide some basic information about yourself. If you qualify, you will receive an email with one or multiple loan options along with a loan limit that may even go beyond the cost of your project. You may opt to borrow more and add things like annual maintenance and monitoring to your loan.

Where applicable, there is a one-time member activation cost for each approved loan. For convenience, that cost can be rolled into the final loan balance. As a PowerPay member, you also get exclusive access to member benefits from our lender, including insurance, monitoring, utility, & entertainment partners. Your contractor, dealer or medical professional will walk you through the details prior to signing. All of the documents are electronic so you can sign everything from your home or office without any paperwork.

How does the financing work?

Fill out our online application and receive instant approval via secure private email. Next, select the plan you want to choose with your contractor and then receive and sign our secure paperless closing documents.

Can I obtain a direct loan using PowerPay?

Yes. PowerPay is a loan program that can provide you with the cash you need to cover unexpected expenses or urgent needs.

The application process is simple and takes just minutes to complete. Depending on the loan you need, you can be approved for a loan of up to $100,000 in minutes, and have the money deposited directly into your bank account as soon as the next business day.

Is PowerPay a bank?

No, we are not a bank. We are a digital lending platform designed to provide consumers with home improvement, healthcare, solar, RV and pet service-related loans to translate those large lump sum costs into affordable monthly payments.

Are payments secure?

It is very important to us that your personal information remains secure and encrypted. We install endpoint protection software and/or secure web gateways at all points in our online process. There is a data protection policy in place to help ensure that personal data is kept secure.

How do I make payments?

Making payments on your PowerPay loan is simple.  The first step is to sign your loan documents via electronic signature.  The next step is to sign the payment authorization certificate (PAC).  You will get this document from your contractor when the project is complete and you are satisfied with the work.  Once this is signed, you will receive an email from PowerPay letting you know when your first invoice will be due.  This is approximately 30 days after you sign the PAC.  During this process, you will receive your loan documents, welcome package, and payment instructions.

All payments can be made via a secure webpage at getpowerpay.com or you can download the “Get PowerPay” app from the Google Play or Apple App Store.  You can refer to this video to see how easy it is to set up automated payments.

If you have any questions about how to make a payment or questions about your invoice you can call (866) 615-4339,

All billing related emails will come from “[email protected]

Checks can be mailed to:

PowerPay, LLC
PO Box 62426
King of Prussia, PA 19406-0395

How is the APR (annual percentage rate) determined?

We work with our lender network to look at the credit risk of you as a borrower, and to give you a rate that fits your credit profile. Your financing options are presented to you in clear, simple terms. You are never obligated to accept them. Unlike many platforms that offer credit cards, PowerPay strives to offer lower-risk borrowers with lower rates. The annual percentage rate is the cost of credit as a yearly rate.  Our rates can range from 6.99% to a maximum of 14.99%.

Why was I declined for a loan?

Unfortunately, financing options can’t be provided to everyone. If you believe a mistake has been made, please let us know by contacting us at 800-397-4485. If you are declined, you will receive a notice within 30 days at the email address you provided to us, describing some of the reasons you were declined. Applicants are declined for many reasons including credit-related issues, missing or inaccurate documentation related to homeownership, income, or project-related issues.

Where can I ask a question or make a complaint?

Please let us know right away. If we have fallen short of our goals, we’d like to know as soon as possible so that we can rectify the situation. You can call us at (800) 397-4485 or chat with us online 24 / 7.

When are my payments due?

In general, your first payment will be due approximately 30 days after you signed the Payment Authorization Certificate “PAC”.   Subsequent payments are due every month after that, usually on the same day of each month.  If you signed up for a promotional loan, your first payment will be due 30 days after the expiration of the 12-month or 24-month promotional date.

Is PowerPay a credit card?

No. PowerPay is a consumer loan program.  You do not need to hold and manage a credit card when you work with PowerPay.