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Why It Matters That Your Lender is a Regulated Bank

Jim Millfield, of Cool Village Air & Heat, hit a snag with one of his recent customers. Marsha Briggs chose to pay for an air conditioner unit and the accompanying installation project by selecting an eighteen-month payment option Jim had offered her. The problem came because the lender Jim worked with wasn’t really a lender at all — the company was just a third-party loan broker — so when something went wrong with the loan payment, Marsha called Jim, Jim called his loan servicer, and the servicer said Jim needed to call the actual bank that was funding the loan at this point, since it had been sold to another entity. So, Jim passed that info back to Marsha, and Marsha was one unhappy customer. Pretty much the definition of “getting the runaround.” Not to mention, the situation harmed Jim’s business reputation — all because of the company he was working with.

We all realize there are plenty of companies working in the home improvement lending space today, but when it comes down to it, some companies are just a smarter choice for your business than others. That’s because many organizations offering payment options are not regulated banks, and that really makes a serious difference between providing your customer a smooth and professional loan experience, and winding up with a headache for everyone involved.


Why should a home improvement professional like you work with a regulated bank, like EnerBank USA? Here are three important reasons:

1. You get your money — Get paid early in the process, with no long-term issues, because you’re working with the actual lender. As a balance sheet lender, we have direct access to the capital required for funding your requests. This means your cash flow is never interrupted – you’ll always get paid whether the economy is up or down.

2. Trust — When you work with a regulated bank, you know exactly who to talk to if something goes wrong. EnerBank provides you a dedicated relationship manager, so if any issues ever arise, they can mediate the situation and make sure it all works out.

3. Confidence — Being a regulated bank means the FDIC ensures EnerBank is subject to federal and state financial regulations. That’s real oversight — you can be confident we’ll do what we say, because we’re government-regulated.


As a regulated bank, we can offer unsecured loans with no hidden fees, and a variety of loan products to meet your customers’ needs. That includes products designed to win bids, like true Same-As-Cash loans, which are especially in demand during uncertain economic times. Working with a home improvement lender that’s an actual bank can really help you grow your business and help you create a lasting legacy.



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Thursday, July 02 2020

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