Credit Key
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FAQ

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How does the application process work?

Credit Key’s application process is simple and does not affect your personal credit. Applications are online through any of our partner merchants. You provide details about yourself and your business. Most customers are approved in seconds.

Are there any setup charges or ongoing fees?

No, Credit Key does not change any setup fees. If you choose to go beyond 30 days, you can be approved as low as 1% per month.

Will my application impact my FICO/credit score?

Applying for Credit Key is a “soft inquiry.” This does not impact your FICO®/credit score.

Am I eligible for Credit Key?

To be eligible for Credit Key credit, you will need to:

+ Be an individual applying under your own name
+ Owner/Signatory of business in application
+ Be a U.S. citizen or resident, of minimum signing age in your state of residence
+ Have a FICO®/credit score of 600 or above
+ Have a total annual business income of $40,000 or more
+ Provide your Social Security Number 
+ Have a nominated bank account or debit card for repayments.

Credit Key is not available at this time for individuals who are not owners/signatories of a sole proprietorship, company, partnership, corporation, or institutions.

How do I apply and how long will the application process take?

Applications are made right on our Apply Now page, or through our partner merchant sites. The application typically only takes a few minutes. Most applicants are approved in seconds through our secure process.

What is my credit limit?

Credit Key offers limits up to $50,000. Once you've qualified, you can use Credit Key for all of your business purchases, up to your maximum. You only pay for the credit you use, and the first 30 days is always free.

Credit Key is a responsible credit provider so exactly how much you are able to borrow will depend on a number of factors that we assess including your gross annual revenue, credit history, and your ability to repay. The maximum outstanding balance you can have with Credit Key at any one time is $50,000. This may be spread across multiple purchases.

How many repayments will I need to make?

Payments can be approved to extend up to 12 months. Routine, monthly repayments will occur until the balance is paid off.  Once you've qualified, you can use Credit Key for all of your business purchases, up to your maximum. You only pay for the credit you use, and only beyond 30 days.

How are repayments made?

Your repayments will be made through your bank account. You will be given instructions to setup your bank on your CreditKey.com dashboard upon your application being approved. An automatic bill payment will be issued and scheduled to transfer the funds on a predetermined date to pay a recurring bill. Automatic bill payments are routine payments, until the balance is paid off.

What can I buy?

We are able to process most business expenses with the exception of invoices for the following expenses:

+ Payments to existing lending/financing companies (other lines of credit, business rent/mortgage, etc.)
+ Open financing bills (credit cards, business loans, etc.)
+ Subscription services
+ Payments for payroll or independent contractors
+ Illegal products or services
+ Personal use or payments to related entities

We are able to finance any business purchases that you are making to a vendor for equipment, products or consumables. If you need to make a business purchase for a merchant not already partnered with Credit Key, please submit a Credit Key Anywhere request.

Can I buy more than one item?

Yes, you can use Credit Key to buy multiple items at any time, as long as you are within your Credit Key trade credit limit.

I froze my personal credit. Will this affect my application process?

Yes, if your personal credit is currently frozen, we are unable to move forward with your Credit Key application at that time.
Here is what you will need to do:

1) Please call Equifax: (800) 349-9960
2) Ask Equifax to unfreeze your personal credit (temporarily, if you wish).
3) Call us at Credit Key: 1-844-334-3636 -or- Email us: support@creditkey.com
4) Let us know your credit is now unfrozen.

We will review your application at that time.

How can I increase my credit limit?

We’re able to see if you qualify for this increased line of credit so you can place your order but we need a bit of information from you (required by our banking partner, First Electronic Bank).

If you can provide us with the below, we’ll be able to review and see if you qualify for the increase:

+ Additional amount you are requesting ($5k more, $10k more, etc)
+ Business operating bank statements for the most recent 3 months

Please email your bank statements to support@creditkey.com

Once received, please allow 1-2 business days for our team to review for an enhancement.

Can I pay off my Credit Key loan early?

Absolutely. You are able to pay off your Credit Key loan at any time, with no fees or penalties for early repayment.

How do I get a refund?

How do I get a refund?
If you would like to request a refund, please reach out to your merchant directly to have them authorize the refund on your order.  They can let you know if a return is possible and how much the refund will be, according to their own return policy. Once the refund has been processed with the merchant, please have their team email support@creditkey.com directly with a credit memo or confirmation of the total amount of the refund. Once we receive a notice of a refund from your merchant, we will apply the refund to your loan. Credit Key follows the merchant’s refund policy. Credit Key will not issue a refund on a loan without written authorization or a credit memo directly from the merchant partner.

*For Credit Key Anywhere Orders: If your refund has been approved by your Credit Key Anywhere merchant, the merchant must reimburse Credit Key with a bank transfer or by check for the refund prior to refunding the loan. If your merchant authorizes Credit Key to pull back the funds via bank transfer, please allow 2-3 business days to receive the funds. Once the funds are received, the refund will be applied to your loan.

*For Virtual Card Orders: Please have your merchant refund your virtual card directly, then reach out to support@creditkey.com to notify Credit Key. Virtual card refunds may take 1-2 business days to be reflected on the card. Once the refund is confirmed, the amount of the returned funds will be applied to your loan.

How do refunds get applied?
The way the refund is applied to your loan will depend on if you received a full or a partial refund.

If you received a full refund, Credit Key will cancel the loan and no further payments will be taken.
If you received a partial refund, the partial refund amount will be applied to your loan as a repayment. The repayment may cover your upcoming payment(s) or reduce the amount of your upcoming payment depending on the refund amount. To check on an updated payment schedule, please log in here: www.creditkey.com/app.

How will my payments be refunded?
If your loan was refunded in full and there have been payments made on the loan, Credit Key will refund the payments minus any interest paid back to your connected bank account within 7-10 business days. If your partial refund is greater than your balance owed on the loan, Credit Key will refund the difference minus any interest paid back to your connected bank account in 7-10 business days.

Do I still have to make payments?
Yes, please continue to make any monthly payments that are due until your merchant authorizes the refund on your order to avoid any penalties and to keep your account in good standing. Refunds take time. It is not uncommon for a merchant to take weeks to process a return so please be patient. We will update your loan as soon as the merchant finalizes the return on their side and notifies Credit Key.