Keep your savings while increasing the value of your home

Common Consumer Questions

When it comes to home improvement loans, our philosophy is pretty simple. Over 50% of all home improvement projects over $5,000 are financed.  Homeowners have a variety of options – credit cards, cash, home equity loans, etc.  The easiest, least expensive, and lowest payments are with unsecured home improvement loans.

We are here to help you invest in your home so we provide low monthly payment options in the form of low-interest term loans. Not high interest, high fee credit cards.  We also provide many more benefits to help lower your overall cost of ownership. Here are some FAQs that should answer most of your questions about how to finance a home improvement project.

What is POWERpay?

POWERpay is a new financing platform designed for homeowners and businesses looking to fund any home improvement. We help you pay for your improvement over a long period of time with low monthly payments.  Our terms are clear and straightforward. There are no hidden fees or no prepayment penalties.  You can pay off your loan at any time.

What home improvements can I finance?

We can offer financing for almost any home improvement.  This is a partial list of what you can finance with POWERpay:  HVAC installation, Kitchen remodels, Cabinets & Cabinetry,Generators, Smart Homes, Carpet, Deck & Patio, Doors, Fireplaces, Attic Insulation, Garage Doors, Hardwood Flooring, Paint & Wall Coverings, Siding & Exteriors, Tile, Stone & Countertops, Windows, Air Conditioning & Heating, Roofing & Gutters, Spa & Pool, Bathroom Remodeling, Home Remodeling, Home Additions, Deck Building, Flooring Installation, Interior Painting, Tile Installation, Basement Remodeling, Custom Cabinets, Fence Installation, Lighting Installation, Garage Building, Cabinet Installation, Backsplash Installation, Appliances, etc.

What Contractors and Equipment do you finance?

Any contractor can provide POWERpay financing.  If your contractor does not offer it, ask them to sign up.  It’s Free for the contractor to sign up, takes only a few minutes to set up their account and they can process your loan in less than 48 hours.  We work with all of the major equipment and material manufacturers.

Why should I choose POWERpay?

Over 50% of all home improvement purchases greater than $5,000 are financed.  Borrowing for home improvements is common, but what’s not common is that POWERpay actively seeks borrowers who want to invest in their homes.  For those customers, we offer long-term loans with low rates and no prepayment penalties.  In addition, we offer other incentives through our contractor network, like discounts on monitoring, warranties, maintenance programs.  Even though we are talking about a loan – it’s more than that to us.  It’s a membership of like-minded homeowners who are investing in their homes, businesses, and families.

How do I buy with POWERpay?

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

Why should I use POWERpay?

Our goal is to help you pay for your home improvement purchases in a way that matches your budget. We make it fast and easy for you to pay over time. For many borrowers, rates may be lower than with a credit card or other alternatives. We are committed to delivering a unique & transparent customer experience.

Where do I apply?

You can apply on our website – getpowerpay.com or with any participating contractor.

How can I get approved for a loan?

Just fill out the simple on-line application and receive a decision in seconds. It’s really easy!

Who is eligible to apply for POWERpay?

U.S. residents over the age of 18 (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?

It’s 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 with a loan limit that may exceed 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 fee for each approved loan. For convenience, the payment can be rolled into the final loan balance. As a POWERpay member, you get exclusive access to member benefits designed to help deliver unique programs from our lender, insurance, monitoring, utility, & entertainment partners. Your contractor 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 electronically.

How does the financing work?

Fill out an on-line application, receive an instant approval via secure private email, select the plan with your contractor, receive secure paperless closing documents. That’s it…make low monthly payments and have the peace of mind that you have protected your loved ones for years to come.

Can I obtain a direct loan using POWERpay?

Yes.  POWERpay is available to help to finance a home improvement through participating contractors but if you do not have a participating contractor we can help connect you to a contractor in our network.

Is POWERpay a bank?

No, we are not a bank. We are a finance platform designed specifically for the home improvement channel.

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. There is a data protection policy in place to help guide resources on how to keep personal data secure.

How do I make payments?

Once your loan is processed your will receive your loan documents, welcome package, and payment instructions.  You can pay with ACH, Check, or Debit Card.

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 with many platforms that offer credit cards, POWERpay products strive to offer lower risk borrowers with lower rates. The Annual Percentage Rate or APR is the cost of credit as a yearly rate.

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. 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 only for credit reasons.

I have a complaint, question or need help.

Please let us know right away. We work hard to do the best for our customers. We aim to treat you with respect and transparency. If we have fallen short of our goals, we’d like to know as soon as possible.  You can call us at 800-397-4485 or chat online 24 / 7.

When are my payments due?

Your first payment will be due approximately 30 days from the funding date. Subsequent payments are due every month after that, usually on the same day of each month.

Is POWERpay a credit card?

No. POWERpay is a consumer loan program.  You do not need to hold and manage yet another store card.

Does using POWERpay impact my credit score?

POWERpay and/or our lenders pull credit from credit bureau(s) in order to check your rate. Once you accept the terms and complete your purchase the credit bureau will be notified.