Home improvement financing for your new kitchen

  • Rates starting at 4.99%
  • Up to 15-year terms
  • Borrow up to $100K
  • Soft credit pull won’t affect your credit
  • No prepayment penalties or hidden costs
  • No credit card

Making your new kitchen affordable.

The kitchen is the heart of your home. It’s where you spend time with family and friends, cook meals, and entertain guests. A kitchen should be as functional as it is beautiful. If what used to work before no longer fits your needs, or your new home could use an update before moving in, it’s time to rethink the space. Afterall, a kitchen remodel is not only about entertaining guests, it is a great investment, increasing your home’s value and appeal.

The problem comes when homeowners start to research how much it will actually cost to make all the necessary updates. A high-end kitchen remodel can cost up to $70,000 and limited budgets means having to sacrifice labor and materials. Finding a contractor who partners with a digital lending platform for kitchen financing makes remodeling affordable and your dream kitchen attainable.

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Young family of 4 sitting on the kitchen floor in their newly renovated modern white kitchen

*Your actual rate may vary based on your credit score.  Calculator is only for estimations, your exact loan amount may vary slightly.

The Benefits of Financing Your Kitchen Remodeling or Renovation Project

Homeowners and contractors alike are always looking for ways to make their kitchen remodel dreams a reality. And, while remodeling a kitchen is one of the most common home improvements done, it can be expensive and one of the most costly room renovations you can do!

That’s why partnering with a contractor who offers home improvement loans from a turnkey financing provider is a great choice compared to alternative and more traditional financing options like home equity loans or credit cards. With a financial lending partner, you can finally update the heart of your home without breaking the bank. Online lenders can reduce the time of the loan approval to only minutes, where a bank may take up to a month to complete the transaction.

Renovating Your Kitchen Can Save You Big On Energy Bills

New kitchen appliances are a great way to improve energy efficiency in your home. Updating your appliances with Energy Star rated upgrades can save you up to 50% on energy use.

Lower energy costs equals more money in your pocket that can translate into low, monthly payments on a home improvement loan, or more cash for other home improvement needs. Appliances, Lighting and other eco-friendly materials can help you save money on utilities while protecting the environment.

A Great Kitchen Remodel Can Be A Focal Selling Point

A newly renovated kitchen is a real wow factor for home buyers, putting your home above the rest of the competition. Although kitchen renovations can be costly, consumers average a 60% return on their investment (ROI) when selling their home with an upgraded kitchen. Updating old countertops, cabinets, backsplash and flooring materials in the kitchen will provide great ambiance as well as increasing the value of your kitchen remodel.

Good Financing Makes Your Dream Kitchen Affordable

Home renovations are more than just an investment, they are about creating a space you can enjoy. Whether it’s better appliances or adding that much needed natural stone – granite, marble or quartz countertop, or new cabinets – these upgrades can make all the difference, both in comfort and cost.

With a home improvement loan, you do not have to sacrifice extra cabinet space, natural stone countertop or new energy efficient dishwasher, or sacrifice top-quality cabinet materials like hardwood for a cheaper plywood finish.

A home improvement loan allows you to pay for all of the materials and labor upfront while making low, affordable monthly payments over time, giving you the freedom to create the kitchen of your dreams. By way of example – a $50,000 kitchen renovation can be purchased for as little as $500 per month with a low rate and long term home improvement loan.

Fast And Easy Approval Process

A great financial lending partner works with contractors to provide their customers with instant approvals on home improvement loans of up to $100,000. With approvals in as little as 60 seconds, and funds available within the same business day, your kitchen renovation project won’t be held up by financing decisions that are out of your control. Instead, you’ll have the luxury to start a brand new kitchen project without all the back-and-forth of unnecessary paperwork.

Financing Allows You To Pad Your Budget Without Concern Of Prepayment Penalties

During any construction or home improvement there is always the possibility of unplanned expenses, which can mean the death or deferment of a home renovation project.

But, having a good financial lending partner can mean having a large upfront budget that allows for any unforeseen expenses to be covered without concern of costs. Additionally, great financing means no prepayment penalties and thus, no downside for a home improvement loan, even for customers who can afford it.

Homeowner Kitchen Financing FAQ

What’s The Most Expensive Part Of A Kitchen Remodel? Why Is Kitchen Remodeling So Expensive?

What might surprise you is that kitchen cabinets are typically the most expensive aspect of a renovation. On average, new kitchen cabinets can cost upwards of $15,000. Coming in at a close second is the cost of new appliances which can also extend into upwards of $15,000.

