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, fixed 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 hidden fees, credit cards or prepayment penalties 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 home improvements PowerPay finances:
Additions, Attic Insulations, Renovations and Structural Changes, Air Conditioners, Artificial Turf, Awnings, Bathroom Remodels, Car Ports, Chimney Repair & New Chimney Builds, Decks & Patios, Docks, Doors, Energy Saving Retractable Pool Covers, Fencing, Fireplaces, Foundation Repair, Garages, Pole Barns, Garage Doors, Garage Storage Systems and Floor Sealer, Gazebos, Generators, Gutters and Gutter Systems, Hardscaping, Irrigation, Kitchen Remodels, Landscape Installation, Masonry/Asphalt: Driveways, Concrete, Pavers, Retaining Walls, Oil/Propane Tank, Outdoor Kitchens/BBQ, Outdoor Lighting, Painting, Patios, Ponds, Pool Remodeling and Repairs, Roofing, Salt Chlorinators, Siding, Solar Photovoltaic, Solar Thermal: Domestic Hot Water Heating, Stone Veneer, Pool Heating, Pools, Spas, Sport Courts, Storage Units & Sheds, Sun Rooms, Windows & Doors, Wind Turbines, Wood Playsets
Air Conditioning and Heating systems, HVAC equipment, Basement Systems, Basement Waterproofing, Basement Remodeling, Boilers, Cabinets and Cabinet Refacing, Closet Finishing Systems, Countertops (quartz, granite, marble, etc) & Backsplash, Dampers, Duct Cleaning, Electrical, Fans: Whole House, Gable, Ceiling, Fireplaces, Flooring, Furnaces, Gaming Tables, Garage Heaters, Geo-Thermal Systems, Heat Pumps, Home Safety Solutions, Stair Lifts, Wheelchair Ramps, Home Theater, Indoor Air Quality: Filtration, Hardwood and Vinyl Flooring, Humidification, Thermostats, Insulation, Lighting: Installed, Painting, Plumbing, Shower Refacing, Liners, Shower Replacements, Walk-In Tubs, Remodels: Room Additions, Renovations, Smart Home Equipment, Security Systems, Stoves: Gas, Wood, Pellet, Tile, UV Lights, Water Heaters, Water Softeners, Window Treatments and Window Coverings.
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.
What loan options are available to me?
Not every contractor or dealer uses all of our programs. Also, if your contractor is not familiar with PowerPay, that’s ok. It’s free to join and takes a few minutes to join. They can use this link. These are our general programs. Your contractor may use some or all of these programs based on their business type.
- rates start as low as 4.99%
- terms options are 5, 10 or 15 years (lowest monthly payment)
- no prepayment penalties
- no credit cards
- Up to 24 Months NO payments NO accrued interest (12-month and 24-month options available)
- Deferral Period begins at the completion of construction
- 15 Year Product
- NO Balloon Payment: at the end of the deferral period your customer just begins making their low monthly payment with an interest rate as low as 8.99%
- NO Credit Card
- 2, 3, 5 Year NO Interest “Equal Pay” Product with an ultra low default 8.99% APR
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.
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 hidden contractor fees, credit cards or prepayment penalties 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 finance 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?
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 gopowerpay.com or you can download the “go 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:
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.