Your offer letter gives us a snapshot of your future income, which shows us what others don’t see: investing in you is a responsible move for both of us.
Moving expenses, security deposits, flight tickets and all of life’s other expenses won’t wait for you to have a steady income, but we will. Take care of your expenses now, and don’t worry about paying back until you’ve gotten a paycheck.
Learning how to take care of personal finances can be tough, especially when you’re just starting out. Through the app and our support team, we’re here to guide you every step of the way to make good financial decisions and stay on track.
Am I eligible?
If you have an offer letter and live in a state we support, you are eligible. As long as you don’t have a history of not paying back loans or credit cards.
Students will most likely be eligible for a credit card with a low limit, worse terms and high annual percentage rate (APR). If you have an impressive credit history, you might be able to get a better deal.
You’ll only be eligible if you have a high credit score, or your parents are willing to cosign.
When do I have to start paying back?
You don’t have to start paying until you’ve started working and have received a paycheck.
Monthly payments start as soon as you begin using the card.
Mostly payments start immediately, even if you haven’t used the money.
What can I use the money for?
We recommend spending wisely, but at the end of the day ThriveCash is your money in your account. You can spend it on whatever you’d like.
You won’t be able to use it for rent, paying other credit card debt, some small purchases, many car loans, and sometimes even tuition.
Some loans are restricted to a specific purpose, and you may get a higher interest rate if the bank decides the way you plan on using your loan is “risky.”
Are there hidden fees?
You won’t pay a single cent in additional charges, penalties or hidden fees. Ever.
Credit cards are littered with charges and hidden fees. Some of the more common ones include cash advance, annual, foreign transaction, closure, prepayment and inactivity fees.
Loans have many fees similar to those of credit cards, as well as others specific to bank loans.
How much will it cost?
When you pick your plan, the cost you see there is exactly what you’ll pay. You can adjust your plan whenever needed, and if you finish paying back sooner, we’ll refund you the difference.
You can expect your APR to be somewhere between 15-25% (or, in some instances, up to 30%), and it will compound each month you have an outstanding balance.
In 2019, the national average APR on a personal loan fell between 10 and 28%. However, for people with credit scores in the 600s and below, the national average was up to 18-36%.
How much money can I get?
We unlock 25% of your first three months’ salary and 50% of your signing bonus (if you have one). We’ve found this to be the ideal ratio that gives you the financial support you need, while ensuring you’ll be able to pay it all back.
It depends entirely on your credit report. You’ll get a higher limit with a longer credit history and higher score, but if you’re just starting out you’ll have a relatively low limit.
Without a preexisting source of income, you’ll likely only be approved for small amounts of money.
Does it affect my credit score?
No. We use a “soft” pull when we check your credit report, which doesn’t show up or have any effect on your score.
Yes. Having an unpaid balance at the end of the month hurts your score, as will late or missed payments.
Yes. Not only can your score be lowered by late or missed payments, but the “hard” pull used to check your credit during the application process will hurt your score for one year, and stay on your report for two years.
Will they price match?
Yes. If you can find a better rate somewhere else, we’ll match it.
Some credit cards offer price protection on certain individual items that you buy, but they won’t match the credit card rate itself.
No. You can compare rates from different banks, but they tend not to match competitors’ rates.
Where is the money coming from?
We’ve raised money from some of the most well-renowned Silicon Valley investors. You’ll likely recognize their work, as they’ve been involved with companies like Twitter, Facebook, Reddit, Paypal, Uber, Airbnb and Pinterest.
Anytime you use a credit card, the transaction goes through a credit card network to the card’s issuing bank. The bank gets the payment request, and if the transaction is approved, they pay the purchase amount to the merchant.
Bank loans are paid out to you from the bank’s funds, which they get from other investors.
How do you make money?
We only make money when you pay back. Since we don’t have any extra fees, we really don’t benefit from you not being able to pay back. It’s in our best interest, as well as yours, for your plan to be the perfect fit.
Two words: fees and interest. Credit card companies pocket more than $100 billion annually in fees alone, with nearly 25% of that coming from annual fees and penalties. Interest doesn’t make them quite as much, but still brings in upwards of $60 billion a year.
Similar to credit card companies, banks make their money through interest and fees: ATM fees, overdraft fees, sometimes even account fees just for having an account with the bank.
Is ThriveCash at my school?