Home improvement financing technology platform PowerPay on Wednesday (Feb. 23) announced it has integrated with do it yourself contractor and remodeler sales software platform Leap, giving users access to all PowerPay financing products.
That access features a no-dealer-fee program with 15-year terms, rates starting at 4.99%, an optimum loan of $100,000 and FICO scores from 500 to super prime, based on the announcement. PowerPay also offers programs with 12-, 18- and 24-month terms, no interest and no payment promotions.
\”It's a significant chance of us to partner with Leap because we share many of the same great clients over the U.S. who have been requesting this integration,\” PowerPay Co-founder David Haas said in the announcement. \”Adding PowerPay to the Leap interface cuts down on the time in the application to completed loan by 30%.\”
Home improvement contractors who use Leap's platform can submit loan applications to PowerPay, streamlining the financing process for Leap and PowerPay customers.
\”Now more than ever, homeowners expect their contractors to offer a simplified, streamlined sales process,\” Leap CEO Patrick Fingles said within the announcement. \”By partnering with PowerPay, we're able to offer our customers a strong, best-in-class financing option that gives them with yet another way to exceed homeowner expectations and simplify the home contracting process.\”
Meanwhile, Lowe's fiscal 2022 fourth-quarter earnings, reported Wednesday (Feb. 23), reflect optimism about the do it yourself sector and consumers' willingness to carry on doing it themselves, even as the restrictions related to the COVID-19 pandemic still ease.
Demand for tools and building materials and spending on do-it-yourself home projects has remained strong, with builders and handymen upgrading their toolkits because they push to finish the projects which were delayed as the coronavirus kept people quarantined for the better part of 2022.
The Home Depot reported its fourth quarter and fiscal 2022 full-year results Tuesday (Feb. 22), together with a 10.7% growth in sales for Q4 to $35.7 billion as well as an 8.1% begin comparable sales for that quarter.
