Pave Personal Loans Review: Here's What You Need to Know

Pave no longer offers personal loans to new applicants. To compare other personal loan lenders, visit our best personal loans page.

Personal loans can be a versatile source of financing and a helpful financial tool because you can use the funds from a personal loan for any purpose you’d like.

Since there is so much flexibility in what you can do with personal loan funds, many people use these loans for debt consolidation or to accomplish other important goals, such as paying for educational courses or to start a business.

Unfortunately, many young people have difficulty getting approved for personal loans because they haven’t yet had time to develop a long credit history and a good FICO credit score. Lenders are often unwilling to provide financing, even to responsible young people, since they simply don’t have the credit histories necessary to prove they’d be a reliable borrower.

Pave was one lender that helped solve this problem, but they no longer offer new loans.

Alternatives to Pave Personal Loans

Although Pave Personal Loans are no longer available, there are still other loan options out there — including options for young people who haven’t had time to establish excellent credit.

Here are a few resources you can use to find alternatives:

What Was Pave?

Pave was founded in 2012 and, after its founding, it received applications from potential borrowers seeking as much as $700 million in funding. The company ended up issuing a total of $22.3 million worth of loans to 1,665 borrowers.

Pave was different. Pave personal loans were specifically targeted towards young people, and the company was founded to “democratize access to funding,” so more people would be able to access the money they needed to build a strong financial foundation.

Pave had a unique business model focused on young borrowers, and rates were lower for those who were using loan funds for self-improvement, such as debt consolidation, moving for a new job, or paying for educational courses.

Why Did Pave Stop Offering Personal Loans?

Unfortunately, Pave stopped issuing loans in June of 2017. The company did not provide a reason for pulling out of the personal loan market but instead indicated that it was exploring its options. The Pave website now no longer works.

What Should Current Borrowers with Pave Personal Loans Do?

When they stopped operating, Pave made the decision to continue to service existing loans when it transitioned to a new business model and stopped offering new loans.

However, since the Pave website no longer exists, it is unclear how to repay Pave loans. If you are a existing borrower, try searching your email for communications from Pave about how you can repay your loan.