How to Apply for Contractor Financing Programs
Step-by-step walkthroughs for each major platform. Know exactly what to expect before you apply.
Not sure which platform to apply to?
Use our Platform Matcher →
Before You Apply: What Every Platform Checks
Universal Requirements Checklist
Have these ready for ANY financing application:
Business Legal Name & EIN
Your official registered business name and Employer Identification Number (or SSN if sole prop)
Business Address & Phone
Physical business address (not a PO Box for most platforms) and direct business phone number
Professional Website URL
Most platforms will visit your site. Make sure it's live and professional.
Don't have one? We can help →
Contractor License Number(s)
State/local contractor license, HVAC license, or trade-specific certification
Proof of Insurance
General liability insurance certificate (most require $1M minimum coverage)
Bank Account for ACH
Business checking account routing & account numbers for receiving loan funds
Revenue Information
Annual revenue figures (some want cumulative revenue to date)
Owner Personal Info
Name, SSN, DOB, home address (for credit check on owners/guarantors)
Pro Tip: Apply Strategically
Don't shotgun applications to all 7 platforms at once. Each application triggers a credit inquiry.
Better approach: Use our Platform Matcher to identify your top 2-3 matches, then apply to those first.
GreenSky (Goldman Sachs)
The gold standard for contractor financing. High requirements, but worth it if you qualify.
At a Glance
Step-by-Step Application Process
Step 1: Check Your Eligibility
Before you start the application, verify:
- You've been in business at least 2 years
- Your cumulative revenue is at least $1M (all-time, not just annual)
- You have a professional website (not just Facebook)
- You have a valid contractor license
- You carry general liability insurance ($1M+ coverage)
- Your business/personal credit is decent (no recent bankruptcies)
Fall short? Consider PowerPay or FTL Finance instead. Come back to GreenSky when you hit their thresholds.
Step 2: Apply Online
Application URL: greensky.com/home-improvement
Click "Apply Now" or call 1-844-872-7406 to speak with a sales representative
You'll need to provide:
- Business legal name and DBA (if different)
- EIN and business formation date
- Physical business address and phone
- Website URL
- Primary industry (HVAC, Roofing, etc.)
- Annual revenue estimate
- Owner name, SSN, DOB for credit check
- Bank account info for funding (routing/account numbers)
Time to complete: 10-15 minutes
Step 3: Underwriting Review (3-5 Days)
What GreenSky checks during underwriting:
- Website verification: They'll visit your site to confirm it's professional and active
- License verification: They may look up your contractor license
- Credit check: Personal credit of owners + business credit
- Bank verification: They'll verify your bank account via micro-deposits or instant verification
- Revenue assessment: May request bank statements or tax returns to confirm revenue
- Background check: Looking for fraud, customer complaints, legal issues
Common rejection reasons: Website looks DIY/unprofessional, revenue below threshold, less than 2 years in business, poor credit, or incomplete application.
Step 4: Approval & Training
If approved, GreenSky will:
- Email you approval notification with Merchant ID
- Send dealer agreement to e-sign
- Provide access to the GreenSky Merchant Portal
- Schedule a training call (usually 30-45 minutes)
- Give you a rate card with all promotional plans and dealer fees
Training covers:
- How to submit customer credit applications
- Which promo plans to offer (12-month 0%, 18-month 0%, etc.)
- How dealer fees work (you pay X% for 0% promos)
- Compliance requirements (what you can/can't say)
- How funding works (2-3 day ACH after completion)
Step 5: Start Offering Financing
Once trained and set up:
- Add GreenSky logo and "Financing Available" to your website
- Integrate GreenSky application widget (optional)
- Train your sales team on offering financing
- Submit your first customer application through the portal
- Customer gets instant approval (or within minutes)
- Complete the job, submit completion certificate
- Receive funding via ACH in 2-3 days
Pro Tip: Start with 12-month no-interest plans (lower dealer fee) and work your way up to longer terms as you get comfortable.
Typical Dealer Fees (What You Pay)
* Fees vary by your agreement and plan. Check your rate card for exact pricing.
Ready to Apply to GreenSky?
Make sure your website meets their standards first.
Synchrony Home
Credit card-based financing. Good for retailers and contractors doing smaller projects.
At a Glance
Application Process
1. Apply Online or Call
- Call: 1-844-866-8014 (recommended - faster response)
- Online: Visit Synchrony Business - Home Improvement
- Fill out merchant application (business info, owner details)
- Provide EIN, business address, banking info
- Optional: contractor license, insurance proof
2. Quick Approval
Synchrony often approves within 1 business day. They may check business/personal credit but requirements are more lenient than GreenSky.
