Frequently Asked Questions

A line of credit is a personal loan that can be used for any expenses. It provides on-going access to funds without having to reapply for a new loan in the future. When you have available credit on your loan, you can log in to your account and request as much as you need up to your available credit limit. You can request cash advances as many times as needed if you have available credit (minimum $500 draw). Funds will then be deposited into your bank account within 1-2 business days.

Collateral is something of value pledged as security for repayment of a loan. For the Lvl-up Line of Credit your collateral is a cash account opened at the same time as your loan that you will fund and grow to $1,000. The funds in this account are held in escrow, becoming available for withdrawal when your line of credit is repaid in full. These funds actively protect your line of credit by covering fees and interest in the event of a missed payment and are subtracted from the total balance owed in the event of loan default. Visit our How it works page for more details.

The Lvl-up line of credit is our new financial product designed to provide you with money at both the beginning and end of your loan. It combines a traditional line of credit with a collateral account, providing you access to $1,000 from the line of credit at origination and $1,000 from the collateral at closure. Fixed periodic minimum payments are due in sync with your pay-cycle. Payments are applied first to building your $1,000 collateral account and then toward repaying your loan. By making all your payments on-time in one year you will have built your collateral account to $1,000 and repaid your line of credit in full. During loan repayment the collateral account actively protects your line of credit by covering fees and interest in the event of a missed payment, helping you avoid nuisance fees and providing you extra time to resume regular payments. Once your line of credit is repaid you’ll receive full access to the $1,000 you’ve saved via your collateral account. What will you do with your $1,000 in cash back?

• Get $1,000 today and build $1,000 in savings as you repay your loan. 
• Low, fixed minimum payments will build your collateral and repay your loan within 12 months ($99 bi-weekly, $107.25 twice monthly, or $214.50 monthly)
• Easy to setup automatic payments direct from your payroll
• Built in missed payment protection that keeps your account current and allows you to get back on track without make-up payments.
• Imperfect credit okay.
• Draw from available credit at any time without having to reapply.
• Lower cost than competitor’s high interest rate loans.
• Graduate to higher credit lines and lower rates by making consistent, on-time payments.

Principal Balance: Your principal balance is the amount you have drawn minus any principal payments you have made.

Collateral Balance: Your collateral balance is the amount you have saved to secure your line of credit.

Billing Period: Your billing period is the length of time between when your billing statement opens and closes. Depending on how often you are paid, these periods might be bi-weekly, twice a month or monthly.

APR: Annual Percentage Rate - a measure of the cost of credit, expressed as a yearly rate.

Minimum Payment: The minimum payment is the amount you must pay on each due date. This amount will depend on whether your billing period is bi-weekly, twice a month or monthly.

Annual Fee Remaining: The amount of your annual fee not yet paid.

There is a $240 annual fee to access any of our financial products. For your convenience we bill this annual fee in fixed installments across the full year. You must pay the fee in full before you can close your account and access your savings held in collateral. Lvl Financial does not charge any other fees. That means no application fees, no late payment fees, no returned payment fees, no cash advance fees, no servicing fees, etc.

Yes, less-than-perfect credit will not necessarily prevent you from qualifying for a Lvl-up Line of Credit. Even if you have been turned down by other lenders, we may be able to help you. Compare our pricing against similar alternatives and we’re confident you’ll find our payments are affordable and at a lower total cost.

Our online application is 100% digital. Follow the instructions at each step to complete employment and bank account verification. You will not have to upload any paperwork! To apply with Lvl Financial, you must be:

• At least 18 years old
• Have an open bank account in your name
• Have recurring income from a full-time job

To learn more about the application process please visit our How it works page.

Unfortunately, if you can’t find your employer in the field, it means we can’t assist you with a loan at this time. We appreciate your interest and encourage you to check back in the future as we’re continuously adding eligible employers and other income sources to expand our credit offerings.  

We aim to make a credit decision within an hour of receiving a completed application during normal business hours. Applications submitted outside of business hours will be reviewed on the next business day.

You will receive an email notification if your application is approved. It will have clear instructions on how to log back into your account to review and accept your offer.

If you sign your loan agreements before 12:00 PM PST, you should receive your funds the morning of the next business day. Requests received after 12:00 PM PST are not processed until the next day, so your funds will not be available until the following business day. For example, if you sign your loan agreement at 10:00 AM PST Thursday, you should expect your funds on Friday morning. If you sign your loan agreement at 1:00 PM PST Thursday your request will be processed on Friday, and you will receive your cash Monday morning.

Your Due Dates are aligned with your payroll. You will receive a Billing Statement 14 days in advance of each due date.

• $99.00* – Bi-weekly (you are paid every two weeks)
• $107.25* – Twice Monthly or Semi-Monthly (you are paid twice a month)
• $214.50* – Monthly (you are paid once a month)

*Your minimum payment amount may vary slightly from these figures, please check your Loan agreement or Billing Statements to confirm your periodic minimum payment due. 

This is an open-ended line of credit, meaning there is no fixed number of installments due. You are required to make periodic minimum payments for as long as your account remains open. Your cash advance and payment activity will determine your account balances. For example, if you borrow $1,100 at account opening, make all minimum periodic payments on-time with no subsequent cash advances your collateral account will grow to $1,000 and your line of credit balance will decline to $0 within 12 months.

As a part of the application process and to save you time, you will set up automatic payments via direct deposit. Your minimum payment will be automatically made each time your employer processes your payroll direct deposit.

Of course! You can make a payment at any time by calling our support team at (484) 630-0844 and there is no penalty for early payments.

We understand life happens and that’s why we built the Lvl-up Line of Credit to be flexible. If your direct deposit payments are interrupted for any reason, your collateral will keep your line of credit current and keep your principal balance from increasing. Once you’ve had a chance to get back on your feet, we will help you get your direct deposit payments reestablished. Please reach out to our support team at any time to discuss all the options available.

A cash advance is a convenient line of credit feature that allows you to withdraw cash from your Lvl-up Line of Credit when you need it. You may make unlimited cash advances up to your credit limit, if your account meets all of the qualifications. There are no cash advance fees. You can access cash advances online or over the phone if you have available credit.

• Have at least $500 in available credit
• Have at least $1,000 in your collateral account
• Have been making on-time payments
• Are enrolled for direct deposit payments

Yes, $500 is the minimum. You must have at least $500 in available credit to request a cash advance.

To update your bank information, contact our Customer Service Team via email at support@lvlfinancial.com or phone at (484) 630-0844.

All customers are eligible for a credit limit review after six months of on-time payments. Lvl Financial will review all requests for an increase within 24 hours.