Frequently Asked Questions
From Consumers
A: The advantage of a platform is that we have willing lenders ready to provide financing if you meet their criteria. While you bank is a great way to get financing, you will need to start the process over if they are unwilling to lend to you for your specific need.
A: The amount you can borrow depends on the use of the financing (product or service) and your credit profile. It is solely the discretion of the lender to decide how much to finance. However, you can help by selecting an accurate range for the amount of financing you are seeking on your application. Lenders on the platform go up to $15,000 at this time.
A: Terrace Finance Corp. only does a soft credit check and therefore we will not cause a hit to your credit report. However, each lender may pull credit and result in a hit. If you are declined by a lender and then are sent to another lender, that second company may also pull credit.
If you see this on your credit report, you can ask for adjustment with the credit bureaus if they are related to the same credit request.
A: We offer financing through the whole spectrum of credit scores for most products. We will route your application based on what you are requesting to finance (product or service), your credit profile and the lender?s specific criteria.
A: Each lender has specific terms to their financing offer. Most offer early payoff options. We encourage you to ask this question prior to accepting any financing offer.
A: Each lender has their own terms and conditions about payments. However, we encourage you to be proactive and honest about any delays in payments. You might be surprised at the accommodations a lender will make with you.