Benji Financing, offered by Finance of America Home Improvement, provides retail installment contracts and unsecured loans for home improvement projects such as installing solar panels, artificial turf, roofing, windows, and more. Its main firm, Renovate America, declared bankruptcy under Chapter 11 in 2021.
Benefits of Benji Financing
No Home Equity Needed: Benji financing is unique in that it does not take your home equity into account when calculating your eligibility. This implies that you won’t have to worry about your property’s equity to finance a variety of home improvements.
Quick Funding: Benji Financing provides quick approvals, frequently granting funds the same day you apply. and also you can choose something from a variety of terms and payment options,like delayed payments, interest-free installment plans, and fixed or variable interest rates. payments.
Minimal Dealer Fees: Contractors that provide Benji finance to homes are charged very little. Customers will benefit financially from this since contractors would be able to charge reasonably for their services.
Drawbacks of Benji Financing
High Interest Rates: Benji financing may have higher interest rates than some other home improvement loans, depending on your credit score and payment schedule. and If you choose a no-interest or deferred payment plan,so your rate may increase after the promotional term expires.
Restricted Availability: Benji funding is only available to contractors who have registered as participating members of Finance of America Home Improvement. Your ability to employ Benji finance for your selected contractor or project may be constrained by this limited availability.
Bankruptcy Risk: In 2021, Finance of America Home Improvement’s parent firm, Renovate America, filed for Chapter 11 bankruptcy. Concerns on the durability and dependability of Benji financing in the future are raised by this filing.
How to Apply for Benji Financing
- Project Planning: To begin, carefully describe the type of project you plan to do around your house and determine how much money it will cost. To obtain an accurate estimate of costs, use advanced internet resources or consult with a licensed contractor.
- Contractor Selection: Find a reliable contractor with experience in funding benji projects, then request a detailed project quote from them. The Finance of America Home Improvement website has an extensive list of approved contractors that is easily accessible. As a backup plan, you might depend on reliable recommendations from your contacts.
- Online Benji Application: Use the user-friendly Benji site to start the Benji financing application as soon as you and your selected contractor have agreed upon the details of your project. and also make sure you have everything you need to provide basic financial and personal information, like your entire legal name, residence address, specific details about your salary, and extensive credit report paperwork . and more, prepare to sign a retail installment contract or a legally enforceable financing arrangement with your selected contractor.
- Fund Distribution and Project Start-Up: After your application is approved, Finance of America Home Improvement will transfer the funds to your account without any problems. As a result, you will be prepared to pay the contractor and officially start your big project.
Without utilizing your equity in your house, Benji Financing offers a simple and adaptable option to finance your renovation work. but there are some disadvantages, like exorbitant interest rates, restricted availability, and the possibility of bankruptcy. so, thoroughly weigh the benefits and drawbacks before considering Benji Finance. Before sharing your blog, remember to conduct your own research and fact-check.