Financing: Difference Between Same-As-Cash and Home Improvement Loans?

Gutter Cover Kansas City has a variety of flexible financing options to meet your needs. (See the article: Gutter Cover KC Financing) The purpose of this article is to help you understand the difference between these options.

Depending on your preference, we can arrange a Home Improvement Loan with Arvest Bank or a Same-As-Cash Loan with Synchrony Bank. However, what’s the difference between these loans? How can you know which is financing option is best for you?


Option 1: Home Improvement Loan

A home improvement loan is generally a personal, unsecured loan from the bank. An unsecured loan simply means that you don’t have to give a collateral to obtain financing. Additionally, it has nothing to do with the amount of equity you have in your home. This loan is awarded based on your credit score, which makes it a great financing option for our homeowners with good or excellent credit.

Upon receiving a quote from one of our consultants, you will be provided with financing information. If you are interested in a Home Improvement Loan, we will arrange for Arvest Bank to call you to complete the application over the phone. Arvest Bank will let us know when you are approved and we will immediately be in contact to proceed. Oftentimes, this whole process takes only 24-48 hours!

Depending on the size of your loan, you will have options to pay it off between 12, 24, 36, 48, or 60 months. The amount of your payments will be based on the number of months you choose and a fixed interest rate determined by your credit score. Importantly, there is no penalty for early payoff or prepayment.

In summary, if you prefer to pay for your loan in small monthly payments over a long period of time then our Home Improvement Loan financing option could be an excellent choice for you!


Option 2: Same As Cash Loan

The term ‘same as cash’ refers to the period of time the customer can pay the amount in full without interest. If the loan is paid in full within this time frame, it’s just like paying with cash. Conversely, if it is not paid in full, then the interest is added to the loan. Very importantly then, to avoid paying interest, the loan needs to be paid off by the end of the ‘same as cash’ time period. This predetermined period of time is presently 18 months, regardless of the loan amount.

Typically, our consultants can perform this credit check during the consultation, using Synchrony Bank software. This process can be completed in a matter of minutes – A major benefit of this financing option!

Therefore, if you are very confident that you can pay off the loan amount within the agreed-upon time frame, then our Same As Cash Loan financing option could be an excellent choice for your home!