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Here is a list of frequently asked questions about Loanglide financing for SMUD contractors and their customers.
What is LoanGlide?
LoanGlide is a point of service financing solution. We work with SMUD contractors to offer Sustainable Home Improvement Loans to their consumers. We have flexible affordable loan plans to meet different needs.
How much does it cost to use LoanGlide?
Nothing. LoanGlide is free for consumers.
What can I use LoanGlide for?
LoanGlide provides financing for a variety of home improvement projects. You can use it for sustainable home improvement projects as well as any other upgrades for your home.
Will my credit score be affected when I check my interest rate?
No. Checking your interest rate does not affect your credit score.
How is my privacy protected?
LoanGlide Privacy Policy can be found here.
Why do I have to provide my Social Security Number?
Social Security Number is used to perform soft credit check. A soft credit check does not affect your credit score. Should you decide to proceed with a loan offer, a hard credit inquiry will be performed after you sign a loan agreement with our banking partner. Hard Inquiry may affect your credit score and can be viewed by third parties.
What documents will I need to provide?
We do not ask for any documents for most of our loan applications. In certain cases, the loan may need to be reviewed based on our credit bureau report and we may need relevant documents to process the application like bank statements, paystubs or property verification documents (for sustainable home improvement projects)
When will I find out if I have pre-qualified?
Immediately after completing the application. For most of the customers, it takes less than 2 minutes to pre-qualify.
What happens after I get pre-qualified?
Once you are pre-qualified, you will be presented with several loan offers with varying terms and interest rates. After selecting the offer that best fits your needs, our support team will perform a verification of your loan application. Once we have all the information needed to approve your loan, all applicants and owners of the property will receive final loan documents via Docusign for e-signature. Once signed, the loan is approved and you can proceed with getting the project completed by your contractor. After completion, you will authorize the release of funds to your contractor and you will receive instructions on paying back the loan to Five Star Bank.
How long are my pre-qualified rates good for?
Your pre-qualified rates are good for 15 days from the date you were pre-approved. However, our lenders reserve the right to change or withdraw prequalified rates at any time.
Why did I not get pre-qualified?
Our lender partner, Five Star Bank, assesses loan eligibility based on their underwriting criteria and eligibility requirements. There could be varying reasons why one may not get pre-qualified. We will email you a copy of your NOAA (Notice of Adverse Action) which will explain the reasons in detail.
When do I know my loan is approved?
Once our support team has performed verification of your loan application, and all applicants and owners of the property have e-signed the loan documents via Docusign, then your loan is approved. You will receive an email and a text notifying you of the approval of your loan.
Who is my lender?
All Sustainable Home Improvement Loans are originated by Five Star Bank of California.
What if I don’t use all of my loan?
You only have to pay for the amount that you borrowed (funded loan) regardless of what you were approved for.
Can I apply for multiple loans?
Yes. You can apply for multiple loans with LoanGlide. However for security reasons, we only allow one loan application per day.
Can I pay for a portion of the charge myself and use LoanGlide for the remainder?
Yes. Just apply for the amount you need after paying your portion directly to the contractor, and once approved, you decide how much of the approved loan amount to authorize being released to the contractor.
What if I need a loan but I have a credit freeze?
If you have a credit freeze on your file, you will need to call the TransUnion credit bureau at 888-909-8872 to remove the freeze so we can process your application.
Is my loan tax deductible?
We cannot provide you with tax advice. In general, however, LoanGlide loans are personal loans and are not mortgages that qualify for a home mortgage tax deduction.
What is my loan purchase window?
Your loan is valid to be used only within the loan purchase window, which is 120 or 180 days from e-signature and loan approval. Your loan purchase window will be mentioned in your loan agreement. If you have not used your loan within the purchase window, you will need to apply for a new loan if you still plan to get the service done using LoanGlide financing.
Are there any fees or penalties for paying early?
You will never be charged any fees or penalties for paying early.
What do I do if I suspect fraud on my account?
Please call our Support Team by either phone or email to report fraud. Phone: 1-888-856-2645 Email: support@loanglide.com
What if I have a problem with my loan application?
For any issues with the loan application, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: support@loanglide.com
What if I need a refund?
Please work with your contractor to request a refund.
What kind of terms are offered?
We offer flexible loan plans from 36 to 180 months, starting at 4.99% APR. All loan plans are subject to credit approval. For more information, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: support@loanglide.com
What is LoanGlide?
LoanGlide is a point of service financing platform. SMUD has contracted with Five Star Bank to offer loans to help their residential customers finance energy efficiency upgrades like converting from gas-to-electric appliances and equipment as well as improvements like windows and weatherization using the LoanGlide platform.
Why should I use LoanGlide?
With LoanGlide’s financing options, you can offer homeowners an affordable way to pay for energy efficient upgrades with multiple convenient payment options. Offering LoanGlide financing helps close more jobs and grow your business.
What does LoanGlide cost me?
You pay a small fee for every loan that is funded for your customer. Five Star Bank offers various loan options through LoanGlide to meet the needs of you and your customers. For more information, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: support@loanglide.com
How do I get started?
You can sign up for an account here and the LoanGlide Contractor Enrollment team will contact you to complete next steps and training. Once all steps are complete, you will be able to offer LoanGlide to all your customers.
How do my customers use LoanGlide?
Invite your customer to get pre-qualified and apply with LoanGlide by using the Invite link in your contractor portal. Customers will receive a text/email with a unique link to start their application. Once they are approved, you will be notified and can continue with your service. After service has been completed and the borrower has authorized your payment request, your payment will be disbursed in your account in 1-3 business days. Your customers will pay the loan to Five Star Bank, who initiated their loan, based on the Loan Agreement.
How do I get paid?
When you create your LoanGlide account, you will be asked to provide your banking information so that your funds can be deposited directly into your bank account. After service is complete, seven days has elapsed since the loan origination date, and the borrower has authorized your payment request, your funds will be disbursed to your bank account in 1-3 business days.
How long does it take for my customer to apply?
It takes less than 2 minutes for your customers to get pre-approved and see their rates! Applying for financing through LoanGlide is easy, convenient and can be made on any hand-held device so you can spend less time explaining financing and more time focusing on your service.
What are your interest rates like?
We offer variable loan plans from 36 to 180 months with rates starting at 4.99%APR. All loan plans are subject to credit approval. For more information, please contact our Support team by either phone or email. Phone: 1-888-856-2645 Email: support@loanglide.com
Can I get accounts for my team members?
Absolutely! You can invite all your team members to use LoanGlide and offer financing. You will also be able to review loans for each of your team members from your Business Owner account.
What if a Payment Authorization text or email is not received?
For any issues with payment authorization text or email, please contact our Support Team by either phone or email. Phone: 1-888-856-2645 Email: support@loanglide.com
What if I need to refund a consumer?
Not a problem! For funds that need to be refunded before you have received payment, let us know the amount and we will remove that amount from the consumer’s account with us. For funds that you have already received payment for, initiate a refund request by contacting our Support Team. The payment will be deducted from your Bank Account and we will send the refund amount back to the customer using their preferred payment method. You can contact our Support team by either phone or email. Phone: 1-888-856-2645 Email: support@loanglide.com