Secure More Home Improvement Jobs with an Unsecured Loan
If you’ve never offered an unsecured loan as part of your financing options before, you may not be aware of all the benefits they feature to help grow your business. Here are just some of the benefits, for both you and the homeowner, of offering an unsecured loan from Regions | EnerBank USA.
Benefits for Contractors
EnerBank offers unsecured loans for home renovation projects that originate in-house. We assume all the credit risk, and we’re federally regulated, so you can count on us to fulfill our obligations and provide a great customer experience to homeowners and contractors alike.
Start Jobs Sooner
The homeowner can complete one of our three paperless application methods quickly, usually while your salesperson is still in the home, and receive a credit decision within minutes. Comparatively, a HELOC, which uses the customer’s home as collateral, can take anywhere from one to six weeks for funding to arrive. This simplified process means no more waiting around for your customer to jump through hoops while trying to get approved for a secured loan. Once they’re approved, you can get started with the project as soon as possible, helping you to maximize your time.
Increase Leads and Referrals
A quick and easy application and approval process improves your customer experience, and the better experience your homeowner has, the more likely they are to refer you to their friends and family. An unsecured loan requires less documentation, which makes the process easier for customers, increasing the likelihood of more business. Plus, when you advertise payment options as part of your marketing materials, you can see a 50% increase* in leads. This is because customers will know they can get everything done through your business.
Improved Customer Experience
One of our top priorities is ensuring that your customer has a great experience working with us. We’ve designed products and tools that make the loan process convenient and easy. This includes paperless application methods, high approval rates, funding requests via our convenient PartnerPortal, and so much more. When your customer has a great experience, they’re more likely to use you again and refer you to their friends and family.
Benefits for Homeowners
Quicker Application Process
Unlike a traditional form of financing, such as a HELOC, an unsecured home improvement loan is a much quicker process. It also doesn’t require using the home as collateral for the loan. This means the homeowner doesn’t need to pay additional fees for an appraisal and can receive an approval for the loan quickly based on their creditworthiness.
Greater Purchasing Power
How often have you worked with a customer who needed to scale down a project or compromise their vision to stay under budget? Probably too many to count. With an unsecured loan, approvals can be beyond their initial project budget. This helps to cover these additional costs and get the project of their dreams in a cost-effective way.
More Financial Flexibility
No matter how a customer is planning on paying, they can find a loan that best fits their needs. This can include customers who were planning on paying with cash, customers who want a low monthly payment option, those looking for lower-interest options, and even homeowners who haven’t quite figured out how to pay for a project prior to speaking with a contractor.
Attractive Loan Options
Our loans, including our Same-As-Cash Loan and low monthly payment options, can help fill the needs of many individual situations. This means a customer may qualify for a loan that they wouldn’t be able to otherwise with other lenders.
Start Offering Contractor Financing
Ready to join a loan program or want to learn more? Fill out the form on this page or visit our website for more information!
*Brickyard Study, 2018
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