By Georgina McCreadie on Friday 13 March 2015
Lending Club has partnered with HomeAdvisor, an online home improvement marketplace that can connect homeowners with pre-screened local home repair and improvement professionals.
Lending Club has signed an exclusive multi-year deal to be the partner of Home Advisor, providing access to loans for consumers seeking home improvement project financing through the HomeAdvisor website.
“In recent years there have been remarkably few options available for consumers to finance their home improvement or renovation project as the process for obtaining home equity lines of credit has become increasingly strenuous. We’re proud to partner with HomeAdvisor to make it easier and more cost efficient for consumers to improve their homes and lives.”
HomeAdvisor matches homeowners with pre-screened, local home improvement professionals from other HomeAdvisor customers. Lending Club’s marketplace will be integrated into the HomeAdvisor site. This will allow HomeAdvisor customers to get preapproved for project financing through the Lending club platform, with fixed monthly payments so no prepayment penalties, at interest rates starting at 3.99% (4.99% APR).
Adam Burrows, SVP of Corporate Strategy at HomeAdvisor, added:
“For 16 years, HomeAdvisor has been the leading online marketplace for homeowners to find pre-screened local home service professionals. The partnership with Lending Club is a valuable addition to our existing offerings and will enable homeowners to seamlessly get pre-approved loans to help them achieve their goals of home improvement.”
We have often discussed the benefits of Lending Club’s numerous partnerships. But the partnership with HomeAdvisor shows that the platform is now looking to target specific markets, such as the home improvement market, as opposed to previous partnerships that have been broader in scope, e.g. the partnership with small banks.