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Pave Review: How This New Lender Is Helping People Fund Self-Improvement

pave review

If you’re looking to boost your career or set yourself up for a promotion, taking a professional course can be a huge help.

But paying for it can be expensive, and relying on credit cards can cost you in interest charges. Fortunately, new companies such as Pave have emerged to help people in this exact situation.

Pave is a new online lender focused on low-cost loans for continuing education courses. Whether you are looking to learn how to code or improve your project management skills, Pave loans may be a good option for you.

Read on for a full Pave review and information on how to apply.

Pave review

Pave loans are underwritten by Cross River Bank and Pave is the servicer for all loans it originates for the duration of the loan. The lender offers personal loans with two- to three-year terms. Borrowers can use the funds to pay for courses.

In the Pave review below, we will look at more of the details for how Pave loans work and whether or not they are a good fit for your continuing education needs.

How Pave loans work

The main product Pave offers is personal loans in amounts of $3,000-$25,000. These loans are designed for people looking to make lifestyle improvements – people who want to Pave their path to a better future. (See what I did there?)

Although Pave does look at credit scores when approving borrowers, that’s not the only factor they consider. In fact, the FICO score is just a small piece of the puzzle Pave looks at when approving borrowers.

The Pave lending model is ideal for borrowers who have a short credit history and want to use their future earning potential to boost their chances of getting approved for a loan.

For example, let’s say you want to take out a loan to pay for a popular coding bootcamp course. Pave has data on the average pay bump you could expect for completing that course – and that could factor into the approval process.

Basically, Pave can expect you to see a pay increase when you complete the course, which lowers your borrower risk.

Pave also offers loan investing on an investor-by-investor basis. If you are a legal United States resident and qualify as an accredited investor per SEC requirements, you can email Pave to inquire about the investing process.

How to apply for Pave loans online

The Pave loan application process is simple and straightforward. To start your application, head over to Pave’s course loan application form.

Start a Pave Loan Application Here

Start by entering the amount of money you want to borrower and where you plan on taking a course.

Pave has a long list of code schools available. They also have some non-code programs, such as New England Tractor Trailer Training School. Some of the fund uses, such as a business loan, require a little more information as well.

Next, fill in some basic personal information such as your address and phone number. Enter your email and password to create an account.

In the next section, you are prompted to fill in your education and career history.

pave loans

On the final screen, you are asked for some financial information and enter your Social Security number so Pave can access your credit report.

pave review

Once you submit, you’ll get your interest rate on the next screen.

Overall, the application process is simple and easy to follow. If you have your financial information available, completing the entire application to see your rate should only take a few minutes.

Pave interest rates and fees

Pave offers competitive rates for the most creditworthy borrowers. However, for those with a spotty credit history, rates can get into the same range as credit cards.

Interest rates can change at any time without notice, so always check current interest rates before applying for any loan. As of this writing, Pave interest rates range is 6.20% to 19.75% APR.

Pave does not allow for borrowing with a co-signer to lower interest rates. The rate you are offered is the rate you get. While your FICO credit score is a factor, Pave uses your education and career information as part of the lending criteria used to determine your interest rate.

Also, Pave charges origination fees ranging from 1% to 6% based on application information.

The interest rate Pave offers is available for 30 days. After that period, you have to reapply with a completely new application.

Pave eligibility requirements

Pave loans are available only to United States citizens at least 18 years old who have a bank account at a bank located in the United States. Borrowers must have a credit score of 660 or higher to qualify for a loan.

In addition, borrowers must have an income, job offer, or plan to attend a career-enhancing course.

Borrowers in Arizona, Connecticut, Maine, Massachusetts, Nebraska, Nevada, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, West Virginia, Wisconsin and Wyoming are not eligible.

In Alabama and Nebraska, applicants must be at least 19 years old. Mississippi applicants must be 21 or older.

Pave customer service

Pave can be reached by phone, email, or through a chat system on the website. When I tried out the chat feature on a Friday morning, it was offline, but I was able to send in my question via email and received a friendly response in under an hour.

Pave customer service generally receives positive reviews from users.

More about Pave

Pave is located in New York City and has a small team of 17 people behind the platform.

The company’s mission is to provide better access to affordable funding, which it can in the case of the most creditworthy borrowers in Pave’s model. They are a technology-first company but provide personal touch points for new borrowers and current customers who need customer service support.

In fact, each new approved applicant can expect a personal phone call from a member of the Pave team. On the call, they also verify your identity and ask for feedback on the loan application process.

Founded in 2012 by Oren Bass and Sal Lahoud, the company brought in $300 million in capital through debt financing in December 2015 and recently raised an $8 million equity round in April 2016.

Cross River Bank is Pave’s primary partner for funding new loans. When you get a loan from Pave, you are actually borrowing from Cross River Bank with Pave acting as a loan servicer. Cross River Bank is a small bank with four locations in New Jersey and New York. The bank headquarters is in Teaneck, New Jersey, just a short drive from New York City.

Borrowers never interact with Cross River Bank directly. All applications, payments, and customer service for Pave loans are handled by Pave. Interestingly, Cross River Bank has relationships with several non-bank lenders including peer-to-peer lending giant Lending Club.

Pave contact information

You can reach Pave by phone at 844-879-PAVE or email at team@pave.com. Connect with them on Twitter and Facebook.

Apply for a personal loan from Pave

Interested in a personal loan?

Here are the top personal loan lenders of 2017!
LenderRates (APR)Loan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

2 Important Disclosures for Citizens Bank.

SoFi Disclosures

1

Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Personal Loans: ​​*Fixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.99% APR to 11.10% APR (with AutoPay). SoFi rate ranges are current as of April 11, 2017 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.99% APR assumes current 1-month LIBOR rate of 0.99% plus 4.25% margin minus 0.25% autopay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.


Citizens Bank Disclosures

1

Personal Loan Rate Disclosure: Personal Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of April 1, 2017, the one-month LIBOR rate is 0.98%. Variable interest rates range from 5.97% - 15.72% (5.97% - 15.72% APR) and will fluctuate over the term of your loan with changes in the LIBOR rate, and will vary based on applicable terms and presence of a co-applicant. Fixed interest rates range from 5.99% - 16.24% (5.99% - 16.24% APR) based on applicable terms and presence of a co-applicant. Lowest rates shown are for eligible applicants, require a 3-year repayment term(see examples), and include Loyalty1 and Automatic Payment2 discounts of 0.25 percentage points each, as outlined in the Loyalty Discount1 and Automatic Payment2 Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.

Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with Citizens Bank at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, Citizens Bank checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.

Automatic Payment Benefit: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5.67% - 29.99%$1,000 - $50,000Visit Upstart
4.99% - 14.24%1 $5,000 - $100,000Visit SoFi
8.00% - 25.00%$5,000 - $35,000Visit Payoff
5.97% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$5,000 - $50,000Visit LendingClub
5.25% - 12.00%$2,000 - $50,000Visit Earnest
Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Published in Personal Loans, Review