PowerPay and Leap Team up on Home Improvement Contractor Financing

Home improvement financing technology platform PowerPay on Wednesday (Feb. 23) announced it has integrated with home improvement contractor and remodeler sales software platform Leap, giving users access to all PowerPay financing products.

That access includes a no-dealer-fee program with 15-year terms, rates starting at 4.99%, a maximum loan of $100,000 and FICO scores from 500 to super prime, according to the announcement. PowerPay also has programs with 12-, 18- and 24-month terms, no interest and no payment promotions.

“It’s a tremendous opportunity for us to partner with Leap because we share many of the same great clients across the U.S. who have been asking for this integration,” PowerPay Co-founder David Haas said in the announcement. “Adding PowerPay to the Leap interface reduces the time from 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 in the announcement. “By partnering with PowerPay, we’re able to offer our customers a robust, best-in-class financing option that provides them with yet another way to exceed homeowner expectations and simplify the home contracting process.”

Related: Lowe’s Rolls Out Solid Home Improvement Forecast

Meanwhile, Lowe’s fiscal 2021 fourth-quarter earnings, reported Wednesday (Feb. 23), reflect optimism about the home improvement sector and consumers’ willingness to continue doing it themselves, even as the restrictions related to the COVID-19 pandemic continue to 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 as they push to finish the projects that were delayed as the coronavirus kept people quarantined for the better part of 2020.

The Home Depot reported its fourth quarter and fiscal 2021 full-year results Tuesday (Feb. 22), including a 10.7% growth in sales for Q4 to $35.7 billion and an 8.1% jump in comparable sales for the quarter.