Home Improvement Loans – A Homeowner’s Guide

Whether you want to increase your home’s value, enhance its aesthetics, or improve its functionality and livability, home improvement projects are most likely in your future. According to an article from PR Newswire, 2 in 3 homeowners plan to make home improvements in the next six months to a year. Thinking about financing your next home improvement project but unsure where to start and how it works? Fortunately, Watercress Financial makes choosing a home improvement loan to finance your next project quite simple.

Applying for your Home Improvement Loan

The benefit of working with a contractor that offers Watercress Financial financing options is that they are trained and equipped to help you choose the best loan product for you and guide you through your online application. Our team makes instant credit approval decisions and uses an initial soft credit pull that has zero impact on your credit! Once a loan product has been selected, a loan agreement will be emailed instantly to you, which you can easily review and electronically sign. After a loan agreement is submitted, the Watercress Financial funding team receives, reviews, and approves it within 24 business hours!

Managing your Home Improvement Loan

There are a few convenient ways to set up automatic loan payments with Watercress Financial. You can either 1) provide your banking details on the section provided in your loan agreement, 2) set up over the phone, or 3) create an account through our online customer portal. Creating an account through our customer portal makes viewing billing statements, upcoming payments, and account balances easier than ever. Rather talk to our team on the phone? Our customer service team is committed to answering your questions between 8am-7pm (CST) M-F.

Home Improvement Loan FAQs

Watercress Financial understands that taking out a home improvement loan can raise many questions. Continue reading to get answers to our most frequently asked questions:

Is my monthly payment the same each month?

Your payment will be a fixed monthly installment payment throughout the life of your loan. Watercress Financial offers fixed rate loans, which means your interest rate will remain the same throughout the life of your loan.

How do delayed payment products work?

Our Standard installment product with first payment delay gives you a two- or three-month period where no payment is due. Interest does accrue from the date the loan is funded, but having the option to start your repayment schedule two or three months after installation can give you the opportunity to adjust your spending to accommodate this new monthly payment.

Can I pay off my loan early or pay more than the monthly payment amount?

Yes, loans may be paid in full early, or larger payments may be made anytime with no penalties.

Is my loan considered revolving or close-ended/installment?

When financing with Watercress Financial, you end up with a closed-ended/installment loan. This keeps your interest rate and payment amount consistent while you’re paying back the money you borrowed.

Can I apply for a loan directly with Watercress Financial and then shop around for a contractor?

No, our loan products are not available directly to consumers currently. The only way to use our product is to work with one of our authorized contractors.

If I’m approved for more than what I need for my project, can I approach another contractor and direct funds to them for the second project?

Watercress Financial project financing funds the contractor directly and can only be used at a contractor that is a member of our nationwide contractor network.

We continue to strive for transparency — we want you to feel confident in the loan you secured for your project. We know your home is one of your most valuable assets, and we ensure our practices and services reflect that.