The future of financing

By Emma Peterson.

Learn how Leap’s Universal Credit Application is changing the game of roof financing.

Purchasing a roof is often one of the biggest investments a homeowner will ever make in their house, and financing is often the route to make it accessible and feasible. The financing process, while crucial, has always been a tedious and slow process for both the contractor and the client. But Leap is aiming to change this with their Universal Credit Application! In this episode of Roofing Road Trips®, Craig Jones, Leap’s head of financial technology, stopped by to talk to Karen Edwards about how this application simplifies the lending process for all parties.  

The Universal Credit Application is a part of Leap’s larger financial technology workflow. Craig explained, “Leap's innovation offers a lot of different key benefits as contractors. First and foremost, it helps them close more deals. It provides a seamless and efficient, unified workflow that helps them sell more projects and it has that consistency. It provides consistent outcomes with a lot of transparency and convenience.”  

The Universal Credit Application is a specific feature that gives contractors the ability to work with multiple lenders that Leap partners with to offer their clients more options depending on what they are looking for. Craig gave some examples of what these options could include, sharing, “It makes it so you can meet the unique needs of your customers. And those needs could be diverse. It could be customers that want a promotional credit line, so it's 0% for 12 months. It could be that they want a lower APR or low payment. It could also mean that they have good credit or poor credit.” And again, it is a universal application, which means it gets filled out once and that’s it!  

This is a drastic shift from the traditional methods, in which a contractor would give a homeowner their pitch and then have to go find a lender that matches the homeowner’s needs. Craig explained, “If I wanted a homeowner to have two or three lender options, I'd have to go to two or three portals, complete two or three full-credit apps, which are pretty lengthy. And it is a financial transaction, it's an unsecured loan, so they do need a lot of data, but you'd have to go out and do that three different times to get the same results of filling out one application, which can be pre-populated from some of the data using our program.” By using Leap’s Universal Credit Application, contractors can save a large amount of time and ensure that their clients are getting the right financing pathway for their needs!

Read the transcript or Listen to the episode for more about Leap’s Universal Credit Application!