3. Setup Business Center Access
Once approved, you get login to Synchrony Business Center portal where you can run customer credit applications.
4. Start Offering the Synchrony Home Credit Card
Customers apply for the card, get approved, then use it to pay you. You swipe the card or charge it online like any credit card payment.
Key Difference vs GreenSky
Synchrony gives customers a reusable credit card (they can use it anywhere, not just with you). GreenSky is a closed-loop credit line tied to home improvement projects.
Apply to Synchrony
PowerPay
0% dealer fees. Accepts new contractors. Long loan terms (up to 15 years). The easiest "yes."
At a Glance
Why PowerPay is Perfect for New Contractors
If you can't qualify for GreenSky yet, PowerPay is your best bet:
- No minimum years in business - Brand new? No problem.
- No revenue minimum - They don't care if you did $50k or $5M last year.
- 0% dealer fee on standard loans - You get paid in full. No percentage cut.
- Long terms (5, 10, 15 years) - Lower monthly payments = easier customer approvals.
- Quick enrollment - Sign up in minutes, start offering financing same day.
Real talk: If you're reading this and you're under 2 years in business or under $1M revenue, apply to PowerPay FIRST. Get financing capability now, then add GreenSky later when you qualify.
Step-by-Step: Applying to PowerPay
Step 1: Enroll Online (5 minutes)
- Go to PowerPay's contractor enrollment page: getpowerpay.com/contractor-financing
- Enter business name, EIN, address, phone
- Enter owner info (name, SSN, DOB for credit check)
- Link bank account for funding (via Plaid or manual routing/account)
Step 2: Instant Approval (Usually)
PowerPay's system auto-approves most contractors within minutes. You'll get an email with your dealer portal login.
Step 3: Set Up Portal
Log into PowerPay dealer portal, review loan plans (5-year, 10-year, 15-year options), and grab the customer application link.
Step 4: Offer Financing to Customers
- Send customer the PowerPay application link
- Customer fills out short form, gets instant pre-approval
- If approved, customer e-signs loan docs
- You complete the job, confirm completion via portal
- PowerPay sends you the money via ACH (1-3 days)
Pro Tip: PowerPay's 15-year term option creates VERY low monthly payments (like $100/mo on a $12k project). This helps close deals with customers on tight budgets.
Wisetack
Modern fintech lender. Flat 3.9% fee. Text link to customers, they apply on phone. Super fast.
At a Glance
How Wisetack Works
1. Sign Up (Digital-First Process)
Visit wisetack.com/merchants/home-services or apply through partner software (Housecall Pro, Jobber, ServiceTitan, etc.). Approved almost instantly. No paperwork.
2. Text Customer a Link
From your dashboard, generate a unique financing link. Text it to your customer right after giving them a quote.
3. Customer Applies on Phone (60 seconds)
Customer taps link, enters last 4 of SSN and income. Sees multiple loan options instantly (3-month, 6-month, 12-month, etc.)
4. Customer Picks a Plan
If they qualify for 0% (good credit), they might see that. Otherwise, they see interest-bearing options with APR based on credit.
5. Job Completion & Payment
Complete the work. Customer confirms job done in their app. Wisetack pays you via ACH within 1-3 days.
Why contractors love Wisetack: It's SO fast. Customer can be approved and pick a plan in under 2 minutes from their phone while you're still at the job site.
Wisetack Limitation: $15k Max
Wisetack caps most loans at $15,000. Great for HVAC replacements, minor remodels, repairs. Not ideal for $30k+ kitchen remodels. Use PowerPay or Enhancify for larger projects.
Sign Up for Wisetack
Enhancify
One application, 30+ lender offers. Annual subscription model (no per-loan fees). Covers $1k-$200k projects.
At a Glance
How Enhancify Works (Different Model)
Enhancify is NOT a lender. It's a loan marketplace you subscribe to.
1. Subscribe to a Plan ($1,149-$4,999/year)
- Self-Service: $1,149/year - DIY portal access
- Professional: $1,749/year - Dedicated support
- Concierge: $4,999/year - White-glove customer service
2. Customer Applies Once, Gets Multiple Offers
You send customer an Enhancify application link. They fill out ONE form. Enhancify shops it to 30+ lenders (LightStream, Upgrade, SoFi, Avant, etc.) and shows customer all offers side-by-side.
3. Customer Picks Best Offer
Customer sees rates from ~7.99% to 35.99% depending on credit. They pick the best one for them.
