Buy Now, Pay Later - Credit Key Frequently Asked Questions

  • Updated
Follow

What is Credit Key?

Credit Key is not a lease or financed loan, but a line of credit for businesses that allows them the flexibility to purchase parts as needed. You can qualify for up to a $50,000 line of credit, to use and pay as needed over a 12-month term. With Credit Key, you can get pre-approved for a certain amount before you order.

What does my business need to be eligible for a line of credit from Credit Key?

To be eligible for a line of credit from Credit Key, you will need to:

  • Have a FICO®/credit score of 600 or above
  • Have a total gross annual business revenue of $40,000 or more
  • Have a registered business in the USA

In addition to the above requirements...

  • If you are applying on behalf of the owner of your business, you will need to request permission of the owner in order to submit your application*
  • Be a U.S. citizen or resident, of minimum signing age in your state of residence
  • You must provide your personal Social Security number and business EIN (tax ID) number on the application
  • Have a nominated business bank account with ACH set up for repayments.

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

How can I pre-qualify for Credit Key?

There are several ways to pre-qualify for Credit Key to see if your business is eligible. You can pre-qualify by: 

  • Visiting the Application Page
  • Going to your payment methods on your Account Settings Page
  • Clicking the "Pre-Qualify" button in the upper left of an open quote
  • Selecting the "Buy Now, Pay Later for Business" payment method during checkout

Demonstration Video on Pre-Qualifying for Credit Key:


 

How do I place an order using Credit Key?

Credit Key is conveniently built into our checkout page as a payment method. Simply select the "Buy Now, Pay Later for Business" payment option and place the order. Before your order goes through, a pop-up window will appear prompting you to enter the mobile phone number associated with your account. From there you can follow the prompts, choose your loan terms from the selection, and finish placing the order after confirming your details. If you have not applied for Credit Key prior to this, follow the prompts that appear to complete the pre-qualification process first.

 

Demonstration Video on Checking Out Using Credit Key:


 

Does applying for Credit Key affect my credit?

There is no impact on your credit to apply with Credit Key. There is only a soft inquiry on your personal credit, and the minimum requirement is a FICO score of 600. 

  • Credit Key's underwriting factors in other requirements from your personal credit report (ie. past bankruptcies, etc). 

  • Credit Key is a business account, however, personal credit is checked as there is a personal guarantee on each order loan.

  • Your approved trade credit limit will be valid for at least 6 months. Credit Key is a responsible lender, and credit refreshes are due on the account every 6 months at the time an order is placed. 

  • Your terms may be impacted positively or negatively after a credit refresh.

Is Credit Key available for individuals and non-business owners?

Our "Buy Now, Pay Later" option enabled by Credit Key is only available for businesses that meet the eligibility criteria. It is unfortunately not available for individuals at this time.

 

How do I get support for my Credit Key account if I have additional questions or run into issues?

Credit Key offers online resources, live chat, email, and phone support. Please refer to the information and links below:

Related articles