In short, it's to make sure you have steady, reliable income that can support your use of FloatMe and enable you to pay back your Float.
To go into more detail, the information we have to verify in order for you to meet our minimum requirements, are:
- You are able to receive ACH deposits.
- You receive deposits of at least $150 per pay period for two (2) consecutive pay periods from an eligible income source. Our system needs to detect at least two eligible deposits on consistent dates (ex. every other Friday or the 15th and last day of each month).
Once we have verified this information, FloatMe uses a wide range of data points to further qualify your account to Float. For more details on steps you can take to get approved for a Float, see here.