How the Lvl-up Line of Credit Works

How do I complete an application?

Find your employer from the search field (click here to get started)
Login to your employer’s payroll system to verify your income and employment
Login to your bank account to verify ownership and provide recent transaction history
Provide additional personal, banking and income information details as needed
Review your application for accuracy and the terms and conditions
Then submit your application for underwriting and approval decision

If approved, how do I get my cash?

Review your offer of credit
Review your loan agreements
Setup automatic payments via your direct deposit
Digitally sign your loan agreement and your funds will be on their way!

How the Loan Works

Your fixed periodic minimum payments will grow your collateral balance until your line of credit is fully secured and then pay down your loan balance.

If approved for the secured line of credit you will start with a $1,100 loan. $100 will be deposited into your collateral account and the remaining $1,000 will be deposited into your checking account within 1-2 business days.

Minimum Payment Allocation

Your first obligation is to build your collateral to the required $1,000. Your payments will be prioritized toward this goal: paying fees, loan interest and building collateral. Once your collateral reaches $1,000 your payments will pay fees, loan interest and loan principal.

Building your Collateral

If you make all your minimum payments on-time you will reach the $1,000 collateral requirement in six months. You can always pay more and build your collateral balance faster, allowing you to pay off your loan sooner.

Collateral Fully Funded

Once you have satisfied the collateral requirement you will begin repaying your loan. You will pay less interest and more principal with each successive payment as your loan balance goes down. If you make all your minimum payments and take no additional cash advances your line of credit will be paid in full in six months. Taken together, by making all your minimum payments you will both build your collateral account to $1,000 and pay down your line of credit balance within one year.

How Repayment Works

Your minimum payment will be automatically made each time your employer processes your payroll direct deposit
To make an additional payment, please contact our customer service. There is no penalty for early payoff, and you can draw from your available credit at any time
Each payment received will be first applied toward the annual fee and interest due then toward building your collateral or paying down your line of credit (once the collateral requirement has been met)
You must first secure your line of credit by increasing your collateral balance from $100 to $1,000
Once your collateral requirement has been met, payments will be applied to your line of credit balance, increasing your available credit

What happens if I miss a payment?

If your direct deposit payments are interrupted, fees and interest will be paid from your collateral account to keep your account in good standing until automatic payments can be re-established
No make-up payments are required, but are encouraged
Please contact us for assistance in resuming your direct deposit payments

How do Cash Advances & Credit Limits Work

A cash advance is a convenient feature that allows you to withdraw funds from your Lvl-up line of credit with no cash advance fee
You can access cash advances online or over the phone
To be eligible you must have a minimum of $500 in available credit, a collateral account balance of at least $1,000 and are be enrolled for direct deposit payments
Cash Advance requests are processed daily, and funds are typically deposited to your bank account within 1-2 business days (availability of those funds will depend on your bank’s policies)

How do I qualify for a higher credit limit?

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