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LAST UPDATED: March 19th, 2021

Pave is a personal loan company based out of New York City and has been operational for over two years. Its target market is young people in need of access to funding in order to pay for education, start a business, or improve their financial situation. Pave operates online and has a fairly straightforward application process. Minimum qualifications necessary to receive a loan from Pave include US citizenship, being 18 years of age or older, have a U.S. bank account, have a credit score of 660 or higher, and have either an income, job offer, or be enrolled in college courses. Its low interest rates and excellent loan terms are an appealing option to young entrepreneurs and students.

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The Good

  • No Prepayment Fee
  • Low APR
  • Average Term Length
  • Many Loan Options
  • Fast Approval Time

No Prepayment Fee

Pave makes its loans flexible to meet the needs of its client base. One of the most appealing features Pave offers consumers is its lack of a fee charged for paying off a loan early. This is a great way for Pave customers to save money on interest and obtain the loan for the length of time they need. Another great feature Pave provides customer is their flexible loan start dates. Customers can choose when they'd like to receive their loan and begin paying it off in their own time.

Low APR

Interest rates on a Pave loan can go as low as 6%. This is significantly lower than most competing personal loans companies we have reviewed which can go much higher. Pave tries to work with their customers on a case by case basis and works to provide the lowest possible rate.

Average Term Length

The average loan term length for Pave loans ranges between two to three years. This is great for individuals who need to stretch payments out over an extended period of time. Pave's promise to never charge a fee for early repayment is also promising to consumers who would like to save on interest by paying off their loans early.

Many Loan Options

Consumers can access a wide range of loan amounts through Pave. The minimum loan amount approved through Pave is $3,000 and can go as high as $25,000. Their wide range of loan amounts caters to the needs of students looking to finance their education as well as business owners whose financing needs may vary greatly depending on their business expenses.

Fast Approval Time

Pave loans are approved relatively quickly. Once consumers complete their online application and are approved for their loan, funding will be deposited in their account within one business day. The entire application process should take no more than a few days.

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The Bad

  • Limited State Availability
  • High Minimum Requirements

Limited State Availability

Pave currently does not offer services in Arizona, Connecticut, District of Columbia, Massachusetts, Nebraska, Nevada, New Jersey, North Carolina, North Dakota, Oregon, Pennsylvania, Maine, Tennessee, Vermont, Wisconsin, and Wyoming. This significantly limits their potential client base and is frustrating for Pave's target market located in these areas.

High Minimum Requirements

Among Pave's requirements to qualify for a loan is a minimum credit score of 660. While they state a commitment to deal with each customer on a case by case basis, this may exclude individuals who have poor credit or no credit at all. 

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The Bottom Line

Pave Personal loans is an excellent resource for young entrepreneurs and students. The company provides a large range of loan amounts with incredibly low-interest rates. Despite its current inability to provide services to individuals in a number of U.S. states, Pave's flexible loan terms make them an appealing option for young individuals-specifically individuals seeking to begin a business, finance education, or improve their financial circumstances.

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