We’re thrilled to announce that we’ve partnered with SweetPay, a leading consumer lending platform. SweetPay is a fast and simple way to finance your flooring project, offering loans from $2,000 all the way up to $100,000!

For full information on our partnership with SweetPay, check out the FlooringStores Financing page. 

Now, you might be wondering: which financing method is best for you and your project? Cash, credit card, all the different types of loans—there are a lot of options out there, and none of them are perfect.

That’s why below, we’re taking a quick look at each one and breaking down how they compare to financing your flooring project with SweetPay! 

What is SweetPay?

SweetPay offers something called unsecured personal loans. In short, that means you (the borrower) don’t need to offer anything as collateral—unsecured loans are approved based on your creditworthiness!

One of the big advantages: because it doesn’t require any collateral, applying for and receiving an unsecured personal loan is usually quick and convenient. And with SweetPay, applications take just a few minutes.

Now, let’s get into the other financing options you have when renovating your home.

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Cash Payment

Cash is the most obvious option when it comes to financing your renovation project—do you have the cash on hand? Great, no loans or credit needed!

Cash vs. SweetPay

The main advantage of using cash on your renovation project is obvious—with cash, you don’t have to take on any additional debt. But you might not always have several thousand extra dollars just sitting in your bank account (and if you do, kudos!).

With SweetPay, you can qualify for a loan in no time. So if you don’t have the cash on hand, there’s no need to go to the bank or wait for approval!

Credit Card Payment 

Credit cards: magic rectangles that we all need to have. But did you know you can also use your credit card for large projects? It’s true!

Credit Card vs. SweetPay

When you pay with a credit card, you don’t need to go through any loan approval process. As long as you have a credit card, you’re good to go. Take it out of your wallet, swipe—done!

But unlike many loans from SweetPay’s lender network, credit card payments are subject to compound interest—that is to say, the longer it takes you to pay it off, the more interest you’ll owe. If you choose to finance your renovation project with SweetPay, that’s something you don’t need to worry about. 

And for larger renovation projects, it might be difficult to keep the budget under your card’s allowed line of credit. Credit cards can be a great financing option, but use them wisely!

Contractor Financing

Contractor financing is exactly what it sounds like—some contractors will actually work with you directly to set up a payment plan on your renovation project. No third-party lender needed!

Contractor Financing vs. SweetPay

Obviously, working directly with a contractor is a big advantage on its own. But some contractors make it even more worthwhile, with 0% interest on financing your project (provided you pay off the amount within a certain period).

However: a big disadvantage of contractor financing vs. SweetPay’s lender network is that, because contractors often work with a specific lender, there’s only one loan option. That means you don’t get to “shop around” with different lenders to get the best deal.

In short, it can be a good option, but it’s totally dependent on the contractor you work with—you don’t have much control in a contractor financing situation. 

So if the contractor you work with doesn’t offer a favorable interest rate (or doesn’t offer contractor financing at all), you’re out of luck. But with SweetPay, you can get a great financing deal no matter what contractor you work with!

Home Equity Loan or Line of Credit (HELOC)

Unlike SweetPays unsecured loans, a HELOC involves using the equity that you have in your home as collateral. For this reason, HELOCs are usually only used for large projects of around $75,000 or more.

HELOC vs. SweetPay

Because the amount of money loaned in a HELOC is typically quite high, you’ll often receive a lower interest rate than the other financing options available to you. And on top of that, HELOCs will almost always offer longer loan periods due to the size of the loan.

However, to qualify for a HELOC, you must have at least 20% equity in your home—that means new homeowners might not be able to qualify. Not to mention, a HELOC takes around 90 days to be approved and completed, much longer than the SweetPay application process. 

With these disadvantages in mind, it’s best to only use a HELOC for large renovation projects.


That just about covers all of the options you have when it comes to financing your home renovation project. To check your financing options, head to the FlooringStores Financing page to check your loan options.

And if you’re ready to start shopping for floors, check out a flooring store near you and find your perfect flooring today. For instance if you are in Kentucky, you could reach out to any local flooring store and use financing in your area.

If you want to sign up for financing, please reach out to our flooring software partners.

That’s all from us today—good luck on your floor buying journey!

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March 17, 2022

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