Plunk announces breakthrough loan program specifically for home improvement
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An industry first with Plunk’s home renovation loan, homeowners can borrow up to 75% of the future value of their home
BELLEVUE, Wash. – (BUSINESS WIRE) – Financing home improvement supplies just got easier and cheaper. Plunk, the first mobile app to use AI and machine learning to help homeowners make smarter decisions about their biggest and most important investment, today announced its new home renovation loan, designed specifically to fund major renovations has been.
This press release contains multimedia. View the full version here: https://www.businesswire.com/news/home/20210720005272/en/
The home renovation loan would save a homeowner looking to upgrade their kitchen between $ 200 and over $ 1,000 a month – and potentially add value to their home at the same time. (Photo: Business Wire)
Plunk’s Home Improvement Loan Offers Home Owners:
Greater borrowing power – up to 75% of projected home value after renovation
A significantly cheaper tariff1 than credit cards, retail cards and unsecured personal loans
The fastest and easiest loan process – completely digital, no paperwork and no evaluation required
Funding in 10 days or less
Plunk is offering homeowners this new loan program in partnership with Portage Bank, a financial institution best known for its trusted history of community lending. The partnership comes at a time when the average age of home in the US is 46 and the housing market is struggling to keep up with demand. The number of newly built houses has been halved since the last decade, so that many houses are long overdue for modernization.
“Our aim is to empower homeowners – first with accurate and trustworthy advice and now with access to better financial products,” said Plunk co-founder and president David Bluhm. “Our home renovation loan is based entirely on Plunk’s advanced analytics. It saves homeowners time, stress, and money; that is pure rocket fuel for do-it-yourselfers. ”
For example, a homeowner looking to upgrade their kitchen with a $ 50,000 renovation project would save from $ 200 to over $ 1,0001 per month – and potentially value at the same time – compared to using a personal loan or credit card increase his house considerably.
“Helping homeowners transform their current home into their dream home is a new initiative that we are very excited about and that is ingrained in our DNA,” said Matthew F. Moran, President and CEO of Portage Bank. “We have a track record of more than a century in delivering personal banking products that help our customers build their future without worry.”
The Home Renovation Loan is now available in the greater Seattle area. To learn more or to apply for a loan, visit https://go.getplunk.com/remodel.
Plunk is the first mobile app to use AI and machine learning to help you make the best financial decisions and add value to your home. Get real-time, data-driven insights and personalized recommendations on the best ways to improve your home, project after project. Plunk also offers a new home renovation loan that makes financing large remodeling projects easier, faster, and smarter. Further information can be found at https://www.getplunk.com/.
Via Portage Bank
Portage Bank is a trusted community lender with great customer service. At Portage you have direct access to decision-makers who put you and your needs through algorithms and guidelines. Portage uses new technologies and innovations to make your banking experience easier, more efficient and more personal. More information is available at www.portage.bank.
1 – Compare the payment amounts for Plunk’s home renovation loan at a 5% fixed rate on a $ 50,000 loan that has been amortized over 25 years to the average credit card rate of 18.24% (and up to 32% per WalletHub, May 2021) or the average personal loan rate at 11.84% per bank rate (July 2021).