Financing With GoodLeap (formerly Loanpal)
GoodLeap (formerly 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 1.99%. Customers can expect to pay a fixed payment for the first 18 months, after which the loan is reamortized. Loans are offered for solar systems as well as batteries, and GoodLeap will also approve funding for non-solar adders, like generators, 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 GoodLeap may be a good fit for your customer. Several key details of the GoodLeap products, include:
If 700+ FICO, no debt to income requirement, loans up to $100,000
650-699 FICO can qualify for $50,000
600-649 (low FICO) can qualify for up to $45,000
First loan payment isn’t due until 60 days after completion of the install
Vacation & second homes eligible, just not rental properties
As of June 2021 - Low FICO loan product available
GoodLeap is now your option for any low credit homeowners who want to go solar, as they accept down to a 600 FICO score. Low FICO products are available for 20 year loan terms only; Include substantially higher dealer fees, approximately 15% on top of standard fees; and Commission amounts can be affected. Please inquire with your team sales manager or send us a message on chat support and we will assist you in completing the financing application for these customers.
The Process for Selecting and Qualifying a GoodLeap Loan:
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 GoodLeap 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 ‘GoodLeap’ 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 homeowner contact 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 the following links for the loan you’ve selected in the Clean.Tech app, and presented in the proposal:
Go to this link to submit their application for 20 yr 2.99%. 25 yr 2.99%, 15 yr 4.99%, 7 yr 7.99% loans.
Go to this link to submit their application for the 1.98% FlexPay loan.
Go to this link to submit their application for the 1.99% loans.
Go to this link to submit their application for the 3.99% loans.
Go to this link to submit their application for the 4.99% loans.
Go to this link to submit their application for the 5.99% loans.
Our app calculates the fees instantly, but if you want to use GoodLeap's Clean.Tech calculator go to this link.
After entering information into the application interface, GoodLeap 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 contract in the loan application, as mismatches can require alterations to the application or the proposal and revisiting the customer for signing a new Clean.Tech contract or new loan docs.
11. Upon application approval, GoodLeap 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 GoodLeap portal and request Notice to Proceed (NTP).
13. Once NTP has been granted, the project is assigned to our Fulfillment Team to initiate steps toward installation.
14. 100% of your commission payment is issued to your Sales Team when the final inspection has been passed and GoodLeap forwards final funding to Clean.Tech.
We hope this has been helpful in better understanding GoodLeap and how to utilize their loan products with your customers. If you have any additional questions about GoodLeap, 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.
Be sure to visit the Help Center in the GoodLeap portal for additional training materials or give them a call at (844) 910-0111 during business hours. And of course reach out to the Clean.Tech Team through chat support for assistance, as well.