No. Credit for Comfort is a financing platform that lets contractors have access to multiple residential and commercial lenders.
To qualify for a Prime loan through our partner GreenSky, customers must be U.S. citizens, have a social security number, and have good to excellent FICO scores (640-800+).
To qualify for a Second Look loan through our partner Fortiva, your customers must be U.S. citizens, have a social security number, and have good to fair/poor credit (500-670 FICO scores).
Financing costs vary based on the financing plan you select. Our residential Prime and Second Look lenders both charge a merchant fee per plan offered. Additionally, our Prime lender charges a 2.1% flat fee for direct funding.
This depends on the lender.
- You can pre-qualify for GreenSky with a soft credit pull. Once you are ready to accept the loan, GreenSky will require a hard credit pull.
- When applying for Fortiva, a soft credit pull is required for pre-approval. Once your customer wants to move forward and accept the loan, a hard pull is required.
- Finally, even though eligibility for Ygrene is not based on FICO scores, Ygrene will do a hard pull on customers' credit to confirm certain underwriting criteria.
Once customers are approved for a loan through Credit for Comfort, they will receive an automatic notification stating that they've been approved and can move on to accept the loan. In the case of our Prime lender, customers will also receive an email link from GreenSky to activate their loan. Through this activation process, customers verify they have accepted the loan they applied for.
Credit for Comfort is designed with customers’ safety in mind. A qualified contractor approved to provide financing through at least one of our lending partners will text or email you the financing application you need to fill out. Once you submit the application, the system will automatically clear all information that has been temporarily stored in the browser.