PowerPay partners with American Heritage Credit Union to deliver $1.5B in loans
PHILADELPHIA, PA (December 4, 2020) — PowerPay, the nation’s fastest-growing home improvement financing technology company, has announced American Heritage Credit Union as its new lending partner.
This partnership follows PowerPay’s launch of new lending programs offering financing options with up to 24 months no payment and no interest, no dealer fee options and the most competitive rates in the home improvement industry, starting at 4.99% for 15 year terms. American Heritage Credit Union has joined a growing portfolio of PowerPay lenders to support PowerPay’s new offering. Through this partnership, the parties are projecting an additional $1.5 billion in new home improvement loans via PowerPay’s contractor network.
“This partnership allows us to offer the best in class financing options. It’s critical at this point of the pandemic to support the contractors, consumers, and the home improvement industry. PowerPay is now a 1st and 2nd look option to help consumers get the improvements they need. 7,000 contractors have already joined our new program,” said Mike Petrakis, co-founder, and CEO of PowerPay.
“As an innovative member-owned financial institution, we are excited to work with PowerPay in building a model of bringing individual borrowers through digital lending channels,” stated Bruce K. Foulke, President & CEO of American Heritage Credit Union. “The PowerPay relationship is the latest fintech partnership in our ongoing strategic goal of pioneering new ways to provide affordable financing to families and businesses.”
About American Heritage Credit Union
American Heritage Credit Union is a member-owned financial cooperative with more than $4.5 billion in assets serving more than 800 Workplace Partners and more than 280,000 members, with more than 35 locations across Philadelphia, Bucks, Montgomery, Delaware, and Camden Counties. Founded in 1948, American Heritage Credit Union is now one of the top 75 largest credit unions in the United States. For more information about American Heritage Credit Union please visit at www.AmericanHeritageCU.org.
Launched in 2019, PowerPay is a financial technology company providing seamless home improvement financing solutions to over 7,000 contractors. The company helps contractors to grow their businesses with a simple point of sale financing platform enabling access to loans of up to $100,000 and 15 years with rates starting at 4.99%. getpowerpay.com