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Frequently Asked Questions
How do I apply to offer financing?
You will need to fill out a digital application from our sign-up page. Once your complete it, we will send your application to the lenders you qualify for. You will receive emails from the lender partner and the Credit for Comfort team once you've been approved by one or more lenders.
What is a Prime loan?
Prime loans provide financing for any type of home improvement job to borrowers who have good to excellent credit (640-800+ FICO score). Customers who do not fall into this credit range can use a Second Look financing option.
What is a Second Look loan?
Second Look loans let contractors offer financing plans to consumers looking to finance a home improvement job who have good to poor credit (500-670 FICO score). Customers who do not qualify for a Prime loan can apply for a Second Look plan.
What is a PACE loan?
A PACE (Property Assessed Clean Energy) loan enables low-cost, long-term financing for a variety of energy efficiency, renewable energy, water conservation, storm protection, and seismic improvements for homeowners. PACE financing is repaid as a special assessment/tax on the property’s regular property tax bill and can be used for improvements on commercial and residential properties. The special tax/assessment is secured by a continuing lien on the property.
What is a Commercial loan?
Commercial loans enable contractors to offer financing to businesses, big and small (including restaurants, medical offices, retail shops, and non-profits) for commercial jobs.
What can customers finance through each of the lenders?
- Residential customers can finance any home improvement product and service with our Prime and Second Look lender partners.
- Commercial business owners can finance any product and service related to a commercial job (including crane rental, duct work, and installation) through our commercial lender.
Are there any costs for offering financing?
It depends on the lender. Our Prime and SecondLook lenders both have merchant fees. Our commercial and PACE lenders have no merchant fees.
Is Credit for Comfort a financing company?
No. Credit for Comfort isn’t a bank or a lender, it’s a platform that brings together multiple financing partners that contractors can access to win more jobs.
Does using the Credit for Comfort platform cost me money?
Using the Credit for Comfort platform is free. However, each residential financing partner has merchant fees based on the financing plan, while our commercial lender has no fees.
Is there any training involved before I can use the platform?
Yes. You will have to schedule and complete an onboarding call with our Credit for Comfort Success team. Plus, schedule and complete mandatory training with each finance partner that's approved you.
Can I have multiple users on my Credit for Comfort account?
Yes. After your account with Credit for Comfort is set up, you can add multiple team members.
Can I have a link on my website so customers can apply for financing directly?
Yes, you can add the Credit for Comfort "Comfort Button" to your website.
What information do I need to provide when applying for a loan?
You'll need to provide general details about your business, such as DBA name & number of employees, primary contact email, etc. When you are ready, this is where you can sign up.
How long does the application process take for each lending partner?
The length varies depending on the lender and whether they request more information.
Typically, our Prime residential lender will review and process applications within 3-5 days.
Our SecondLook lender can have an approval decision within 24-48 hours.
Our commercial lender can process an application in as little as 2-4 business hours.
*Please note that these timeframes for application decisions may all change when any of these three lenders require further information.
Does the finance partner I apply with need to pull my credit score in order to enroll? If so, is it a hard or soft pull?
To enroll as a contractor with our prime lender GreenSky®, only in cases of a sole proprietorship will a hard credit pull be required.
Our Second look lender Fortiva posts a promotional inquiry (soft-pull) at a business credit bureau as part of its merchant underwriting.
When applying for Ygrene, our PACE option, compliance will check your business credit and it will show as a hard pull.
Our commercial lending partner Marlin/PACE typically looks for a credit score in the range of 620 or higher.
Can I apply to all Credit for Comfort lender partners?
Yes, your application is automatically sent to all the lending partners you qualify for, including Prime, Second Look, and Commercial partners.
Can I have a link on my website so customers can apply for financing directly?
Yes, you can add the Comfort Button to your website, and have your customers click on it to apply for financing.
What is GreenSky?
Greensky® LLC is a third-party service provider and program administrator to federally insured, federal and state-chartered banks that provide consumer loans under the GreenSky programs. GreenSky helps businesses grow by giving them the ability to offer credit to their customers. GreenSky works with bank partners to provide program loans to customers in merchant, provider, and retailer networks nationwide. The Greensky programs serve customers ranging from the world’s largest and most demanding businesses to small and medium businesses and consumers nationwide.
How does GreenSky lend money?
GreenSky provides loans by supporting federally insured, federal and state-chartered financial institutions. They are not a bank but a technology platform credit-provider.
What are the requirements to offer financing through GreenSky?
You must have been in business for at least 1 year.
What is the maximum loan amount a customer can secure through GreenSky?
The credit limit offered through GreenSky is $65,000.
Can I have a link on my website so customers can apply for financing directly?
Yes, you can use Credit for Comfort's Comfort button to add a link to your website. With this button, your customers can apply for any GreenSky plan available through our platform.
