What Is Power Pay You Ask??
PowerPay was built with one major goal in mind: to eliminate fees in the banking industry that have prevented businesses and consumers from using financing to make large purchases more affordable. Banks and other financial institutions charge businesses with expensive and unnecessary fees to offer loans to consumers. Those additional costs then get passed along to the consumer, resulting in a larger loan with higher interest rates.
This industry challenge is what led to our mission of offering fair and affordable loans to consumers through our network of partners including home improvement contractors, solar dealers, medical practitioners, and recreational vehicle dealers who share the same goal.
We’ve eliminated and reduced fees for our network partners so that they can offer lower rates to their consumers, allowing them to afford larger purchases upfront with low monthly payments. We’ve accomplished this by building technology that reduces the friction within the loan process and lowers our operating costs, which translates into lower rates and longer terms.