Loans to Pay Utility Bills

Have you considered installing solar panels, a wind turbine, HVAC system, or home geothermal heating and cooling system to reduce your energy output? Although they will pay off in the long run, the initial installation costs of energy efficient systems can be a financial burden to some homeowners. In order to afford this extra expense, some homeowners seek installment loans to help pay for these utility upgrades.

Choosing a Loan Type

How do installment loans differ from other types of loans? With installment loans, you borrow a specific dollar amount from a lender that is later paid back, plus interest, in a series of monthly payments. Repayment terms such as duration and amount paid per month depends on how large the loan amount is. Similarly, frequency of payment and the percentage of interest can fluctuate depending on the lender and your financial situation. Personal installment loans may be used for any kind of expense, so they can be used as loans for utility upgrades or loan funds can be used toward paying utility bills.

Borrowing from Western Shamrock

For individuals seeking loans to cover the cost of utility upgrades, Western Shamrock offers both secured and unsecured installment loans. We make lending decisions based upon a variety of considerations, including a borrower’s available collateral, annual income, and credit history.

Installation costs for new residential heating or cooling systems can range from the hundreds to well over $1,000. The type of system and prominence of its usage in your area will ultimately determine how large of a financial strain it might place. For example, installing solar panels may be a more attractive option in states where federal rebates are offered. Nevertheless, installment loans can help finance your utility expenses and set you on the path for a more energy efficient lifestyle.

Additional Information

At Western Shamrock, we offer customer service options that are as diverse as our loans. In order to better serve our customers and their specialized loan needs, we maintain multiple walk-in branch locations nationwide in addition to phone and online services. Our representatives evaluate your eligibility based on more than your credit score; we assess an applicant’s total debt-to-income ratio. Individuals can receive a follow up from one of our representatives as soon as half an hour after an application is submitted. Contact us to find out how Western Shamrock can help you afford your home energy and utility upgrades.