What happens if I don’t pay back?
We do everything we can every step of the way to make sure this doesn’t happen. We unlock an amount of cash from your salary that we’re confident you’ll be able to repay. When you set up your plan we suggest repayment start dates that should work well for you, and you can always change your payment schedule through the ThriveCash app. At the end of the day, we understand that life doesn’t always go as planned: start dates may get delayed, work may not be going as smoothly as anticipated, or something or something unexpected may come up that makes it tough to make that month’s payment. If you hit a few bumps in the road, we’re happy to do whatever we can to help get you back on track, whether that’s updating a repayment start date, deferring payments to a later month, adjusting your payment schedule, or something else. Our support team is available just about around the clock to help you put together a plan that will work.
If you choose not to pay back, that’s a different story. Luckily, it’s been a very rare situation for us. That said, if it were to happen, we would have to follow the industry standard and report the failure to pay to the credit bureau. It’s the only situation where we would affect your credit, and it could hurt your ability to access affordable financial services further down the line.
Does ThriveCash affect my credit?
Rarely. Hard credit inquiries, also known as “hard pulls,” can affect your credit score, but we don’t do that. We use a soft credit inquiry, a “soft pull,” to check your credit scores, which doesn’t show up or have any effect on your credit report. The only time we involve the credit bureau is if you choose not to make your repayments.
What will you do with my offer letter?
We use the letter to verify your employment and figure out how much cash to unlock. Once that’s done, all of your information is securely stored in 256-bit SSL and kept completely private.
What can I use ThriveCash for?
You can use it for anything: paying rent, relocating, putting down a security deposit, making a trip to see family or friends, paying off credit card debt, or something else entirely.
Does ThriveCash charge hidden fees?
Never. You pick your price when you build your plan, and the only way it changes is if you adjust your plan later on. If you end up changing your plan to finish paying earlier, we’ll happily refund you the difference.
Will ThriveCash work for me if…
…I have a job secured, but don’t have a formal offer letter?
Yes. We use your offer letter to verify your employment, salary and start date. If you don’t have an offer letter, or if your letter doesn’t have all of that info, other documentation can fill in those gaps. Our support team is happy to work with you to make sure we have everything we need to unlock your cash.
…I don’t have a job yet, but I have interviews lined up and I’m confident I’ll get one soon?
No. We unlock a portion of your upcoming salary, so if you don’t have any upcoming salary confirmed, there isn’t anything for us to unlock. We want to help you out; there just has to be a guaranteed salary on the table in order for us to do so. We’ll be ready and waiting with open arms (and wallets) for you once you have an offer letter.
…I have an unpaid internship?
No. Similarly to the previous answer, since the cash you are receiving from ThriveCash is from a future salary, there has to be confirmed upcoming income in order for us to have anything to unlock.
…I have a part-time internship?
No. At this time we can only unlock cash for paid full-time internships or jobs.
…I’m already working?
Sometimes. We don’t usually unlock cash for people who are already working, but there are times we’ll make exceptions for returning customers. Reach out to our support team at (650) 422-2612 or firstname.lastname@example.org and we’ll do what we can to figure out what works best for you.
One important thing to note: If we are able to unlock cash for you when you’ve already started working, you wouldn’t be able to have a deferred period, and would have to begin your repayments within one month.
…I have a job outside of the United States?
Unfortunately not. Certain regulations limit our ability to support offer letters for international jobs, but we are working hard to find a solution that would allow us to support students working abroad.
…I’m an international student working in the United States?
Yes. If you have a social security number, we’ll need the last four digits. If you don’t have a social security number, you’ll have to submit a photo of your passport through the ThriveCash app, which only takes a minute or two.
Is my credit score taken into account when applying?
Yes, but it’s not the only thing we consider. We do a “soft pull” of your credit report (which doesn’t affect your credit score) and look at a few pieces of key information, like any history of missed or late payments on loans or credit cards. We place more value on your offer letter, so we can be more flexible than most lenders even if your credit score is on the lower side.
I don’t have a credit score. Can ThriveCash still work for me?
Yes. We understand that we may be the first financial product you use, so even without a credit history you can still use ThriveCash.
How does ThriveCash make money?