4. Lender Funds the Loan
Chosen lender sends money to customer's bank account in 1-3 days. Customer pays you from that.
5. You Earn Commission (Yes, Really)
Enhancify PAYS YOU up to $650 per funded loan (from their referral fees from lenders). This can offset your annual subscription.
Break-even math: If you fund 2-3 loans/year, the commissions cover your subscription. After that, you're making money on financing while paying $0 dealer fees.
Sign Up with Enhancify
Service Finance Company (SFC)
Part of Truist Bank. 50+ loan programs. FHA Title I loans. High approval rates. Popular with HVAC and OEM dealer networks.
At a Glance
Why SFC? 50+ Programs = Solution for Every Customer
SFC's strength is VARIETY. They have a loan program for almost every customer and scenario:
- Deferred interest plans (6, 12, 18 months no interest)
- No payment, no interest (true deferral for 3-6 months)
- Low APR buydown plans (2.99%, 4.99% for longer terms)
- Standard installment loans (fixed rates, 5-15 year terms)
- FHA Title I government loans (for customers who can't get unsecured)
Best for: Contractors who want ONE platform that covers prime AND subprime customers. SFC claims 90%+ approval by using multiple programs.
Apply to Service Finance (SFC)
Free to enroll. No charge. Available in all 50 states.
Email: enroll@svcfin.com
FTL Finance
HVAC specialist. 0% dealer fees on standard loans. No minimum credit score. Approves 80% of applicants. Perfect backup lender.
At a Glance
FTL Finance: The "Second-Look" Lender
FTL's niche: Approving customers other lenders decline.
How they do it:
- No minimum credit score - They review the whole credit profile, not just a number
- Manual underwriting - Humans review borderline apps, not just algorithms
- Higher APR for higher risk - Customer pays 16.99%+ if subprime, but they GET approved
- Co-signers allowed - Low credit? Add a co-borrower to strengthen app
Best strategy: Use FTL as your backup. Customer declined by GreenSky or PowerPay? Try FTL next.
Real example: Customer with 580 FICO needs $8k for new AC. GreenSky declines. PowerPay declines. FTL approves at 17.99% for 5 years. Customer gets AC, you get paid, everyone wins.
Get Started with FTL Finance
Quick enrollment. 0% dealer fees. Approve customers others reject.
Contractor Registration →Note: Have your contractor license and recent distributor invoices ready for upload
Platform Comparison at a Glance
| Platform | Min Years | Min Revenue | Dealer Fee | Customer Credit | Best For |
|---|---|---|---|---|---|
| GreenSky | 2+ years | ~$1M | 2-20% | 650+ | Established contractors, premium promos |
| Synchrony | None | None | 2-6% | 640+ | Retailers, smaller projects |
| PowerPay | 0 | $0 | 0% | 600+ | Startups, long-term loans |
| Wisetack | 0 | $0 | 3.9% | 540+ | Fast approvals, tech-savvy contractors |
| Enhancify | 0 | $0 | $1.1k-$5k/year | 550+ | Large projects, multiple lender access |
| SFC | 1+ | None | 0-15% | All | 50+ programs, prime to subprime |
| FTL Finance | 0 | $0 | 0% | No minimum | HVAC, subprime approvals |
Green highlight = 0% dealer fees
Pro Strategy: Use Multiple Platforms
The Smart Multi-Platform Approach
Most successful contractors don't use just ONE platform. They tier them to maximize approvals:
1 Tier 1: Prime Customers (700+ FICO)
Use: GreenSky or Synchrony
Offer 12-18 month 0% promos. These customers can afford to pay it off quickly. Your dealer fee gets recouped from higher close rates.
2 Tier 2: Near-Prime (600-699 FICO)
Use: PowerPay or Wisetack
0% or low dealer fees. Longer terms = lower monthly payments. You keep your margins, customer gets approved.
3 Tier 3: Subprime (<600 FICO)
Use: FTL Finance or SFC
Manual underwriting, consider full credit profile. Approve customers others reject. Yes, they pay higher APR, but they GET the AC/roof/etc. they need.
Recommended Starter Stack
If you're new to offering financing, start with these 3:
- PowerPay - 0% fees, accepts startups, covers most customers
- Wisetack - Fast approvals, good for field sales
- FTL Finance - Backup for tough approvals
Then add GreenSky when you hit 2 years + $1M revenue.
Need a Website That Passes Lender Requirements?
Most financing platforms check your website during approval. Make sure yours looks professional.
Questions about applying to any of these platforms?
Call (502) 240-9897