Pave offers online personal loans up to $25,000 funded by a group of backers who range from CEOs to Pave employees interested in peer-to-peer investing. Qualifying for a loan with this company is typical, as it assesses your credit score and history. Other peer-to-peer lenders like Prosper and SoFi have their own criteria for approving loans. It has one of the lowest origination fees of any other company we reviewed; however, your interest rate may be higher with it as well. We also had a difficult time contacting customer service to receive answers to our basic questions.
The amount and interest rate that you receive with this company depend on a few factors, including your credit score, which must be at least a 660, but there is no set debt-to-income ratio. Depending on the results of a soft credit pull, you may be eligible for a P2P loan between $3,000 and $25,000 for a term of two or three years. APRs start just under 7% but go as high as 35%, which is higher than the average peer-to-peer lender we reviewed.
Its set origination fee of 2% is lower than with most other services that range from 1% up to 5%, so you may have a lower fee in that respect. Its late fees are normal, being the greater of $15 or 5% of the overdue payment. The fee for processing a check is $2, which is lower than most services that charge $15.
Our main concern was the difficulty we had trying to get a hold of this P2P lender. When we emailed the company with basic questions, we never received a response. It does not offer customer support by telephone, so the only reliable way we found to contact the company was via live chat. Its live chat is not always available, and we had mixed experiences using it. One time, we received a quick and friendly response. Another time, however, it was many minutes between answers, and one time after waiting over 15 minutes for a response, we ended the chat. The website also does not provide much insight into the way the company works. Its FAQs page is limited, and there is no explanation about its process. It has a blog that has a number of posts, but none in over six months.
While most of Pave's process, loan amount and terms are standard, its APR range goes higher than many other services we reviewed. Some of its fees are better than its competitors, including its set 2% origination fee. The website does little to explain the process or answer basic questions, which would be of less concern if customer service were more reliable. However, having no telephone support, unresponsive email and unreliable chat support, you may run into frustration trying to get ahold of this company.