Common Questions
Bad Credit Financing Questions
Contractors Ask
What is a second look home improvement loan?
A second look loan is financing a subprime lender reviews after your primary lender declines your customer. Up to 40% of your prime declines can be approved on a second look.
Can I finance customers with bad credit?
Yes. Subprime and second look lenders approve home improvement loans for your customers with bad credit, typically down to a 550 credit score.
Does a second look submission hurt my customer’s credit?
No. Reputable second look lenders use soft-pull prequalification, so sending your customer to a second lender has zero impact on their credit score.
Why should contractors offer bad credit financing?
38% of American homeowners have a credit score below 680. Adding a subprime lender to your stack recovers roughly 4 in 10 of the applications you walk away from.
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