Since Enhancify is not a direct lender but partners with various lenders, it's hard to give all the specific requirements as they vary from lender to lender. However, we can give some general requirements needed to be able to qualify for a loan through Enhancify.
Here are general requirements for consumers to be able to qualify for a loan:
- The minimum credit score should be at least 550
- Applicants should have long credit histories showing on-time payments toward credit cards and other debt
- Applicants should have steady income or cash flow that can support monthly loan payments
- Debt-to-income ratio should be not higher than 40% on average
While personal loan requirements are quite similar across lenders, some may have higher approval standards. For example, some lenders may require a high credit score, while others lend to borrowers with fair or even bad credit.
Luckily, Enhancify offers prequalification that does not affect applicants' credit score. When applicants pre-qualify, they can see offers they might get approved for and choose the best option to continue the application.
Enhancify is a technology company that was started in 2018 out of the need to have a better way of delivering home improvement financing options. Today, more than 4,000 contractors and small businesses use Enhancify platform to offer financing to their clients. Enhancify provides a user interface designed specifically for contractors to track fundings and manage their sales.
Enhancify is not a direct lender. They have assembled a network of 30+ lenders, including Upgrade, OneMain Financial, LightStream, PenFed and others. Customers can access offers by filling out a single Enhancify financing application.
Here is how the financing process works for the contractor and the customer:
- The contractor provides a link to their customer
- The customer fills out one simple application
- The customer receives and reviews prequalified personal loan offers from different lenders in the Enhancify network. No hard pull is performed at this step, so credit scores are not impacted
- The customer chooses the lender they would like to move forward with and continues the application with the chosen lender. Lender performs a hard pull to finalize the application process
- Upon approval, the loan is funded to the customer's bank account within a couple of business days
- The contractor receives email notification of the customer's funding. Plus, this funding will be reflected in contractor's account at Enhancify.
When the customer is approved for a loan, they will know the final amounts, rates, and terms. In addition to personal loans, contractors may choose to offer financing in the form of credit cards with 0% intro APRs (annual percentage rate) and/or HELOC offers.
Here is Enhancify financing at a glance:
- Loan amounts: up to $200,000
- Interest rates: as low as 7.99%
- Repayment terms: up to 12 years
- Credit scores: as low as 550
Contractors can see the customer financing journey in the Enhancify account, which can be viewed both on a desktop and a mobile device. Contractors can track their customer's progress throughout the loan application process and view all important information in their Enhancify dashboard.
Enhancify's pricing model at a glance:
- Self-service plan: $1,149 annually. Best for small companies looking for a flexible customer financing option.
- Professional growth plan: $1,749 annually. Best for small or medium companies looking for a flexible customer financing option plus personalized approach.
- Concierge plan: $4,999 annually. Best for medium and big companies looking for a flexible customer financing option plus a personal funding specialist.
Enhancify may look like any other tech company that offers customer financing to contractors. However, there is one important thing that helps Enhancify to stand out in the sea of competitors - commissions. Enhancify pays commissions for every loan funded through Enhancify. They've already paid over $1,000,000 in commissions to their contractors in total, and this number is constantly growing.
The opportunity to earn commissions means contractors can offset their service fee. Earning commissions with Enhancify is easy: contractor offers financing to the clients, clients apply and receive funds, the contractor receives a commission for the funded client. The more contractor's clients get funded through Enhancify, the more commissions the contractor earns.