Kitchen remodeling can be costly due to not only the materials and detailed finish work, but also because they typically require coordinated services such as plumbing, electrical, flooring and mechanical work depending on the scope of the renovation, adding to the overall costs.

Can I Finance A Kitchen Remodel?

Yes! From the smallest to the largest kitchen remodels, financing is available for as little as $2,500 up to $100,000 to reduce the initial upfront cost for you and allow you to focus on the details and improvements you’ve always wanted without concern about the financial burden it requires. Using financing for a kitchen remodeling project allows you to purchase the materials like countertops, cabinets, appliances, flooring and backsplash and make a low monthly payment.

How Can I Finance A Kitchen Remodel?

On average, kitchen upgrades and remodels cost $35,000. Financing for such a project can be obtained through personal loans, home equity financing, cash-out refinance, credit cards, or a home improvement loan through your contractor.

A home improvement loan through your contractor is the most appealing of options as they typically have the lowest APRs, lowest and affordable monthly payments, long-term repayment options and most approvals can be done in less than a minute, freeing up more time to focus on the project and getting the design and details you want for your kitchen.

Can You Remodel A Kitchen For $5,000?

A small kitchen remodel can be done for $5,000 if you are willing to do most of the work yourself but you may not see the same return on investment if you were to choose a larger or full kitchen renovation.

With a financial lender, that $5,000 may be better spent on even smaller home renovation projects or saved as a rainy day fund. A financial lender and contracting partner allows you to increase the scope of your project, increase your return on investment and remove hefty upfront costs by issuing a low interest, long-term repayment home improvement loan.

That said, a small kitchen remodeling loan of $5,000 can be used for a new granite, marble or quartz countertops, cabinet refacing or backsplash. These small projects can make a big difference in the enjoyment of your home.

How Can I Update My Kitchen On A Budget?

Financing with a home improvement loan through your contractor is the best option for upgrading your kitchen on a budget. With the best lending partners, financing can be approved in as little as 1 minute for up to $100,000 and a loan repayment can be transformed into affordable, low monthly payments with rates as low as 4.99%.

Are Kitchen Remodels Worth It?

Yes! Homeowners who update their kitchen see on average a 60% return on their investment on a resale of the house. A major kitchen renovation which can cost nearly $70,000 will have an ROI of nearly 60% at $40,000.

Powerpay FAQ

What is PowerPay?

PowerPay is a digital lending platform for the home improvement industry. Our fully automated technology offers near-instant approvals on loans up to $100,000, helping homeowners translate expensive home improvement projects into low monthly fees that can be paid over time.

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 for your home.

What home improvements can I finance?

Any equipment, service, installation costs or other project related to home improvement qualifies for financing. The following is a partial list of what PowerPay finances: HVAC equipment & installation, attic insulation, stone veneer, windows, siding, roofing, kitchen remodels, bathroom remodels, cabinets, carpet, deck & patio, doors, fireplaces, garage doors, smart home equipment & installation, hardwood flooring, paint & wall coverings, hardscaping, landscaping, siding & exteriors, tile, stone & countertops, air conditioning & heating, gutters, spa & pool, home additions, deck building, tile installation, basement remodeling, custom cabinets, fence installation, lighting installation, garage building, cabinet installation, backsplash installation, electrical and plumbing and appliances.

What contractors can I work with?

Any contractor can provide PowerPay financing.  If your contractor does not offer it, simply ask them to sign up on our dealer enrollment page.  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. 

Does using PowerPay impact my credit score?

No.  When you apply for a PowerPay loan it will not affect your credit score.  PowerPay uses what’s known as a soft pull from credit agencies.  A soft inquiry—also called a “soft pull”—allows us to review your credit report and credit score to get a sense of how well you are managing your credit but it will not affect your score.

What equipment do you finance?

We work with all of the major equipment and material manufacturers.

Why should I use PowerPay?

Just like many people finance their car payments, over 50% of all home improvement projects are financed. Financing can be a great payment option when your dream project costs too much money to pay for all at once. Using PowerPay, you can translate that expensive lump sum into a low, affordable monthly payment. The result is the opportunity to stop worrying about what a project costs, and spend more time dreaming about the possibilities for your home.

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 your home.

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 can complete the process.

Where do I apply?

You can apply on our website at our online application form. Or, simply work with any participating contractor.

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 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 an 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 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 one in our network. Alternatively, your current contractor can enroll with us and be up and running in less than 48-hours.

Is PowerPay a bank?

No, we are not a bank. We are a digital lending platform designed specifically for the home improvement industry.

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?

Once your loan is processed you 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 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.

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 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 only for credit reasons.

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 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 credit card when you work with PowerPay.