As of August 2017, Pave is not currently accepting new loan applications.
If you’re looking to take an educational or coding course, you should consider a personal loan from Pave. The lender offers unsecured personal loans up to $25,000 for borrowers at their partner schools. Rates range from 7.18% to 29.65% with terms of two or three years. Because Pave only offers educational loans, you get some unique and useful perks: funding can be deferred until your course begins and you can defer your first three loan payments. You will need a minimum credit score of 660 and a verifiable or potential source of income to be eligible at Pave.
- Review: Should You Apply?
- Eligibility Criteria
- Personal Loan Terms and Requirements
- Application Process
- How Does Pave Compare to Other Lenders?
Pave Personal Loan Review: Should You Apply?
If you want to take an educational course and have good credit, Pave is a great choice for an unsecured personal loan. You can borrow up to $25,000 through this lender with rates between 7.18% and 29.65% with terms of two or three years. Their loans are restricted to their partner schools, which skew more heavily toward software engineering and technology skills, and include well-known places like Dev Bootcamp and General Assembly.
|Good for...||Bad for...|
Currently, Pave only allows borrowers to use its personal loans to take an educational course with 40+ partnered academies. This means you can’t use a Pave personal loan for personal expenses or debt refinancing or college tuition. Instead, borrowers can take out funds to pay for a full- or part-time educational course, and may also elect to use a portion of these funds to pay for living expenses during the course. Pave will also match the disbursal of your funds to the timing of your course: if you apply now, but don’t need funds until two months later when your course starts, you have the option of deferring funding until your course begins.
You can only use Pave loans with their partner schools, which as we've mentioned, are mostly coding and tech-focused. We like that Pave includes well-known organizations like Dev Bootcamp, General Assembly, Hack Reactor and the Iron Yard. They do have partner schools that train students in graphic design, cyber security and data science etc. If your academy is newer or niche, however, Pave may not have developed a relationship with them yet. When we last checked, Pave didn't consider non-partnered courses on a case-by-case basis.
One thing we like about Pave is the flexibility offered in repaying your loan. During the life of your loan, you can change your payment due date by emailing or calling the Pave loan support team. You can also defer the first three payments on your loan, so you won’t have to make payments for the first three months. You will, however, still accrue interest on the loan, which will be added to the unpaid principal amount.
Pave is only available in 36 states. Pave is not currently available in Arizona, Connecticut, Maine, Massachusetts, Nebraska, Nevada, North Dakota, Oregon, Pennsylvania, Tennessee, Vermont, West Virginia, Wisconsin or Wyoming. This means residents in growing tech hubs like Las Vegas and Boston won't be able to apply for Pave loans.
To be eligible for a Pave personal loan, you must meet the following criteria:
- Minimum credit score: 660
- Must have an income or a job offer or be planning on attending an educational course Pave partners with
- U.S. citizenship
Beyond these three requirements, the lender does not require a minimum income or maximum debt-to-income ratio to qualify. However, having a higher income or a lower debt-to-income ratio will improve your chances of getting approved. Meeting these requirements does not guarantee that you will be approved for a Pave personal loan, but you will need to meet these criteria to even be considered.
Pave Personal Loan Terms and Requirements
Pave offers unsecured personal loans up to $25,000 with terms of two or three. Pave personal loans can only be used to take an educational course with one of their partnered academies.
|Loan Amount Range||$3,000 - $25,000|
|APR Range||7.18% - 29.65%|
|Loan Terms||2 or 3 years|
|Direct Payment to Creditors||No|
To start applying for a personal loan from Pave, you'll need to select your provider from a list of their partnered institutions, and the amount of the course plus living expenses. Pave's application also asks for your name and address, your last degree or educational institution. Once you enter in your work experience (last job or current offer), your gross income, and check off that you have a checking or savings account, Pave will display loan terms for your review.
|Time to Get Funds||3+ days|
Next, review the interest rates and related terms that Pave offers you carefully. Should you accept them, the next steps are to submit proof of your identity and U.S. citizenship, bank statements, the last two pay stubs, and an admission letter to the class you're funding. You have a three day period between loan approval and funding to cancel.
If you can't be identified or located based on your personal details so far, Pave will require you to input your social security number to see what rates you're eligible for (which won't affect your credit score). Other times, they may review your information manually and get back to you in 4 - 5 business days with a personalized rate quote.
How Does Pave Compare to Other Lenders?
Before you commit to a loan from Pave, it may be a good idea to shop around. Below, we take a look at some of Pave’s major competitors.
Pave vs. SoFi
You can use a SoFi personal loan for any purpose aside from education, making SoFi an obvious choice over Pave if you don’t need money for a course. SoFi also offers loans up to $100,000, which is considerably more than many other online personal loan companies, and rates at SoFi range from 5.7% to 14.24%. Because of the large loan amounts and low rates, you’ll need good to excellent credit history and sufficient income to qualify for a SoFi. In fact, we generally recommend borrowers have credit scores of at least 660 to apply at SoFi and have a reasonable chance of getting approved.
Pave vs. Earnest
Earnest is a great option if you don’t need a loan for educational or debt consolidation purposes. Somewhat similar to Pave, Earnest markets its personal loans for investments in your future, whether that’s career development, relocation, home improvement or a wedding. We don’t recommend Earnest for a debt consolidation loan as the lender specifically looks for financially responsible borrowers who have little non-mortgage or non-student debt. The lender also looks for individuals with good credit history and no recent bankruptcies or delinquencies. We generally recommend borrowers have a credit score of at least 680 to apply at Earnest. Rates range from 5.25% to 12% with loan amounts up to $50,000 and terms from one to three years.
Pave vs. Marcus
Borrowers looking to refinance existing debt should consider a personal loan from Marcus as Pave does not allow offer debt consolidation loans. Similar to the other lenders in the list, Marcus generally looks for creditworthy borrowers who have a few years of credit history. We recommend having a credit score of 660 or more and at least two years of credit history before applying to Marcus. Through Marcus, you can borrow up to $30,000 with rates from 5.99% to 22.99% and terms from two to six years. One great thing about Marcus is that the lender charges no fees, unlike Pave. This means no prepayment penalties, no origination fees and no late fees.