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EnerBank Announces Additional Triple Option Loan Terms for Home Improvement Contractors to Offer Their Customers

SALT LAKE CITY--(BUSINESS WIRE)--

The Bank added four new options for increased loan payment flexibility, allowing homeowners the opportunity to apply future cash receipts such as federal and local rebates, annual bonuses, and tax refunds to their loans to reduce their monthly payments

EnerBank USA®, the national consumer lender that helps strategic business partners and independent home improvement contractors increase their sales, recently announced four new Triple Option Loan terms for contractors to offer homeowners who are installing solar panels and expect to receive income tax incentives, rebates, and/or other significant payments. The new loan features additional options with 12- or 18-month no-payment periods and three re-amortizations of principal and interest over the life of the loan, providing homeowners the ultimate flexibility in choosing how they want to pay for their projects.

The additional loan terms and rates are as follows:

No Payment Period

APR

Loan Term

12-/18-Month

4.99%

12-Year

12-/18-Month

4.99%

20-Year

12-/18-Month

4.99%

15-Year

12-/18-Month

5.99%

15-Year

During the 12- or 18-month no-payment period, customers are not required to make payments on the loan. If the entire principal amount is paid off before the expiration of the no-payment period, all accrued interest is waived. After the no-payment period, the loan is re-amortized, followed by two more re-amortization events each May of the following years. This allows homeowners the option to apply rebates, bonuses or tax refunds to reduce the amount of their monthly loan payment.

“When solar contractors offer the Triple Option Loan, it's a win-win for both the contractor and the homeowner,” said Charlie Knadler, president and CEO of EnerBank. “As a result of the popularity of our original Triple Option Loan terms and feedback from our customers, we’ve expanded our terms to provide even greater flexibility.”

For more information about the new Triple Option Loan, or to learn more about EnerBank, visit us at enerbank.com/contractors today.

About EnerBank USA—America’s home improvement lender of choice

EnerBank USA® is the largest specialized home improvement lender in the country, providing unsecured home improvement loans through strategic business partners and independent home improvement contractors. We are FDIC insured and work hand-in-hand with manufacturers, distributors, franchisors, and major retailers of home improvement, remodeling, and energy-saving products and services. Our mission is to grow contractors’ businesses by increasing sales leads, sales close rates, average job size, and referrals, while helping homeowners fulfill their home improvement dreams. We also make receiving lending approvals and funding requests quick and easy through our Mobile Loan App. We’re America’s home improvement lender of choice. Learn more at enerbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191203005812/en/

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