Applying for a loan may have an impact on your credit, but it depends on the type of inquiry. There are two types of inquiries: soft and hard.

When you check your rate, NetPay Advance begins with a “soft credit inquiry”. This means we check your credit without affecting your credit score, but you may see an inquiry when you view your report. Your credit score remains unchanged when you check your loan rate through NetPay Advance.

However, if you decide to proceed with the loan application, the lender will then make a “hard credit inquiry” just before you sign the promissory note. This type of inquiry will impact your credit score and will show up on your credit report.

In summary, checking your rate with NetPay Advance won’t affect your credit score because it’s a soft inquiry. But if you accept your offer and proceed with the loan application, a hard inquiry will be done, and it may have an impact on your credit score.

The timing of when you receive the funds depends on when you sign the promissory note. If you accept the loan before 5:00 P.M. ET on a business day (Monday to Friday), we initiate a transfer of funds on the next business day. However, if you accept the loan after 5:00 P.M. ET on a business day, we may initiate the funds transfer 2 business days later.

If you accept the loan on a non-business day, like a bank holiday or a weekend, the disbursement process will start on the next business day. In this case, you’ll receive the loan proceeds 2 business days after you sign the promissory note.

The time you receive the funds may vary depending on the loan product you are taking and the lending partner originating the loan. To receive personal loan proceeds you must add and verify a personal bank account in your name. The loan proceeds will be directly deposited into that account. We cannot accept business accounts.

The interest rate on loans through NetPay Advance is determined individually based on possible factors like education, credentials, work experience, and credit history. All loans through NetPay Advance have a fixed interest rate, meaning that the rate does not change over the life of the loan.

Your interest rate is the daily cost of the loan. APR provides a more comprehensive view of the total cost of a loan because it includes both the interest rate as well as all other associated fees, expressed as a percentage cost per year. It provides a standardized measure that allows you to compare loan products more accurately.

By comparing the APR of different loan options, you can evaluate the overall expense of each loan, including both the interest rate and any applicable fees. This can help you make a more informed decision when choosing the right loan for your needs.

Once you submit your loan application, you won’t be able to make any further changes to it yourself. It’s important to carefully review and verify all the information before submitting.

If you’ve made a mistake on your application, you may be asked to submit documents that verify the most accurate information via your NetPay Advance Dashboard. If additional clarification is needed, our team will reach out.

You can use your loan proceeds for almost anything. The following are are examples of permissible personal loan use:

• Pay off credit cards
• Start or expand a business
• Pay medical bills
• Pay rent
• Make a large purchase
• Relocate
• Travel
• Make home improvements

Please note that the lender you are matched with may not offer all of the examples listed.

This list may not be holistic of all products offered by NetPay Advance.

Transcripts may be required for verifying your completed degree or current enrollment status. To get a transcript from your education, you have a few options:

1. Online Portal: Check if your school has an online portal where you can access your transcript. Make sure it includes your name, school, graduation year, major, and GPA.
2. Saved Physical Copy: If you have a physical copy of your transcript in good condition from graduation, you can scan it and use the scanned version. It will need to show all corners and edges.
3. Registrar’s Office: Contact your school’s registrar’s office. They should be able to provide you with a copy of your transcript.

No, we only take your personal income into consideration. If you report income that we cannot verify, you may be declined.

To verify your income, you may need to provide documentation that meets the following criteria:

1. Name and company name: The documentation should include your name and the name of the company you work for.
2. Recent: The documentation should be recent, typically dated within the last 30 days.
3. Clear and complete: Ensure that all four corners of the document are visible and that all information is legible and all pages are present
4. Personal income: The documentation should reflect your personal income, not someone else’s.

The specific documentation required will depend on your employment status. Please refer to the information below to find the accepted document for your income type.

• Full Time/Part Time
  • Most recent pay stub (dated within 30 days) showing salary or hourly wage.
  • Official job offer stating compensation and start date if pay stub is not available yet.
  • W2 (most recent calendar year) along with a recent pay stub (dated within 30 days) image and bank statement.
• Additional Compensation (bonus/commission)
  • Offer letter stating target bonus or commission structure.
  • Last pay stub of the previous calendar year showing year to date additional compensation earnings.
  • Verification of bonus/commission earned this year from your employer.
• Multiple Jobs
  •   Pay stub for each income source (dated within 30 days respectively).
• Independent Contractor (e.g., 1099 employee)
  • Current contract with compensation details.
  • Completed tax return from the most recent filing year with taxable income listed.
  • Proof of recent income and bank statement (dated within 30 days or most recent quarter).
• Self Employed/Sole Proprietor
  • Completed tax return from the most recent filing year showing the personal portion of income.
  • Proof of recent income and bank statement (dated within 30 days or most recent quarter).
• Retirement Benefits
  • Annual benefits letter.
  • Recent income verification.
  • Statements from a pension plan.
• Alimony/Spousal Support/Child Support
  • Court order/agreement outlining amount, payment frequency, and duration.
• Rental Income
  • Proof of recent rental income within the last 90 days.
  • Completed tax return from the most recent filing year with rental income listed.
• Trust
  • Letters from Trust administrator verifying current receipt of income.
• Disability Benefits
  • Benefits letter specifying income amount, payment frequency, and duration dated within the most recent full-calendar tax year..

