LendKey Announces 450% Growth in Home Improvement Loans as Homeowners Renovate and Invest in Everyday Luxury Shopping

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NEW YORK–(LendKey, a company looking to simplify lending, today announced a triple-digit increase in applications for its home lending program. Under the program, targeting the rapidly growing home furnishings market, loan applications increased 450% in 2021 over the previous year.

LendKey attributes this growth to a strong channel of demand from proven individual contractors, franchises and key strategic partnerships. The company’s home loan program, in partnership with public lenders, provides creditworthy homeowners with low-cost borrowing options, processing more than tens of millions of applications every month.

At the beginning of the year, LendKey increased the number of approved loans in the first quarter by 226% and the number of closed loans by 189% compared to the same period in 2020. Growth continued in the second quarter, when April was the highest month for applications since the program launched in 2017. May then surpassed April’s all-time highs and posted a 260% increase over May 2020. June is expected to continue the same strong trajectory with early data indicating that this month will receive the highest dollar-denominated payout in the program’s history.

“Home improvement spending has skyrocketed across the country and LendKey is helping community capital providers meet that demand with cheaper loans that enable homeowners to pursue their remodeling projects,” said Vince Passione, CEO and founder of LendKey. “This is the story of the American Dream, where local lenders are committed to helping homeowners invest in their homes and communities, and we are proud to be part of this renaissance through our innovative loan servicing platform and partnerships with local banks and credit unions.”

Driven by the hyper-competitive housing market and changing cultural priorities, homeowners were more motivated to improve their home through everyday luxury purchases rather than investing in new properties. Above-ground pools, large outdoor entertainment centers, heating, ventilation and air conditioning systems, and kitchen remodeling top LendKey’s home improvement loans as Americans pledge to renew their current surroundings.

“As more employees are projected to work from home indefinitely, people are choosing to invest at home in projects to maximize the utility and enjoyment of their current environment and the value of their homes,” continued Vince Passione. “Changing consumer attitudes towards their homes will continue to drive demand for home improvement loans for the foreseeable future.”

To find out more and stay updated on LendKey’s developments, visit lendkey.com

About LendKey

LendKey provides the impeccable technology, service and support that financial institutions need to build a strong digital lending presence and build lifelong relationships with their partners and customers. Lenders optimize their offerings by leveraging LendKey demand generation mechanisms, online decision and disbursement mechanisms, loan servicing, compliance expertise and custom balance sheet options. Founded in 2009, LendKey currently serves over $ 2 billion in loans on behalf of hundreds of credit unions and banks that have collectively disbursed over $ 4 billion in education and home improvement loans. Visit lendkey.com for more information.

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