Acorn Finance

Acorn Finance: financing for home improvement contractors

Acorn Finance is a financing platform designed for contractors in the home improvement sector. Its proposition focuses on enabling professionals to offer their customers deferred payment options without incurring costs: there are no setup fees, no monthly fees, and no commissions on the contractor's part. The service is paid for through partner lenders when a loan is finalized.

How the service works

The contractor signs up for free and gets a personalized financing link that can be shared with customers via text message, email, or QR code. Customers access a comparison of pre-qualified offers from more than 20 lenders, with the particularity that checking does not affect their credit score. Once the customer chooses an offer and receives the funds, the contractor can begin the work.

The platform also offers a mobile app for iOS and Android that allows sending applications, estimating monthly payments, and tracking customer financing in real time from the job site itself.

Loan terms

Acorn Finance's catalog indicates that financeable amounts range from $1,000 to $100,000, with terms from 2 to 20 years. Financing can be completed in as little as 24 hours in some cases, and contractors can receive payment directly from the customer within 1 to 2 business days after approval. Pre-qualification can be done in less than a minute with no impact on credit score; final approval usually occurs the same day.

Types of financeable projects

The platform covers a wide variety of home improvement projects, including:

• Heating, ventilation, and air conditioning (HVAC)
• Roofing
• Solar installations
• Windows and doors
• Bathroom remodeling
• Kitchen remodeling
• Plumbing
• Electrical
• Siding and gutters
• Flooring

According to the company's information, any legitimate home service or improvement project can be financeable.

Requirements and sign-up process

Acorn Finance works with licensed contractors in good standing. During the onboarding process, the business's credentials are verified. Sign-up is done through an online form and, according to the company, the contractor can be operational within 24 hours. The platform offers live assistance during onboarding, marketing materials, and customer support to integrate financing into the sales process.

Borrower profile

The platform accepts applications from both customers with good credit histories and those with low scores. According to published information, scores below 580 are generally considered bad credit, although each lender evaluates applications independently. Checking offers does not harm the score; a hard inquiry is only performed when the customer decides to proceed with a specific lender.

Lender network and ratings

Acorn Finance works with a network of more than 20 lenders, among which Hearth, Enhancify, and Synchrony are mentioned. The company states that more than 25,000 contractors use its services. On Trustpilot, customers give a rating of 4.7 out of 5 based on 1,332 reviews, and the platform shows a rating of 4.3 stars out of 5 with more than 1,200 reviews.

Resources for contractors

Acorn Finance's website includes a blog with articles aimed at home improvement professionals, covering topics such as attracting high-net-worth clients, specializing in home modifications for seniors, or the value of renovations oriented toward resale. The company also publishes testimonials from contractors in sectors such as HVAC, windows and doors, and roofing, who highlight the increase in average project size and improved competitiveness.