Frequently asked questions

No. It is a multi-lender platform that processes your application and routes it to banks, finance companies and lease-to-own providers in its network. The provider that makes the offer writes the contract, sets the rate and collects the payments. That distinction matters most for billing questions, payoff quotes and disputes, which go to the provider named on your agreement.

A government-issued ID, your Social Security number, verifiable income, an active checking account, employment details and your monthly housing cost. Business applicants should also have their EIN and recent bank statements. Start an application.

Most people finish in under five minutes. Many consumer categories and commercial requests up to $15,000 return an instant decision. Larger commercial files and municipal contracts are handled by an account representative and depend on documentation.

No. There is no fee to apply or to see what you qualify for. Costs such as interest or lease charges, initial payments, documentation fees and late fees are set by the provider and disclosed before you sign.

Old enough to enter a binding contract where you live: 18 in most states, 19 in Alabama and Nebraska, and 21 in Mississippi. Some providers set a higher minimum of their own.

Check your junk folder first, since approval instructions arrive by email. A missing piece of information is the most common cause of a stalled file. Call 888-509-1370 or text 877-202-4165 and we will tell you the status and what is outstanding.

There is no single cutoff. The network spans the full credit spectrum and includes a no-credit-needed program, so a low score does not automatically end the application. Commercial equipment programs generally begin around a 500 FICO. Third-party articles claiming a fixed minimum of 550 are not accurate across the platform.

The first step is a soft credit pull, which does not affect your score. A matched provider may then run a hard pull to finalize an offer, more likely on larger amounts. If a provider declines and the file moves on, that provider may also pull. See the Credit Pull Policy.

Yes. The no-credit-needed program runs from $200 to $7,500 and decides on income, banking history and employment rather than a score.

It depends on the discharge date and your current profile. Time since discharge, rebuilt credit and income all matter. A past bankruptcy does not automatically end an application.

Income and how stable it is, time on the job, payment history, debt-to-income ratio and banking history. For business applications: owner credit, time in business, the type of equipment and recent bank statements.

It depends entirely on the provider. Some report to the credit bureaus and some do not. If credit building is a goal, ask the provider directly before signing — and note that a program that reports will also report missed payments.

Consumer transactions run from roughly $50 to $50,000 depending on the program and the purchase. Commercial financing starts at $500 and extends to $5M and above. Municipal transactions start at $1,500. The amount is set by the lender.

An approval comes with a spending limit valid for 30 days, which is enough time to compare before committing.

At local merchants in the network, at national chains fulfilled by the customer care team, and at partner online marketplaces. Items from several retailers can often be combined onto one agreement.

Retailers outside the network can frequently be added so an order can be fulfilled. Call before you apply so the approval is routed correctly the first time.

Programs cover durable goods, equipment and services. Items that cannot be delivered or identified, and purchases prohibited by a provider's policy or by state law, fall outside the network. Ask before applying rather than after.

No. Program availability varies by state, product category and provider. Certain categories carry additional restrictions; pet financing in particular is limited or prohibited in some states. Check your state.

No rate can be quoted before you apply, because the rate belongs to whichever provider matches your file. Anyone promising a specific APR sight unseen is guessing. Use the calculators for a range, and get the real figure from the provider in writing.

Because the two products price risk differently. A loan charges interest to a borrower whose credit has been underwritten. A lease-to-own agreement is offered to people a lender would often decline, and the lessor carries both the credit risk and the ownership risk. Broader approval costs more.

It is what a lease-purchase agreement costs you in full to own the item, and it is the figure to ask for. A lease-purchase agreement has no APR, so the total of payments is the only honest measure of cost. It can substantially exceed the cash price.

Most programs allow it, and several lease programs include an early purchase option, commonly 30 days or 90 to 101 days same as cash. On a lease this is usually the single largest saving available.

Payments go to the lender or lessor named on your agreement, not to Terrace Finance. See the payments page for how to find your provider.

Contact the provider before the due date if you can. Deferral and rescheduling options exist on many programs and cost far less than a late fee. Terms and reinstatement rights are set by the provider and by your state's law.

Six families: consumer installment loans, low payment leases, a no-credit-needed program, business equipment finance and leasing, working capital including SBA and term loans and credit lines, and municipal lease-purchase. See the full table.

It is the routing method behind the platform. Your application moves from program to program — from the cheapest you might qualify for toward the most accessible — until a provider is willing to make an offer. It is why a platform can approve where a single lender declines.

Yes, through a vetted breeder network, from $200 to $12,750, covering the animal plus supplies, travel and veterinary care. Several states restrict or prohibit lease agreements covering live animals, so availability is confirmed during the application.

Start-ups are considered for equipment financing. Owner credit, the type of equipment and its resale value carry more weight when there is no trading history to look at.

Public entities finance from $1,500 through lease-purchase and appropriation-based contracts — fire and rescue apparatus, public works vehicles, pumping stations, parks equipment and facility fit-outs. These are handled by a named account representative.

Start with a discovery call. Have your store photographs, business details and banking information ready. Onboarding replies usually arrive within 12 to 24 hours. Merchant information.

There are no mandatory merchant fees on standard programs, no sales minimums and no required invoice buy-downs. Optional promotional rate programs are available.

The lender or lessor funds the transaction directly. Terrace Finance coordinates the application and the paperwork between you, the customer and the provider.