Unfortunately, we cannot change your loan amount after you have signed your promissory note accepting your loan terms. You may, however, apply for another personal loan after making 6 on-time payments.

Income for the purpose of this loan includes the following sources:

• Salary, bonus, or commission from your employer.
• Hourly wages, including overtime.
• Consistent self-employment income for a full calendar year (tax return required for verification).
• Income earned as a shareholder in a corporation or partnership (tax return required for verification).
• Rental property income for a full calendar year (tax return required for verification).
• Trust, pension, disability, retirement, or Social Security income.
• Alimony, child support, or separate maintenance (such income need not be revealed if the applicant does not want to be considered in
• determining the applicant’s creditworthiness).

Please note that income from a spouse or someone else in your household cannot be considered.

To deactivate an old bank account, please contact our servicing team and request the account to be deactivated. If you have any pending payments scheduled, make sure to inform us at least three business days before the payment date to ensure the changes are made in time.

Yes, you can make your monthly payment in two or more installments.

You can schedule two automatic recurring payments per month (bi-monthly payments) if you meet specific eligibility requirements. If you are not eligible for automatic bi-monthly payments, you can always schedule one automatic recurring payment per month plus as many manual payments per month as you like.

In order to set up recurring bi-monthly payments, your account must be current and the dates you choose for bi-monthly automatic payments must meet the following requirements:

1. They cannot be more than 30 days apart
2. The second payment can’t be more than 15 days past your due date,
3. They can’t be less than 5 days apart.
4. After you confirm, your automatic payments will repeat on the same 2 days each month.

Bi-monthly recurring payments may not take effect until the following pay period if you are between day 16 and the due date of your current pay period at the time of scheduling.

If you have any questions or need assistance with setting up bi-monthly payments or determining your eligibility, don’t hesitate to contact our Servicing Team.

If you are not eligible for automatic bi-monthly payments or you prefer to make manual ACH payments, you can make multiple payments on your dashboard by scheduling 2 or more one-time payments using the “Make a Payment” button.

You can also make payments via paper check and US mail.

There are no prepayment fees on loans made through NetPay Advance. You can make early or additional payments at any time through your dashboard.

Your payments are allocated first to any fees assessed on your account (e.g. for late payment, returned ACH, etc.), then interest, and finally to the principal balance (unless otherwise stated on your retail installment contract). Interest accrues daily on the remaining principal balance and does not compound on any unpaid interest that has accrued.

At the beginning of the loan, a larger share of the payment is applied to interest because most of the principal balance has not been repaid yet, so a larger dollar amount of interest will accrue. As you pay down the principal, a smaller amount of interest will accrue each month because the principal balance will be less. This will allow a larger share of the monthly payment to repay principal over time.

Because interest accrues daily, the amount of interest owed for a specific payment will vary depending on how many days have passed since the last payment. This means if you make your monthly payment a few days early, fewer days of interest will have accrued, and a larger share of your payment will go towards paying down principal than if you had waited the full month.

You are responsible for repaying the full principal amount and the accrued interest over your specified loan term through monthly installments. If you wish, you can also make early payments without incurring any penalties.

Please note that early payments in one month won’t replace the next month’s payment obligation. Instead, they will be applied to the principal, reducing the overall duration of your loan.

Failing to meet your monthly payment obligation could result in negative credit reporting to credit bureaus, which may impact your credit score and/or repossession of the vehicle (if applicable).

NetPay Advance is a technology platform that allows you to apply for and receive a loan from one of our many lending partners. NetPay Advance believes that you are more than your credit score. Our statistical model considers the school you attended, your area of study, employment history, and your credit history. This allows you to receive a loan offer based on more than just your credit score.

You can reach us for general support by:

• calling us at (888) 942 3320 Monday – Friday 6AM-5PM PST. Weekends 9AM-5PM PST.
• sending us an email at support@netpayadvance.com

You can reach us for servicing support by:

• sending us an email at support@netpayadvance.com
• You can find additional contact information at our contact page. We’d love to hear from you!

If the information on your credit report is inaccurate, contact the CRA. You can dispute any discrepancies or errors directly through the CRA with the incorrect information.

• Equifax 866-640-2273
• Transunion 800-916-8800
• Experian 866-200-602

You can also contact Upstart, to ensure that we reported accurate information about your loan with the CRA on behalf of your creditor. If we made an error, we’ll work with you to correct it on your behalf.

There are multiple credit bureaus that generate scores and multiple scoring methodologies used.

Example Credit Bureaus:

• Equifax
• TransUnion
• Experian

Each of these bureaus may have different information about you based on what financial institutions have reported.

Example Scoring Mechanisms:

• VantageScore
• FICO Score

You’re most likely to see the VantageScore credit score when you enroll in a free credit report or credit monitoring service.

The Fair Isaac Corporation (FICO, the company) developed a unique model for each credit bureau, which can lead to different FICO scores from different bureaus. The FICO score is often used by lenders to price and approve credit.

Both FICO and VantageScore credit scores range from 300-850.

It usually takes about 30 days for creditors to report new information (like your credit card balance or a payment) to the credit bureaus, and each creditor may update the bureaus on different days of the month.