PowerPay FAQ: Answers to Top Asked Questions about Offering Financing
FAQs for Home Improvement Loans
What loan programs are available to me?
General Program Features
- Loans up to $100,000
- Low rate buydowns
- Stage funding available
- Volume discounts available
No Merchant Fee Program
- 3 to 15 year terms
- Rates from 8.99% to 14.99%
Promotional Programs
- Terms from 3 to 24 months with low merchant fees
- 8.99% APR
New Programs
- ESG (Environmental, Social, and Governance)
- HVAC, roofing, and windows only
- 20 and 25 year terms with low merchant fees
- PowerDown
- Low FICO waterfall program
- Rates from 9.99% to 19.99%
*All programs and promotions are subject to change.
How do the promotional programs work?
We offer multiple opt-in loan programs; see the previous question for the highlights of each and contact your sales representative to learn more. To request access to a program, call by phone or message your regional representative via our vision portal. Note that some of our programs require approval. Once approved, log into your vision account and the program will appear in the deal selection page of each application. If you no longer wish to offer a program after you have enrolled, contact your representative and they will turn it off.
Do you offer advance funding?
Yes. We offer advance funding which gives merchants money in advance to start their projects. Discounts may be available to volume merchants. Our current base program is 40/60 with 40% paid on job commencement or material purchase, with the remaining 60% paid at the completion of the project. You can click here to apply for advance funding.
Do you offer APR buydowns?
Yes, we offer every merchant the option of buying down the rate. In most cases, we allow buydowns of up to four points with rates generally around 3% per point. Other options may be available for volume merchants. Fees for this service will be deducted from net merchant proceeds. Ask your sales representative for more information on APR buydowns.
How do I get paid?
Funding generally occurs within 24 to 48 hours after the install is complete and the PAC has been submitted. Funding may be delayed if you have not submitted a Certificate of Insurance (COI), the install contract for your project, or an onsite mobile inspection (OMI) if it is required. For more information on the COI and OMI processes, see the following FAQs. Once we have received and verified these items, PowerPay will direct deposit funds into your account via ACH. The cost of any premium products will be deducted from the net merchant proceeds.
What is a Certificate of Insurance (COI) and how do I get one?
When your company enrolled with PowerPay, you were required to provide us with a Certificate of Insurance, which is a document supplied by your insurance company that verifies you are insured. In order to be funded for your loan, we must confirm that your certificate is in good standing. To acquire a COI, simply call your provider and inform them that you would like to add PowerPay as a certificate holder. Your policy will not be affected in any way.
What is an onsite mobile inspection (OMI) and how do I submit one?
An onsite mobile inspection (OMI) verifies the completion of certain projects before funding can be released. If an OMI is required, a text will be sent to either the merchant or the homeowner prompting them to download a photo authentication app called Truepic. From here, simply upload pictures of the completed work and receive your funding. To see a tutorial video on how to complete an OMI, click here.
Why wasn't my client approved?
Your client will receive an email describing why they have been declined. Some common reasons could be a low credit score or bad credit history, a high debt to income ratio, employment history, or missing and inaccurate documentation related to proof of ownership or income. Another reason could be that the applicant’s account has a credit hold or freeze, which prevents us from reviewing their credit until it is lifted. It’s easy to lift the hold – simply call: Experian 888-EXPERIAN (1-888-397-3742), Equifax 1-888-298-0045, TransUnion – 1-888-909-8872.
My customer was approved but isn’t ready to start. How long until the app expires?
Borrower applications expire after six months (180 days). This means that if your customer does not start the project within this timeframe, they will have to reapply and go through the approval process again.
How do I get help?
You can reach us by telephone hotline, text, or email. We also have an online ticketing system where you can submit a request for help or send a message to your sales representative. We also offer multiple training sessions – from orientation to advanced training with Q&A and customized team training. Click here for more information.