Current Loans: What You Need To Know

Current is a mobile banking app that offers a range of financial services, including a Spend account, savings pods, cryptocurrency investment options, and a paycheck advance feature. The paycheck advance feature allows users to access their paycheck early, either instantly for a fee or within three business days for free. This feature is not considered a loan or credit product, and there are no credit checks required to qualify. However, the amount available for advance is determined by the user's Eligible Payroll Deposits, and the maximum amount for advance is $500 to $750.

Current offers interest-free paycheck advances of up to $500 to $750

Current offers a range of financial services, including interest-free paycheck advances of up to $500 to $750. This service provides customers with early access to their paychecks without accruing interest. The actual amount available for advance is determined by the eligible payroll deposits into the user's Current Account or an external bank account connected through Current.

To be eligible for a paycheck advance, users must receive eligible payroll deposits, which are recurring deposits of wages or compensation from sources such as employers, payroll providers, or government payers. Certain deposits, such as non-direct deposit ACH transfers, peer-to-peer transfers, mobile check deposits, and cash deposits, do not qualify as eligible payroll deposits.

The paycheck advance feature is optional and subject to conditions and eligibility criteria that may change at any time. Users can check their eligibility and the amount they can advance through the Current app. While Current does not charge fees or interest for standard paycheck advances, there is a fee for expedited disbursement, which is not available to all users.

In addition to paycheck advances, Current offers a Spend account, which combines a checking account with a secured credit card, and a Save feature that allows users to create Savings Pods to earn bonuses on their balances. Current also enables users to trade cryptocurrency and provides a debit card with a fee-free overdraft feature.

There are no credit checks or fees for standard paycheck advances

Current does not offer loans, but it does offer a paycheck advance service. This service is not a loan or credit product. It is an earned wage access service.

The amount of the paycheck advance you qualify for is based on your Eligible Payroll Deposit history, historical spending, transaction history, and other risk-based factors. Current periodically reviews your data to determine your limit, which may change over time. You can check if you're eligible for an advance in the Current app by going to the "Services" tab and selecting "Paycheck Advance." If you qualify for an advance, you can accept it for no fee, and it will be available in the deposit account you choose within 3 business days.

However, if you need access sooner, you can choose the Instant Access option to receive your advance to your Current account for a fee. The amount of the Instant Access Fee will be shown to you on the App at the time you request a Paycheck Advance. The fee will be repaid at the same time as your advance. It is important to note that once you've requested a Paycheck Advance, it's not possible to change the speed at which you receive it or cancel it.

Current offers a Spend account with a secured credit card and checking features

Current does not offer loans. However, Current offers a Spend account with a secured credit card and checking features. The Current Account is available free of charge. When you sign up, you get an exclusive card with a secured chip and Tap to Pay. You can also make ATM withdrawals without fees at Allpoint ATMs in the US.

The Current Build Card is a flexible secured charge card that lets you build credit, stay out of debt, and access a ton of other perks. The Build Card is a type of secured credit card that requires a security deposit as collateral. It is typically used by individuals with limited or poor credit history to establish or rebuild their credit. Unlike other secured credit cards, with the Build Card, you can simply add money to your Current Account, and your Spending balance will be updated. There's no need to load money onto your Build Card separately. Whatever money is added to your Current Account counts towards your Spending balance, whether it's $1 or $10,000. Consistently paying your Build Card balance on time helps build your credit history, but missing a payment or paying late can hurt it. With AutoPay enabled, your outstanding balance will be automatically covered by your Reserved Funds, so you never have to worry and can build credit safely.

The Current Spend Account also offers overdraft protection, helping you avoid overdraft fees. You can draw up to $200 before you're assessed any overdraft charges. You can also get access to your earnings up to two days early when you open a Current Account and enroll in direct deposit. You can unlock this feature directly in the mobile app in minutes. You can use your Current Visa debit card at any of the 14,000 participating merchants throughout the US to earn rewards points. You can get up to 15 points per dollar spent and redeem them for cash or items from the Current Shop.

The Current mobile app also offers money management tools that help you track your spending so you can budget your money better. You can also use the app to deposit a check without going to a bank or ATM.

The app allows you to manage savings via Savings Pods and trade cryptocurrencies

Current is a mobile banking app that offers a range of services, including savings and cryptocurrency investment options.

The app allows you to manage your savings through a feature called Savings Pods. With Current, you can create up to three Savings Pods to organise your savings goals. Balances in these pods earn annual bonuses, which are essentially interest. The standard annual bonus rate is 0.25%, but with qualifying payroll deposits of $500 or more per month, each pod can earn a 4.00% annual bonus up to $2,000 per pod. So, you can earn a maximum annual bonus of $240.

Current also allows you to trade cryptocurrencies like Bitcoin and Ethereum. You can get started with as little as $1, as you can purchase fractions of a coin. The app does not charge any fees for trading cryptocurrencies.

In addition to these features, Current offers a Spend account, which combines a checking account with a secured credit card (called the Build Card). This card has no annual fees and offers benefits such as fee-free overdraft protection and cashback rewards.

Current also provides a Paycheck Advance service, which gives you access to a portion of your upcoming paycheck without accruing interest. While there are no credit checks or fees for a standard advance, you will be charged a fee if you want instant access to your money.

Current offers a debit card with a fee-free overdraft of up to $200

Current is a mobile banking app that offers a range of services to its customers. One of its key features is the Spend account, which combines a checking account with a secured credit card. This card, known as the Build Card, has no annual fees or interest charges and can be used to make purchases even when there are insufficient funds in the account.

The fee-free overdraft feature provided by Current allows users to make purchases with their debit card even if they exceed their account balance by up to $200. This overdraft protection ensures that users are not charged any overdraft fees, as Current will advance the extra money required to complete the purchase. The amount advanced by Current, ranging from $25 to $200, is then repaid automatically from the user's next deposit.

The Spend account also offers early paycheck access, cashback rewards, and mobile check deposits. Users can receive their paycheck up to three business days in advance for free or instantly for a fee. This service, known as Paycheck Advance, does not require credit checks or impact credit scores, making it accessible to those with damaged credit histories.

In addition to the Spend account, Current offers savings and investment options. Users can create Savings Pods, which function similarly to savings accounts and offer annual bonuses or interest. The app also enables users to trade cryptocurrencies, such as Bitcoin and Ethereum, without fees.

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