Frequently Asked Questions for Contractors
FAQ’s of Home Improvement Loans for Contractors was last modified: April 12th, 2018 by
No, the LendKey Home Improvement Loan program is completely unsecured and doesn’t require available Home Equity.
Your customer does not need to be an existing customer with a participating Bank or Credit Union. Through our online application, we will match your customer with Bank or Credit Union they can work with.
No, there are no fees to sign-up and no annual minimums to meet.
Financing will provide your customer with a payment option outside of cash-on-hand, which will help you close more projects and stand out from your competition.
When the time is appropriate, the contractor will submit a “Disbursement Request”, which will be attached to the customer’s online application. LendKey supports multiple disbursements on each loan allowing for better cash management for the borrower and contractor.
Each customer will be asked to review and approve each Disbursement Request digitally in their online
account. Once the request is approved, funds are disbursed to the contractor directly iva ACH.
There are no prepayment penalties or origination fees.