Pave is an online lending platform focused on enabling access to affordable credit through a personal and transparent funding experience. Based in New York City, our approach is simple, we advance money to people so that they can advance themselves. Unlike banks or credit card companies, our mission is to help you succeed by providing better access to affordable funding.
We’re able to offer low rates because we personalize our approach to underwriting and take a holistic view of each borrower’s unique situation. We combine best in class technology with a personal touch, providing affordable rates and the right guidance to help you stay in control of your finances and future.
The 2 or 3 year consumer loans available through Pave can range in size from $3,000 up to $25,000. Pave’s unique approach to underwriting takes a holistic view of a person’s situation and potential, not just their FICO score. Unlike credit cards’ variable rates – a Pave loan has a fixed interest rate. This means on funding day 1 you’ll know your exact monthly payment schedule for the term of the loan!
We start by reviewing the individual’s credit score and history, then incorporate additional factors like use of funds, work history, current employment, education and future earning potential. This gives us plenty of opportunities to recognize how financially responsible a person can be, and it’s how we can give the lowest possible rate. Available APRs range from 7.18% – 29.65% which includes an origination fee of 1% – 6%.
In order to be eligible for funding on Pave, you must meet a few basic requirements.
You must be a U.S. Citizen
You must be at least 18 years of age (19 in Alabama)
You must have a U.S. bank account
You must have a credit score of 660 or higher.
You must have an income, job offer, or you’re planning on attending a course
Loans cannot be offered to residents of the following States/Territories: Arizona, Connecticut, Guam, Maine, Massachusetts, Nebraska, Nevada, North Dakota, Oregon, Pennsylvania, Puerto Rico, Tennessee, Vermont, West Virginia, Wisconsin and Wyoming.
Once you’ve completed the Pave questionnaire, we perform what’s known as a “soft” credit check to discover your eligibility and establish a baseline for our underwriting process. Soft inquiries may be recorded in your credit report, depending on the credit bureau, but they won’t affect your credit score in any way. We are currently accepting loan applications only for borrowers who intend to use their loans to take a course. Borrowers may also choose to use their loan funds for living expenses incurred while taking their course.
You can borrow a minimum of $3,000 up to a maximum of $25,000 on Pave, to be repaid over 2-3 years. Available APRs range from 6.5% – 19.75% which includes an origination fee of 1% – 6%.
The following examples depict the APR, monthly payment and total payments during the life of a $10,000 personal loan. As a payment example, a two-year $10,000 loan with a 7.19% APR would have 24 scheduled monthly payments of $444.11, and a three-year $10,000 loan with 7.18% APR would have scheduled 36 monthly payments of $306.49.
200 Varick Street, 802, New York, NY 10014