FICO scores as low as 550. No prepayment penalties.
Homeowners get prequalified with a soft pull on the credit– no harm to their credit score.
Loans from $1K to $250K. Terms from 2 to 12 years.
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HOW A CUSTOMER GETS FUNDED IN 3 EASY STEPS
OFFER FINANCING
Email or text a financing link to your customers.
CUSTOMERS PRE-QUALIFY
Your customers complete a short online financing form to immediately see their estimated monthly payment options, without affecting their credit scores. For homeowners who qualify, there are 0% introductory APR credit card options available. Terms range from 6–18 months.
PROJECT GETS FUNDED
Customers apply for their preferred payment option and, if approved, receive funds in 2-5 business days.
MASTER OFFERING MONTHLY
PAYMENT OPTIONS
HOW DO I GET PAID?
All financing really does is create cash paying customers. Hearth’s lending partners fund your homeowner within 2-5 business days. Your homeowner pays you just like any other cash paying customer. You get notified when the money has arrived. And you can collect a deposit
WHAT DOES A CUSTOMER NEED TO QUALIFY?
We have 15+ lending partners. This gives your customers a look at the fair and free open market to find the best loan option for them.
Factors that determine approvals, loan terms, and rates include: FICO, debt-to-income ratio, income, credit history and more. Basically, it is a risk assessment from the lenders to determine if and when they can expect to be repaid.
WHAT IS THE 0% CREDIT CARD?
0% financing is offered through the credit card marketplace. If you do not accept credit card, you should have these options turned off. Your customer will swipe the credit card just like any other customer. You will still accrue a processing fee when the credit card is swiped
To qualify for the 0% credit card, a customer must have a minimum of 680 FICO score. Credit limits are typically in-line with their other credit card limits. This is great for borrowing under $12,000.
HOW MUCH CAN MY CUSTOMER BORROW?
Homeowners can borrow between $1,000-$250K. They can borrow the full amount of the project, more than the full amount, or less than the full amount. Real world example: if the project costs $10K and they have $7K already, they can borrow just $3K.
Remember, there are no prepayment penalties for the loans.
WHY DIDN‘T MY CUSTOMER GET APPROVED?
Hearth does not determine approvals, our lending partners do. If a homeowner is not approved, but thinks it’s an error, we recommend:
- adding a co-borrower
- making sure their credit is not frozen
- making sure income information is accurate on the credit application
- check their credit history for errors.