How do I get a rate sheet from GreenSky? And how do I know which rates to select?
After you book and complete your onboarding call with our Customer Success team, they'll email you the rate sheet. Furthermore, during your onboarding call, our team will go over the rate sheet and recommend the best customer plans you can offer.
How do I get paid through GreenSky?
When you enroll in GreenSky, you're automatically set up for Direct Funding and will typically receive your funds to your account within 24-48 hours after you complete the job. You can also opt-out of Direct Funding and use a credit card processing payment instead if you prefer.
Can I use my existing GreenSky account?
No. In order to transact on the Credit for Comfort platform, you must reapply under our sponsor number. Once you complete your application, our team will issue you a new Merchant ID.
What is Fortiva Retail Credit?
Fortiva Retail Credit’s Second Look financing option offers a payment alternative with longer terms and lower payments than tertiary lending options (depending on industry) to customers whose FICO scores fall between 500-670. This makes Fortiva the ideal option contractors can offer to customers who are not approved and/or qualify for a Prime loan.
What are the requirements to offer financing through Fortiva?
Fortiva requires you to have been in business for at least 2 years and for your business to have made a minimum of $1 million in annual sales. You must also be a US citizen and have a valid social security number.
Why is the Fortiva Retail Credit program good for homeowners?
Nearly 50% of all home improvement projects over $5,000 require financing. The Fortiva program allows for a wider range of customers to secure funds by granting approval to people with FICO scores below 500. This typically allows 25-50% more homeowners to qualify for financing who would not get approved through a traditional prime-lender bank.
What is the cost of offering Fortiva's Second Look Financing?
There is a competitive credit risk-fee per transaction due to approving customers with less creditworthiness that prime lenders would not approve.
How do I get a rate sheet from Fortiva?
During your onboarding call, our Customer Success team will walk over how the Fortiva rate sheet works, and once you complete it, they will email you Fortiva's rate sheet.
How do I get paid through Fortiva?
Your funds will be sent to your account through ACH Deposit and show up in your account within 1-2 business days.
What is Ygrene?
Ygrene’s award-winning PACE program provides 100%, no money down PACE financing to help property owners make cost-effective energy efficiency, renewable energy, water conservation, safety and storm protection improvements to residential, multifamily, commercial and agricultural buildings. Eligibility is based on equity and the property owner’s ability to pay, among other factors. No minimum FICO score is required. Payments can be spread out up to 20 years and the property owner’s first annual payment may be deferred for up to one year or longer, subject to underwriting guidelines, approvals and date of funding.
What are the benefits of Ygrene financing for property owners?
As a competitive alternative to credit based financing, Ygrene offers some unique benefits that appeal to property owners:
- No minimum FICO score required
- Up to 20 year terms = lowest effective monthly payments
- No payments for up to a year or more
- 100% financing and no money down
For PACE, is there any lien or equity put on my home?
PACE financing is repaid as a special assessment/tax on the property’s regular property tax bill and can be used for improvements on commercial and residential properties. The special tax/assessment is secured by a continuing lien on the property.
Does the PACE assessment transfer to the new owner if the property is sold?
If you sell your property, the PACE payment may transfer to the new owner.
Keep in mind that property taxes are legally transferrable when you sell or refinance your property. However, most mortgage lenders require full repayment, or payoff, of any remaining special tax/assessment upon sale or refinance.
If you’re considering selling or refinancing anytime soon, check with your lender first.
How do I get paid through Ygrene?
You will get paid through wire transfer once all funding conditions are received, including the property owner’s sign off.
What is Marlin/PEAC?
Marlin Capital Solutions, acquired by PEAC, is a publicly traded (NASDAQ: MRLN) equipment finance company that specializes in small business lending, with an entire team dedicated to commercial HVAC financing solutions.
How much does it cost me to offer Marlin/PEAC financing?
Contractors currently do not pay a fee to offer commercial financing to their customers.
How do I get paid?
Depending on the payment plan that you’re approved for at the time of application, you can get 100% payment upfront, 50% advance payment or payment in full upon delivery and installation. All payments are typically made within 24 hours of agreement execution and/or installation via ACH.
What are the requirements to be eligible to offer financing through Marlin/PEAC?
To be able to offer commercial loans through Marlin/PEAC, you must have been in business for 2 years or more.
How long does it take Marlin/PEAC to process a contractor application?
Approval decisions can be instant but are typically made between 2-4 business hours.
What happens once I’m approved to offer financing with Marlin/PEAC?
You will schedule and complete an onboarding with the Credit for Comfort team, who will walk you through the rate sheet and how to access Commercial financing from our Platform. Additionally, you will be contacted by a member of the Marlin/PEAC team to schedule a short, required training.
