Financial tech company PowerPlay expands into home solar with new lending platform

Suddenly, financial companies can’t get enough of solar. PowerPay is the latest financial technology company getting in the mix, launching a new technology platform to target potential home solar customers and to streamline the lending process. 

PowerPlay says the new platform allows consumers to receive instant loan decisions while offering a complete array 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.  

PowerPay can also offer better pricing for its no fee merchant programs and 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.

“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,” said Michael Petrakis, CEO of PowerPay. “This is 100% about making life easier for our merchants and their customers while paving a path toward future growth.”