Frequently Asked Questions

1. What are the credit requirements of the Program? If I have a limited credit history, can I still qualify for this loan?
Each participating lender establishes its own underwriting guidelines to determine if the borrower is an acceptable credit risk. If you have a specific question with regard to credit, we recommend you contact the lender directly.

2. Can I walk into any branch of a participating lender to make application? What documentation must I bring with me at the time of application?
To start the application process, please visit the following links to find a participating branch of Citizens Bank, PNC Bank or TD Bank. Note: Not all branches of a particular lender accept PHIL applications. To begin the application process, first contact the lender of your choice. The lender will tell you what documentation you should bring to the bank and any other special requirements. Each lender sets its own terms and conditions - Payday loans PA.

3. Will there be an appraisal of the home completed as part of the application process?
No. An appraisal of the home is not required.

4. If the term of my loan is for 20 years and I pay the loan off early, will I be penalized?
No. There is no prepayment penalty associated with this loan.

5. Can I purchase furniture with the proceeds of the loan?
No. In general, in order to be eligible, the improvement must become part of the real estate as opposed to personal property. For a list of eligible and ineligible improvement, click on the Eligible Improvements section

6. Can I borrow more than the amount needed to perform the home improvement? For example, can I receive a loan in the amount of $25,000 of which $10,000 will be used to remodel my kitchen and $15,000 will be used to consolidate debt?
No. The proceeds of the loan must be used strictly for home improvement.