PowerPay, a financial technology company that provides consumer lending for home improvements, has launched a new technology platform to enable streamlined lending processes and expand into new programs for solar, healthcare and powersports.
The new platform enables a faster approval process, allowing consumers to receive instant loan decisions while offering a complete waterfall of lending options for consumers with FICO scores from 500 to 850. The technology took two years to build with the primary goal of making the merchant lending process easier and faster in order to process loans at the point of sale in the home or office.
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The flexibility of the technology stack enables PowerPay to offer better pricing for its no fee merchant programs, promotional products which include 12, 18, 24 month no interest, no payment periods and new verticals. Loan terms range from 6 months to 25 years with maximum loans of $100,000. The technology also enables enhanced reporting, improved funding transparency, data analytics, and scalability to compete with national financial institutions.
Michael Petrakis, CEO of PowerPay: “While our legacy software helped us grow rapidly over the past two years, our new tech platform dramatically enhances our ability to expand our current programs while adding exciting new verticals like healthcare, solar and powersports. This is 100% about making life easier for our merchants and their customers while paving a path toward future growth”.
About PowerPay
Launched in 2020, PowerPay is a financial technology company providing seamless consumer financing solutions to over 7,000 contractors and merchants. The company helps merchants to grow their businesses with a simple point of sale financing platform converting large purchases into affordable monthly payments.