Lafayette Federal has been meeting the financing needs of our members and partners since 1935. We offer a wide variety of financing options to meet almost any borrowers’ needs. We are a federally insured credit union and can lend to borrowers located anywhere in the United States. We offer financing programs for multiple home improvement projects to include basements, basement systems, kitchens, bathrooms, windows/siding and sunrooms just to name a few. We currently work with partners that offer home improvement services in MD, DC, VA, WV, PA, DE, NY, NJ, CT, MA, RI, VT, NH and FL. Lafayette Federal helps contractors grow by giving them the ability to offer financing to their customers as well as the easy to use technology they need to streamline the finance process. This means more sales and more growth for your business.
Offering financing gives your customers more options to pay for their dream project. By offering financing, you can custom tailor a loan plan that best meets the needs of your customers. This allows you to make almost any project affordable for your customer allowing you to sign more contracts.
By giving your customers payment plan options, they can focus more on the project they want completed knowing they will be able to afford it and not have to drain their savings accounts. This increases their buying power and increases your odds of making a sale.
Customers are very price and payment focused when it comes to making major purchases. By utilizing Lafayette Federal’s financing program, you are increasing your customer’s buyer power and allowing them to focus on your service rather than your price.
Lafayette Federal offers a variety of plans including term loans, lines of credit and credit card offerings. These options also include deferred interest and payment options, low interest rates and fixed payment amounts.
Yes, our programs allow you to offer some of the most competitive program terms and interest rates in the market.
Yes, as a preferred partner, you will have access to a merchant portal and a customer application portal. Both portals allow for information and documentation to be transferred electronically between the customer, you and us. Loan documents can be signed electronically and you will be able to manage all transactions within your merchant portal.
Lafayette Federal offers a merchant portal where you will be able to manage all finance application, obtain up to date loan statuses, send and receive web messages and the ability to upload documentation. Once the project is completed, you will receive your payment immediately upon the loan funding. Funds are available via ACH direct deposit or wire to an account of your choosing. As a preferred partner, you will also have the opportunity to establish a business account with Lafayette Federal and take advantage of a wide variety of business services offered by the credit union.
Funds are available via ACH or wire the same day that the loan funds for your customer. If you have a business account with Lafayette Federal, your funds are deposited directly into your account immediately when the loan is funded and are available for immediate use.
The loan documents are sent electronically to the borrower. Once completed, they are electronically returned to Lafayette Federal. No involvement is needed from you throughout this process.
As a preferred partner, you will have access to a merchant portal to manage all finance application as well as a customer application that can be linked directly to your website. Your sales people can have your customers complete the finance application on a computer, laptop or IPad at the same time as completing the project contract.
Lafayette Federal offers streamlined documentation requirements. When available, income can be verified electronically with the authorization PIN from your customers. You just need to obtain a copy of your customers valid photo id which can be uploaded either by the customer with the application or to your portal by you. In situations where further documentation is required, we will work directly with your customer or with you to obtain the needed documents.
Yes and by doing so your customer will then be eligible to take full advantage of all of the products and services offered by Lafayette Federal. The process of becoming a member and opening an account is incorporated into the loan process and adds just a few additional documents to the loan package. It’s quick and easy and makes the financing options you have available for your customers even more attractive.
Our financing programs are available to home improvement contractors who offer services for borrowers anywhere in the United States.
To become a preferred partner, please complete and submit the merchant application.
No, there is no cost to you as the contractor to join the Lafayette Federal Contractor Financing Program and offer your customers Lafayette Federal financing.