PHILADELPHIA--(BUSINESS WIRE)--PowerPay, the nation's fastest-growing home improvement financing technology company, has reported a 120% annualized growth rate in the volume of new loans originating in Q3 2020.
As millions of Americans are working and learning from home, the demand for home renovations increased dramatically. Since the beginning of the pandemic, PowerPay has demonstrated explosive growth in loan volumes, a trend that was unabated in Q3. The company originated over $340M in loans in Q3 2020, representing an increase of 22% compared to $279M in Q2 2020 and more remarkably a 1,600% increase from Q1.
"We had modest projections heading into 2020, but the pandemic and economic forces caused major bank constriction in lending, and PowerPay was positioned to fill the needs of the contractors. This will translate into over $1.5 billion in loans in 2021," said Mike Petrakis, co-founder, and CEO of PowerPay.
"Our product allowed us to capture new home improvement demand created by the pandemic. During Q3 we originated over 16 times more loans than in Q1 2020," stated David Haas, co-founder and PowerPay's Head of Strategic Partnerships.
PowerPay has built a national network of over 7,000 contractors that use its lending platform to provide the best financing solutions for their customers. Since its launch in late 2019, the company has originated a total of $700M in loans and has secured funding to lend in excess of $5 billion. The largest categories of home renovation projects financed include window replacements, swimming pools, and kitchens & bathrooms.
About PowerPay https://getpowerpay.com/
Launched in 2019, PowerPay is a financial technology company providing seamless home improvement financing solutions to contractors. The company helps contractors to grow their businesses with a simple point of sale financing platform that enables access to loans of up to $100,000 and rates starting at 4.99%.