In short, it's to make sure you have steady, reliable income that can support your use of FloatMe.
We need you to receive income from a recurring source for two, very good reasons:
- First, it allows our system to identify your ability to pay back your Float.
- Second, it helps our system verify that your bank account allows direct deposits. FloatMe uses ACH to send standard floats to your account.
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 three (3) consecutive pay periods from an eligible income source. Our system needs to detect at least three 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.