Leap Unveils Universal Credit Application: A New Era for Contractor Financing

Leap unveils the Universal Credit Application on Leap SalesPro, revolutionizing contractor financing and paving the way for faster sales and increased customer satisfaction. As one of the first in-home sales tools to bring this capability to market, Leap enables contractors to offer homeowners seamless and efficient financing options that enhance the overall customer experience.

The Universal Credit Application modernizes the outdated financing process where contractors previously had to complete separate applications for each lender, often leading to rejected loans and wasted time due to the tedious re-entry of information. This fragmented process not only created delays but also led to lost sales, as homeowners became frustrated with the complexity and repetition of applications.

With the Universal Credit Application, contractors now fill out one single form for multiple lenders, eliminating the need for redundant data entry and reducing the chances of errors. By streamlining the process and improving loan approval rates, it reduces friction in the financing funnel, allowing contractors to close deals faster, enhance customer satisfaction, and ultimately increase sales.

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Why Leap Built the Universal Credit Application

Contractors who do not offer financing solutions risk losing business to competitors who do. By simplifying the financing process, Leap helps contractors take advantage of significant benefits, including a 18% increase in close rates and a 30% boost in job size. Recognizing the challenges contractors face, we are committed to making financing easier and more accessible.

What Leap is Solving

• Lost Sales: Immediate financing solutions help contractors seize business opportunities and avoid missed sales.
• Wasted Time: Automating the application process reduces errors and minimizes the time spent on multiple submissions.
• Complex Process: Simplifying the search for optimal financing options alleviates the stress of comparing different lenders.
• Unhappy Homeowners: Tailoring financing solutions efficiently boosts customer satisfaction and increases repeat business.
• Project Delays: Quick access to credit decisions ensures timely project execution and funding.

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Contractors Leveraging the Universal Credit Application Can Expect:

• Higher Approval Rates: Access multiple lending options to secure more approved loans.
• Simplified Process: Manage everything from applications to approvals and payments within one integrated platform – Leap SalesPro.
• Seamless Integration: Submit a single application to Leap’s network of 11 lenders without duplicate entry, covering prime, alt-prime, and subprime loans.
• Proactive Management: Gain control over dealer fees and loan programs to optimize profitability.
• Rapid Payments: Increase close rates and receive commissions and payments faster.
• Best Rates: Utilize our partnerships to access the most competitive rates available in the market.

Craig Jones, Head of FinTech at Leap, stated, “The Universal Credit Application represents a significant advancement for contractors. By streamlining the financing process, contractors can now provide immediate financing options to homeowners, resulting in increased sales and heightened customer satisfaction.”

Leap is committed to advocating for our dealers, negotiating lower fees on the contractor’s behalf, and improving approval rates. With LeapPay, we offer a comprehensive FinTech-managed service, providing seamless payment and financing solutions within a unified workflow. This integrated approach simplifies the financing landscape for contractors, enhancing operational efficiency, and maximizing profitability.