Who is offering the financing?
Joist has partnered with Acorn Finance, a marketplace of lenders that connects customers to lenders, to explore fast, easy, home improvement loan options.
Will offering Joist Homeowner Financing impact my credit score?
Absolutely not. The client will deal directly with the lending company, and their financing offers will be presented based on their own credit score and financial standing.
What loan sizes are offered?
Personal Loans are available from $1,000 to $100,000.
What is the loan interest rate and term length?
Interest rates and terms depend completely on the client’s profile, loan dollar amount, and term. Loans are available with competitive APRs and Terms.
How long does it take for the loan to be issued?
Loan approvals can be made within minutes. Once a client is approved for a loan, they should expect to receive the funding within 1-2 business days.
Are we the contractor liable for the client's financing decision or actions?
No. The financing agreement is between the client and the lender. You are not liable or responsible in the case that client cannot repay the loan, and there will be no impact to your credit score.
What happens if a client defaults on their loan
If a client defaults on their loan, this would not affect you. Assuming you have already been paid for your work by the client, the money you have been paid will remain yours.
Will we be able to see if the client was approved or declined when they apply for financing?
Lending decisions are made completely between the client and the lender. To ensure we protect the privacy and security of your clients, information about client loan approvals is kept confidential.
Will we know which company approves the loan and when the client receives the funds?
Your client will be directed to any one of our supported lending partners based on the job size and location. The specific partner they are referred will be kept confidential to protect their privacy and security.
What will my client see when they click the financing button on the estimate or invoice?
Your client will be directed to one of our partner’s websites, where they can check their rates within minutes. If pre-approved, they will have the opportunity to formally apply for a loan online.
Can the client do something different with the funds and not proceed with the home improvement process?
Yes. The client can spend the funds any way they want to as if they received a loan from a bank or a family member. The loan itself is between the client and the lender, and is unrelated to your company's existing estimates, invoices and terms of service - you should be receiving estimate approvals and invoice payments as you normally do, as if the client had the cash up front.
The product has been built this way to keep things as simple and cost effective as possible for contractors.
Can I still accept credit card payments
Absolutely! Homeowner financing and credit card payments are two independent features designed to help ensure you win more jobs and get paid more reliably. You don’t have to choose one over the other.
What countries or states have access to the Homeowner Financing option?
Currently, Homeowner Financing is not available outside of the USA, or in the following US states: MA, NV; and the following US territories: AS, FM, GU, MH, MP, PW, PR, VI.
Acorn is available in 43 States, plus DC, and Acorn is working on adding support for all states. You can see their most up to date coverage map here: https://www.acornfinance.com/acorn-finance-coverage