Financing Terms

Homeowners can borrow from $2,500 up to a maximum of $20,000. Loan terms vary from three to ten years. No down payment is required, although the homeowner may provide an initial payment if they wish.

Interest rates are competitive. Rates currently range from 5.99% to 14.25%. Sponsoring utilities may "buy-down" the interest rate to offer a lower rate, or increase the rate to generate income. Rates are revised periodically based on market conditions and can change as frequently as weekly. Once locked in, however, rates remain fixed for the length of the loan.

EFS provides all up-front capital. Loans are unsecured consumer loans, not second mortgages. Prepayment of the loan, either in full or in part, is allowed at any time without penalty. There are no fees or charges for loan application or origination, no points at closing.