It costs you a little to get cash from us, but that price is clear, given to you upfront, and depends entirely on how much you choose to take and how long you hold onto it. We’ll never surprise you with any additional fees or charges, which is how most lenders make their money. The only way we turn a profit is by students paying back their loans; that’s another reason why it’s so important to us that we keep the cost low and help figure out a plan that works for you.
Do I have to take all the cash at once?
No. You can take it in chunks anytime from the app, and any cash you don’t take at first will still be available until you start repaying. You’ll only pay for what you end up taking, regardless of how much we unlocked.
How do you determine how much cash gets unlocked?
Our formula is the same for every student. We unlock 25% of your first three months’ salary, plus 50% of any signing bonus. We’ve found this to be the right balance of giving you access to a livable amount of money, without unlocking so much that you’re in too deep of a hole to easily pay back.
Why don’t you include all of my signing bonus in my unlocked amount?
Bonuses are taxed differently than regular income. For 2019, the federal tax rate for supplemental income (which includes bonuses) is a flat 22% - significantly more than the income tax rate in the states we service. Most of those states have income tax rates right around 5%, with none higher than 10%. If we unlock your entire bonus, we’ll have unlocked a lot more cash than you’ll actually end up with after taxes. If we unlock money you won’t get to keep, it makes it much harder to pay back.
How long does it take for money to get deposited?
One business day. We work quickly, but it can take a little time for your bank to process everything. If you take cash during weekday banking hours, it’ll be in your account the next morning. If you take it over the weekend, it’ll be there on Monday.
Can I make changes after getting cash?
Definitely. Think of the ThriveCash app dashboard as your own personal control center for:
- Managing your banks
- Taking another chunk of cash from your approved amount
- Changing your number of repayments
- Paying early anytime
Anytime you send money back before your scheduled date, we’ll happily refund you the difference in price – this is the opposite of banks, who will often charge you an additional fee for doing so.
How does pricing work?
It is calculated based on two factors: how much cash you take, and how long you keep it. We show you the price up front when you’re putting together your plan, and it’ll only change if you adjust your plan. If you end up finishing paying ahead of schedule, we’ll refund you the difference.
I don’t have a job lined up. Can I unlock cash with my financial aid?
No. We can only unlock future income.
Is ThriveCash a student loan?
No. Money from student loans are usually only meant to be used for educational expenses, and college financial aid offices have the right to report misused student loans to the Department of Education. ThriveCash can be used for anything at all.
How does ThriveCash compare to a 0% APR credit card?
You’ll only get the 0% APR for an introductory period, usually six months to a year. After that, they’ll transition you to a rate typically in the range of 15-30%. Your credit score will also affect the limit you get. Lower credit scores will get lower limits, which may not cover big expenses like security deposits or relocations.
I don’t have a Social Security Number. Can ThriveCash still work for me?
Yes. We work with lots of international students who don’t have a Social Security Number, so you can provide another form of identification through the app.
What if my offer letter says confidential?
This hasn’t been an issue in the past, but if needed we can use other documentation, as long as we can verify your employer, position, start date and salary.
Can I borrow less than $250?
No. We only offer increments of $250.
Are the payments automatically deducted?
Yes, unless you choose to pay manually. We recommend sticking with automatic payments so that it’s one less thing to have to remember. If you do decide to go with manual payment, you’ll go into the app to pay on each due date. For automatic, the payment will be deducted the morning of the due date according to your plan’s schedule. We help you set up a schedule that has payments going out soon after your paycheck comes in to make sure you can easily pay back.
Can I repay with a credit card?
No. ThriveCash only works with an active checking account. Checking accounts have your own money, but credit card accounts have money loaned from the card’s bank. Transactions made with a credit card incur interest of their own, which is exactly what we want to avoid.
Can I repay with Venmo?
No. Venmo lets you send and receive money, but it isn’t a bank account. In order to keep all of our transactions safe and secure, they have to go through an actual bank account.
What if I don’t have access to a US phone number?
No problem. Send us an email at email@example.com and our support team can help get you set up even without a US phone number.
How does repayment work?
We don’t require anything back until you start working. When you build your plan you’ll select your first payment date – we suggest choosing a date that lines up with your first paycheck to keep things simple. You’ll also choose if you’d like to pay all at once, or in a number of monthly increments. The faster you pay back, the lower your price will be. If you select a longer time period, but things end up going better than expected and you finish paying back ahead of schedule, we will happily refund you the difference.
Is ThriveCash at my school?