These are 3 major categories that we look at while qualifying you -
1. Bank Account Health - There are multiple factors that we look into in your bank account.
Your average balance over time and the number of bank fees, NSF fees, and overdraft fees you’ve been charged. Bank fees, penalties, late fees, NSF Fees and overdrafts visible in your bank transactions may prevent you from qualifying.
Account activity: Your account needs to be active with regular transactions for at least 6 months. The bank account must have all your income transactions and recurring bills like rent, utilities, insurance, etc.
2. Earnings Profile: Typically users with consistent income, income-related deposits from the same source/platform/employer, for almost the same amount, at almost the same time (daily, weekly, monthly, bi-monthly), deposited into their checking account, with the same description, tend to qualify for a Line.
Users whose recent bank statements (3 months or more) reflect the above, tend to qualify for a line.
The general attributes of an earning profile are:
Deposit history: Deposit the size and the number of recurring deposits in your account.
Recurring deposits: Deposit amount from the employer or another deposit source.
Unemployment benefits are not considered income.
Your bank statement's paycheck description must match previously deposited paychecks with no spelling variations.
All deposits don’t have to be from the same employer.
Unqualified deposits - Deposits from multiple PayDay apps like Dave, Earnin, Brigit, FloatMe, Grain, Branch, ATM deposits, Zelle deposits, Paper Checks, Venmo deposits that are not direct deposits, Cash App deposits that are not direct deposits, and deposits into bank accounts that we do not support at the moment, may not be considered towards qualification.
3. Spending Behavior: This factor primarily reflects:
Budgeting habits: How much you spend vs how much you earn each month.
Bill payment history: How often you make routine bill payments.
Typically users who spend as much or less than they earn, qualify for a Line.
Bank transactions must show recurring bills like rent, insurance, phone, gas, or similar bills paid on time.
Users whose bank statements don’t show a lot of overdrafts, Not Sufficient Funds (NSF) fees, or late payments, tend to qualify for a Line.
How can I improve my chances of qualifying for a Line?
Initially, not everyone qualifies for a line. However, we never say no to anyone. If you don't get qualified you will see a cheat sheet that will help you in improving your financial health and, in turn, improve your chances to qualify.
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