Fortiva is our Second look residential lender, but what does that mean? Second Look financing is more forgiving of lower credit scores and offers a payment alternative with longer terms and lower payments than other lender options.
Second Look in Detail:
What sort of Credit Score does Fortiva consider? Credit Scores within the range of 550 - 640 have the best chances for approval.
What are Fortiva’s approval limits? Limits can be as low as $5,000, and up to $15,000.
What is the benefit of having Fortiva connected in Credit For Comfort? With Fortiva, Credit For Comfort offers Waterfall Functionality, that means that if our Prime lender, GreenSky, declines your customer due to a low credit score, it will waterfall down into Fortiva, where they will have a higher chance of approval.
When using Fortiva, there are a few things you should keep in mind…
All Fortiva plans have a 9.90% Merchant fee. This is the standard Merchant fee for all revolving lines of credit, regardless of Credit Line Category. However, 6.5% merchant fee is also possible in All Credit Line Categories if applicant has a near prime credit score.
Fortiva has two categories of plans that are divided by the approved loan amount. Category 1 is for approved loan amounts from 10-15k, while Category 2 is for approved loan amounts of 5-10k. Each Category has two plans, one with a 12-month deferred interest offer and one without. For a more detailed look, you can find our Rate Sheet below.
Once your customer has been approved and has an offer available, they will have 30 days to accept before the offer expires. Upon accepting the offer, all funding will be handled through Fortiva’s portal, which you would have received via Fortiva’s training.
Calculating your Customer’s Estimated Monthly Payments
Every plan with Fortiva has minimum required monthly payments. Your customer’s Estimated Payment Factor will vary depending on which category of plans your customer is approved for.
If a customer qualified for and chose a plan with a credit limit of $10,000 and their transaction was for the full $10,000, their estimated payment factor would be roughly 3% of the initial transaction amount or $300, not including any late fees.
You can calculate this using the following formula:
(Total loan amount) x (Estimated Payment Factor) = Estimated Monthly payment
Ex. (10000)x(0.03)= 300
If you're having trouble with Fortiva, specifically on their end of the transaction or application process, you can reach them through the following: