Loanpal provides one of the fastest and easiest loan experiences on the market. They offer straightforward, fixed interest loans ranging from 7 to 25 years with rates as low as 2.99%. Customers can expect to pay a fixed rate for the first 18 months, after which the loan is reamortized. Loans are offered for solar systems as well as batteries, and Loanpal will also approve funding for non-solar adders like generators and re-roofs, up to 35% of the cost of the solar. First payment does not occur until 60 days after loan funding.
Click here to view a ‘one-pager’ with additional information to better assess how Loanpal may be a good fit for your customer. Several key details of the Loanpal products, include:
- 650 minimum FICO
- If 700+ FICO, no debt to income requirement
- First loan payment isn’t due until 60 days after completion of the install
- Maximum lending amount of $100,000
- Vacation & second homes eligible, just not rental properties
As you build your customer’s solar proposal within the app, follow these steps to select, apply for, and ultimately attain Notice to Proceed (NTP) with a Loanpal loan:
- Tap the blue home & person icon to view financing information.
- Then tap the blue link next to ‘Financing’ to change the lending source.
3. Select ‘Loanpal’ from the drop down menu.
4. Select the loan product of your choice from the drop down menu.
5. Hit ‘Calculate’.
6. Go back to the main screen of the proposal.
7. Tap the blue ‘Review agreement, sign up’ button in the bottom right corner.
8. Verify that all of the homeowner information is accurate.
9. Tap ‘Looks good, proceed to proposal’ to send the CleanTech proposal to the homeowner for signature once the proposal is complete.
10. Prompt the homeowner to go to this link to submit their application for the loan.
After entering information into the application interface, Loanpal will prompt the homeowner to upload any requested stipulation documents, like photo ID or verification of income (VOI), as necessary to approve the customer.
*Note: Be sure to enter the exact dollar amount from the Clean.Tech solar agreement in the loan application, as mismatches can require alterations to the application or the proposal and revisiting the customer for associated signatures
11. Upon application approval, Loanpal will email loan documents to the homeowner for signature.
12. When your homeowner signs their loan documents, Clean.Tech will upload the necessary documents to the Loanpal portal and request Notice to Proceed (NTP).
13. Once NTP has been granted, the project is assigned to our Fulfillment Team to initiateWe hope this has been helpful in better understanding Loanpal and how to utilize their loan products with your customers. If you have any additional questions about Loanpal, their loan products, and approval process, connect with us through the Chat support feature on your app, and reference our video library and help center.
14. 100% of your commission payment is issued to your Sales Team when the final inspection has been passed and Loanpal forwards final funding to Clean.Tech.
Be sure to visit the Help Center in the Loanpal portal for additional training materials or give them a call at 1-844-Loanpal during business hours. And of course reach out to the Clean.Tech Team through chat support for assistance, as well.