FAQ's
About your Pave Line of Credit
WHAT IS A LINE OF CREDIT?
A line of credit provides a set credit limit that you can draw from, pay back, and draw from again. When you request funds, these are called “draws” or “advances”. With Pave Credit, you can apply for a line of credit from $400 to $3,000. You determine how much you want to borrow from your available credit limit and when you want to draw from your available credit, allowing you to control your finances. You’ll have a minimum payment due each billing cycle, but you’re always allowed to pay more. We will never charge you for paying off what you owe early. The faster you pay down your outstanding balance, the less interest you will accumulate and the more credit will be available for future draws. You are allowed to make additional draws before you have fully repaid your initial draw, if there is available credit on your account and you make all of your payments on time. Each draw will accumulate interest until repaid.
Here’s an example: Let’s say you’re approved for a $1,000 line of credit. If you use $300 for an emergency car repair, then you’ll still have $700 in available credit. You will accumulate interest only on the $300 you have drawn. Your payments will cover both interest and principal, so your available balance will increase with each payment until the total due on the $300 draw is repaid and your credit limit is back up to $1,000.
Here’s an example: Let’s say you’re approved for a $1,000 line of credit. If you use $300 for an emergency car repair, then you’ll still have $700 in available credit. You will accumulate interest only on the $300 you have drawn. Your payments will cover both interest and principal, so your available balance will increase with each payment until the total due on the $300 draw is repaid and your credit limit is back up to $1,000.
IS A LINE OF CREDIT THE SAME THING AS A PAYDAY LOAN?
No. A payday loan is a short-term loan that must be repaid in full, with interest, on your next payday or payment deadline. A line of credit is different. You can request advances in amount(s) up to your approved credit limit and pay interest only on the advance(s) you receive. A line of credit gives you more flexibility by allowing you to make payments only on the amount that you choose to advance. As long as your account remains in good standing, your line of credit remains available to draw from again. There is no need to re-apply to receive additional funds after your initial advance, simply check your available credit limit before requesting an additional draw.
HOW MUCH CAN I BORROW?
Pave Credit offers lines of credit ranging from $400-3,000. The amount of your approved line of credit will depend largely on your credit history. If you are approved for a Pave Credit line of credit, you can draw any amount from a minimum of $50.00 up to your available credit limit.
WHAT DO I NEED TO BEGIN MY APPLICATION?
To apply for a Pave Credit line of credit, you must be a legal resident of a state within the United States where Pave Credit lines of credit are available. To begin the application process, you will need your:
- Social security number
- Physical address (and mailing address if different)
- State Issued Driver’s license (or other form of government issued ID)
- Proof of current employment
- Bank account information (both routing and account number)
CAN I APPLY FOR A PAVE CREDIT LINE OF CREDIT IF MY CREDIT ISN’T SO GREAT?
Yes. We look at more than just your credit score when we make our decision about your eligibility to receive a Pave Credit line of credit. Though your credit score does play an important part, we examine your credit history as a whole. Even if you’ve been turned down by other lenders, we may be able to help you obtain a line of credit that fits your needs.
CAN I APPLY FOR MULTIPLE LINES OF CREDIT?
At this time, Pave Credit offers only one line of credit per household.
WHAT KIND OF BANK ACCOUNT IS REQUIRED TO APPLY FOR A LINE OF CREDIT?
You will need a checking account that allows ACH transfers to apply for a Pave Credit line of credit. Savings accounts and prepaid debit cards are not currently accepted.
HOW WILL I KNOW IF I’VE BEEN APPROVED?
Once your application has been reviewed and approved by our underwriting team, you will receive a notice from us via e-mail informing you as to whether your application has been approved and your total credit limit.
HOW SOON CAN I RECEIVE FUNDS ONCE I’M APPROVED?
If you are approved for a Pave Credit line of credit, you can request an advance once you have reviewed and signed your Line of Credit Agreement via the customer portal. It typically takes up to two business days for your funds to be deposited into your bank account, but may take additional time in case of weekends, holidays, or bank/institution delays.
CAN I WITHDRAW MONEY FROM MY LINE OF CREDIT BEFORE I PAY WHAT I CURRENTLY OWE?
Yes. You can make multiple draws as long as you don’t exceed your credit limit and as long as you are not in default.
WHEN WILL MY PAYMENTS BE DUE?
Payment due dates will be identified on the periodic statements that Pave Credit sends to you via e-mail.
WHAT IF I DON’T HAVE ENOUGH MONEY IN MY BANK ACCOUNT TO COVER A PAYMENT?
We get it. Sometimes things happen. When they do, we’re happy to help you. Just call us at least two (2) business days prior to your next payment due date at (855) 801-PAVE between the hours of 8 am and 8 pm Eastern time Monday through Friday, or shoot us an e-mail at [email protected]. We’ll work with you to come up with the best solution to address your issue.
I’M HAVING TROUBLE PAYING MY PAVE CREDIT BILL. WHAT KIND OF HELP IS AVAILABLE?
Please feel free to reach out to us regarding any hardships you might have that affect your ability to pay your Pave Credit bill. Just call us at (855) 801-PAVE between the hours of 8 am and 8 pm Eastern time Monday through Friday, or shoot us an e-mail at [email protected]. We’ll do our best to help out any way we can.
HOW DO I UPDATE MY BANK INFORMATION?
You can log in to the customer portal and update your bank information there. You may also contact a member of our support team by calling at (855) 801-PAVE between the hours of 8 am and 8 pm Eastern time Monday through Friday, or sending us an e-mail at[email protected].
HOW CAN I SCHEDULE A PAYMENT ONLINE?
If you’d like to schedule a payment in addition to your regularly scheduled minimum payment due, you can use the customer portal as well. However, scheduling an additional payment will not cancel any upcoming regular minimum payments due.
HOW DO I MAKE CHANGES TO MY ACCOUNT PROFILE?
It’s easy! If you would like to update your account information, such as email address, phone number, or mailing address, you can log in to the customer portal to update your profile. You may also contact a member of our support team by calling at (855) 801-PAVE between the hours of 8 am and 8 pm Eastern time Monday through Friday, or sending us an e-mail at [email protected].
ARE PAVE CREDIT LINES OF CREDIT SECURE AND CONFIDENTIAL?
Absolutely! We utilize industry-standard security protocols to ensure every Pave Credit line of credit transaction is secure and confidential and protected by our Data Security policy.
WHAT IS PAVE CREDIT’S PRIVACY POLICY?
You may view the Pave Credit privacy policy here.