Below are some commonly-asked questions and their answers for existing and potential Credit for Comfort clients. You can browse through the topics below to find answers to your related questions.
You will need to fill out a digital application available 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.
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.
A Second Look option lets 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.
Commercial loans enable contractors to offer financing to businesses, big and small (including restaurants, medical offices, retail shops, and non-profits) for commercial jobs.
It depends on the lender:
Credit for Comfort isn’t a bank or a lender. It is a platform that brings together multiple financing partners that contractors can use to offer their customers more ways to pay for their home improvement jobs.
You will have to schedule and complete an onboarding call with our Credit for Comfort Success team. Plus, schedule and complete the required training of each finance partner that has approved you.
Yes, after your account with Credit for Comfort is set up, you can add multiple team members.
Yes, you can add the “Comfort Button” widget to your website if you want your customers to apply for financing through the Credit for Comfort platform.
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.
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 if any of these lenders require further information.
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. Our commercial lending partner PEAC typically looks for a credit score in the range of 620 or higher.
Yes, your application is automatically sent to all the lenders you qualify for, including our Prime, Second Look, and Commercial partners.
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.
GreenSky provides loans by supporting federally insured, federal and state-chartered financial institutions. They are not a bank but a technology platform credit-provider.
You must have been in business for at least 1 year.
The credit limit offered through GreenSky is $65,000.
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.
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.
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.
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.
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.
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.
There are merchant fees that depend on the type of plan the customer qualifies for.
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.
Your funds will be sent to your account through ACH Deposit and show up in your account within 1-2 business days.
Clearent is a fast, secure, and reliable credit card payments processor integrated into the Credit for Comfort platform.
It helps contractors to process credit card payments easily by sending their customers an EasyLink.
Contractors pay a 2.99% flat fee plus a $.30 per transaction fee.
No. Contractors can process credit payments easily by sending their customers a secure payment link (our very own EasyLink) to their text or email they can fill out in minutes.
To apply for credit card processing, you need to sign up with Credit for Comfort. Once you are approved by one of our lenders, we’ll create an account you’ll use to access the platform. From there, you can easily go to Credit for Comfort’s Integration Hub and fill out Clearent’s application.
Login to the Credit for Comfort platform, go to the Integrations Hub, and fill out the Clearent application.
Yes. Federal law requires that anyone offering credit card processing must complete a PCI compliance training once per year.
PCI training involves a simple, multiple-choice questionnaire that walks you through federal rules regarding credit card processing. You complete your training once you complete your questionnaire.
You have 25 days from the day you are approved to process credit card payments to complete your PCI training.
You will be charged a $34.95 monthly penalty fee that will repeat every billing cycle until you complete your PCI questionnaire.
Up to 72 hours.
Contractors currently do not pay a fee to offer commercial financing to their customers through PEAC solutions.
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.
To be able to offer commercial loans through PEAC Solutions, you must have been in business for 2 years or more.
Approval decisions can be instant but are typically made between 2-4 business hours.
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 PEAC team to schedule a short, required training.