Learn more about Chowder

Chowder is the easy to use lease-purchase program that helps contractors grow their
business while providing consumers critical household systems quickly.

Customer FAQs

Will the application process impact my credit?

Applying for a lease with Chowder should not impact your credit score; however, we do look at credit bureau reports, and this inquiry may appear on your credit report

How long does my approval last?

30 days, after 15 days we may freshen the bank verification we initially used to approve you.

Can I use my approval through any contractor?

Yes, contractors may offer you the Chowder lease-purchase product for your household system or you may take your approval and use it to pay for the purchase and installation of this equipment through any licensed contractor you choose.

How much can I get approved for by Chowder?

You can be approved for leasable equipment valued at $300 to $12,000.

How do I apply with Chowder?
  • Complete an application.
  • If approved, go shopping for your household system.
  • Sign your lease and make the initial payment.
  • Get your item installed or delivered.
What do I need to be eligible to apply?
  • Be 18 years or older
  • Own a home
  • An active and positive bank account history
  • A monthly income
Do you charge an application fee?

Nope! It’s free to apply.

Contractor/Distributor FAQs

If I have questions about the program who do I speak with?

Just give our Contractor Success team a call at 833-550-0505 or eMail us at contractor@chowderfinancial.com

What types of products does Chowder lease?
  • Water Heaters
  • Water Treatment / Filtration Systems
  • Outdoor Storage Units
  • HVAC
  • And more!
What are the requirements to be a Chowder partner and offer the lease-purchase program?

You must have a valid, current and active license for the household systems you install – register here in just minutes.

Once I become a Chowder partner, how soon can I start submitting customer applications?

You can instantly start submitting customer applications once you have registered as a Chowder partner.

How soon will my account be funded?

Your account will be funded in as little as 24 hours after the customer’s product is installed.

How much can my customers be approved for through Chowder?

Customers may be approved from $300 to $12,000.

How does the process work?

It’s easy, as a contractor you register, your customer applies, you install then get funded quickly. Learn more about the process on our site and through our contractor portal after you register.

How do I become a Chowder partner?

Register here to offer Chowder and grow your business in just a few minutes. It costs you nothing so get started today!

General FAQs

Program options

What types of items can be leased through chowder?

    • Water Heaters
    • Water Treatment / Filtration systems
    • Outdoor Storage Units
    • HVAC

Our lease-purchase options

The Chowder lease-purchase program is a true lease-purchase where the consumer makes a periodic lease payment and at the end of the term owns the household system they leased. In certain states this product is considered either a lease-purchase, a consumer rental-purchase agreement, or a lease agreement with an option to purchase. It is not a loan, credit or financing. While no credit history is required, Chowder obtains information from consumer reporting agencies in connection with your lease application.

The first, or initial periodic payment is required at lease signing. All remaining lease payments will be determined by the cash price of the leased item and the frequency of payments. You will not own the leased product or acquire ownership rights unless you make all your payments or exercise an early purchase option.

Who is chowder?

Chowder is a financial technology company providing unique lease-purchase solutions to homeowners through an easy-to-use, point-of-sale focused technology platform for the contractor. Chowder helps contractors grow their business by providing consumers with a quick and easy lease-purchase option with flexible payments they can use to pay for critical household systems.

Bad credit – no problem
What is the difference between a “soft” and “hard” pull on my consumer report?

A “soft” pull of your consumer report is an option available from the national consumer reporting agencies (TransUnion, Experian, and Equifax). On a “soft” pull an inquiry is only visible to you personally, and only if you request a copy of the consumer report from one of the national consumer reporting agencies. This is important because other users of your consumer report may consider inquiries as a negative factor in creating a credit score or in making a decision based on your consumer report. Secondary consumer reporting agencies do not provide this same “soft” pull option, and our review of your consumer report from these agencies may be shown as an inquiry. However, these inquiries should not negatively impact your consumer report or credit score at the national consumer reporting agencies.

Does Chowder report to any credit bureaus?

No. We do not currently report to credit bureaus. Chowder provides a lease-purchase program, not credit.

Does Chowder receive my credit score?

Chowder does use secondary reporting agencies we do not currently use any of the national consumer reporting agencies (TransUnion, Experian, and Equifax). Therefore, we do not receive your FICO score.

What do we mean by “bad credit – no problem”?

This means that you don’t need to have any consumer credit report history or a good credit score in order to be approved for a lease. We mean it when we say, “Bad Credit – No Problem” At Chowder we believe that you’re more than a score so we look at multiple data points in order to make a final decision, and we regularly approve customers who have little or no consumer report history or credit score.

Payment questions
How do I make payments?

Chowder will withdraw via ACH from the bank account you provided in your application the periodic payment that fits your need as specified in your contract. You can also make extra payments online through our customer portal, on our website, or by calling us using a credit or debit card or bank account.

When will my payments be deducted/how much will my payments be?

Your renewal payments are based on the value of the product you select and the cost of lease services. Once you pick out the product, we will create a lease agreement based on the value of the leasable items. You can review your renewal payment amounts and frequency prior to signing the lease agreement.

The due dates of your renewal payments are based on the pay dates you enter on your application. After you make your first renewal payment, you’re able to change your payment frequency if needed.

What is a renewal payment?

A renewal payment is the periodic payment you make that signifies that you agree to renew the lease/rental for another period. The renewal payment is the same periodic payment throughout the life of the lease.

What is the initial payment?

This is your first lease renewal payment and will be applied to your total lease amount.

Lease-purchase agreement
What if my equipment is damaged or defective, lost or stolen or I received the wrong equipment?

For all these circumstances, please contact our Customer Service team at 833-550-0505.

Can I return the property?

Yes. If you’d like to return the property, please give our Customer Service Department a call 833-550-0505 and we will work with you to find the best option.

Who owns the equipment I am leasing?

After your product has been installed and you sign the lease agreement, Chowder purchases the product from the contractor. Chowder owns the product, and you’ll make lease payments for it until you obtain ownership or terminate the lease.

Who do I contact if I have a question about my lease?

Just contact us at 833-550-0505.

What is the cash price of the equipment?

The total cost of the equipment purchased from the contractor including installation, delivery and other fees.

What is the Early Purchase Option (EPO)?

You have the right to purchase the equipment at any time during the lease term. Your EPO price is 75% of the remaining lease payments. The EPO price does not include other charges such as late fees which must be paid in full before ownership transfers to you. You do not obtain any ownership rights until you have paid for the equipment in full or through fully exercising an EPO.

Where can I access a copy of my rental/lease purchase agreement?

We will email you a copy of your agreement after you sign it. If you need another copy, just contact us at 833-550-0505 and we’ll be happy to provide it.

How is my total lease amount calculated?

Your total lease amount is calculated based on the cash price of the equipment and the cost of the lease services. Please keep in mind that most states require sales tax to be paid on rental payments, meaning sales tax will be applied to all payments.

How is leasing different from a credit transaction?

A Chowder lease is not credit. With a credit transaction, financing or a loan, you make a purchase with borrowed money that must be repaid, often with interest. With a Chowder Lease, we purchase the product you select from the Contractor. Then, you sign an agreement to lease that product from Chowder. Chowder owns the product, but you can take ownership after making all required lease payments or through an early purchase option. While there is a cost associated with Chowder’s leasing services, we don’t charge interest – it’s just that simple.

Can I cancel my agreement?

You may cancel your lease at any time, without penalty. First, please contact our Customer Service Department at 833-550-0505. We will send you an email with instructions on how to complete the cancellation and return the property.