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Frequently Asked Questions
How do I apply to offer financing?
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.
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?
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.
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 lender has no merchant fees.
Is Credit for Comfort a financing company?
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.
Is there any training involved before I can use the platform?
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.
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 "Comfort Button" widget to your website if you want your customers to apply for financing through the Credit for Comfort platform.
What information will I need to fill out in application?
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?
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.
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.
Our commercial lending partner PEAC 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 lenders you qualify for, including our Prime, Second Look, and Commercial partners.
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.
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 are merchant fees that depend on the type of plan the customer qualifies for.
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 provided residential and commercial clean energy financing through its PACE (Property Assessed Clean Energy) program. Credit for Comfort partnered with Ygrene to offer contractors the ability to offer PACE assessments to their customers. Recently, Ygrene suspended operations of its PACE program.
Is Ygrene available through Credit for Comfort?
Ygrene is no longer available through the Credit for Comfort platform.
What was Ygrene's PACE program?
Ygrene offered a PACE (Property Assessed Clean Energy) assessment program that provided 100%, no money down PACE financing to property owners so they can make cost-effective energy efficiency, renewable energy, water conservation, safety, and storm protection improvements to residential, multifamily, commercial, and agricultural buildings. Eligibility was based on equity and the property owner’s ability to pay, among other factors. No minimum FICO score was required. Payments could be spread out up to 20 years and the property owner’s first annual payment was able to be deferred for up to one year or longer, subject to underwriting guidelines, approvals, and date of funding.
Why is Ygrene's PACE program no longer available through Credit for Comfort?
Ygrene recently suspended operations of its PACE assessment program, so it will no longer be available through Credit for Comfort.
What will happen to any PACE assessments already funded through Ygrene?
For any job that has already been funded, the assessment will continue as originally stated and have no effect on contractors who have offered it, nor on their customers.
What will happen to any PACE assessment not yet funded?
If a PACE assessment has not yet been funded, both the contractor and the property owner will need to seek an alternative financing solution.
What can contractors use instead of Ygrene to help customers fund their home improvements?
Credit for Comfort offers multiple financing and payment solutions for business and commercial home improvement projects you can use instead of Ygrene. These include:
- Residential Financing - Prime & 2nd Look lenders
- Commercial Financing
- Credit Card Processing
