One of the beautiful things about financing your solar project with a solar lender, versus a more traditional bank loan, is that they’re completely familiar with the process! You’re not answering too many questions from the onset about what this project is, how it will work, how long it will take, or the potential benefits to your home equity, because all of that is already baked into your solar loan. Well, thankfully there are plenty of options to choose from within that specific financial market, and each has their own competitive advantage over the other, based on your specific need.
Today’s post will focus on the company formerly known as LoanPal, GoodLeap. Before we get into the details however, let’s explore this brand change a little more, so those of us familiar with the original name can start to familiarize ourselves with the new one. According to Bloomberg’s article published back in June, “Loanpal, one of America’s biggest solar-loan providers, has renamed itself GoodLeap as it expands further into the broader market for sustainable home upgrades” (https://www.bloomberg.com/news/articles/2021-06-02/solar-financier-loanpal-eyes-home-greening-market-with-new-name).
This seems fairly straightforward, and is actually on-point with several other solar loan providers who have made the same move in recent years. What this means, is that instead of looking for options to finance your solar project exclusively and then seeking other means of financing for smart home upgrades and other home improvement projects – such as geothermal heating and energy-saving window upgrades – you’re now able to bundle these projects together and tackle them all at once, with the exact same loan!
Now, what separates GoodLeap loans from the pack? Well, perhaps most importantly, these loans allow for a slightly lower credit score – just 600 to be precise. Of course, the higher credit score the better, however GoodLeap has taken the helm of helping home-owners with slightly below-par credit scores go solar (and finance other home improvement projects), even without perfect credit. It’s always important to note however that this could impact your interest rate, so be sure to pay close attention to that number when reviewing your home improvement financing options.
Another notable difference in GoodLeap, which is becoming more prevalent in the marketplace as other home improvement financiers look to diversify their funding, is that they are now public! Check out the following articles to learn more about this: https://www.prnewswire.com/news-releases/goodleap-closes-800-million-investment-round-led-by-msd-partners-along-with-bdt-capital-partners-and-davidson-kempner-301398970.html and https://www.bloomberg.com/news/articles/2021-04-08/solar-financier-loanpal-is-said-to-plan-ipo-as-soon-as-this-year?utm_source=twitter&utm_campaign=socialflow-organic&utm_content=business&utm_medium=social&cmpid=socialflow-twitter-business. What does this mean for you? Well, it means you’re likely looking at a very strong partner, with a strong bottom line as well – meaning that you can trust your loan will likely not be lost or forgotten, should the bull market on solar change in the near future. Publicly traded companies are heavily regulated as well, so you’re dealing with a company that has faced heavy scrutiny and still out-performs competitors year over year.
What home improvement loan options are available to you? Find out today by giving us a call at the number at the top of this page! We’re happy to help you learn more about your financing options and which home improvement projects will save you money and energy costs. Call us today!