Loanpal provides one of the fastest and easiest loan experiences on the market. They offer straightforward, fixed interest loans ranging from 7 - 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 is not until 60 days after loan funding.
Click here to view a ‘one-pager’ with key information and specifics to assess if Loanpal is a good fit for your customer.
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.
2. Tap to select financing.
3. Select ‘Loanpal’ from the drop down menu.
4. Select which loan product you would like 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 agreement’ to send the solar agreement to the homeowner for signature once the proposal is complete.
10. Prompt the homeowner to go to this link to apply for the loan and submit the application. Loanpal will prompt the homeowner to upload any stipulation documents such as Photo ID and Verification of Income (VOI). Note: Be sure to enter the exact dollar amount from the Clean.Tech solar agreement in your loan application; otherwise, the homeowner will have to sign new loan documents.
11. Loanpal will automatically email loan documents to the homeowner for signature upon approval.
12. Clean.Tech will upload the solar agreement to the Loanpal portal and request Notice to Proceed (NTP) from Loanpal.
13. Once NTP has been granted, we assign your project to our engineering team to formalize project design and prepare for permitting and installation.
14. 100% of your commission payment is issued once the final inspection has been passed and Loanpal forwards final funding to Clean.Tech (typically 7-10 days after installation).