This partnership follows PowerPay’s launch of new lending programs offering financing options with up to 24 months no payment and no interest, no dealer fee options and the most competitive rates in the home improvement industry, starting at 4.99% for 15 year terms. American Heritage Credit Union has joined a growing portfolio of PowerPay lenders to support PowerPay’s new offering. Through this partnership, the parties are projecting an additional $1.5 billion in new home improvement loans via PowerPay’s contractor network.
“This partnership allows us to offer the best in class financing options. It’s critical at this point of the pandemic to support the contractors, consumers, and the home improvement industry. PowerPay is now a 1st and 2nd look option to help consumers get the improvements they need. 7,000 contractors have already joined our new program,” said Mike Petrakis, co-founder, and CEO of PowerPay.
“As an innovative member-owned financial institution, we are excited to work with PowerPay in building a model of bringing individual borrowers through digital lending channels,” stated Bruce K. Foulke, President & CEO of American Heritage Credit Union. “The PowerPay relationship is the latest fintech partnership in our ongoing strategic goal of pioneering new ways to provide affordable financing to families and businesses.”