Updated: November 1, 2024
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Recent graduates and students who need cash quickly can benefit from the ThriveCash personal loan which can cover expenses that student loans don’t. Whether it’s for your flight home, a new lease, or moving expenses, Thrive can provide the funds you need within one business day.
The ThriveCash loan was built on the experiences of Thrive’s founders Deepak Rao and Siddharth Batra, who wanted to provide easy access to funding for students and recent graduates. They knew firsthand how difficult it can be for a student without credit or financial support. Thrive only offers one product to one audience: ThriveCash. This is a quick, low-interest personal loan available to graduate and undergraduate students with internship or job offer letters.
The ThriveCash personal loan can be applied for through their mobile application and only requires your internship or job offer letter and other personal details. Once approved, you can borrow as little as you need, up to the limit determined by Thrive. Funds can be sent in one business day. Repayment isn’t due until you start working, and Thrive does not charge extra origination fees or early payment penalties.
Pros
Cons
APR | 8.4%-18% |
Credit Score Requirements | None |
Income Requirements | None |
Loan Amounts | Loans are offered up to $25,000, but the amount offered depends on your salary offer.
|
Loan Terms | Repayment starts one month after beginning your job or internship and continues until the loan is paid off. This will vary based on your individual circumstances. |
Permitted Uses | None |
Prohibited Uses | None |
Time to Receive Funds | One business day |
Origination Fees | None |
Late Fees | None |
Prepayment Penalty Fees | None |
Co-signers and Co-applicants | Not required |
Perks | Flexible repayments that consider your circumstances |
Mobile Application | Yes, for application and loan management |
Before getting a ThriveCash personal loan, review Thrive’s offer. Every lender and offer is different and there are still factors you should consider before applying.
A ThriveCash personal loan is perfect for any graduate or undergraduate student who needs cash but has no credit or other financial resources to cover their expenses. It also suits students who simply want to take charge of their finances and do not want to borrow from their parents or relatives.
ThriveCash loans are also great for students who need to pay for expenses their student loans can’t, such as flights home, car payments, moving expenses, or credit card debt.
While loans from Thrive may be ideal for students in a pinch, it may not be the best option for those who need to borrow a considerable sum of money. The more you borrow, the higher your monthly payment, and you may have to pay more than the cost to repay a traditional loan.
The ThriveCash loan is also not an option for students or recent graduates who either don’t have a job or internship lined up or have already started working. The company limits its loans to those who have not begun working during or after their education.
Applying for a loan from Thrive can be done easily through their mobile application. If their offer sounds right for your needs and you’re ready to get started, read the steps below to know what to expect during the application process.
Navigate to your phone’s mobile application store and download the ThriveCash application, which is available on both iOS and Android phones.
Submit your offer letter and school email address through their mobile application.
After submitting your details, Thrive will provide you with a maximum loan amount based on your job offer.
Once you get approved, you can set how much you want to borrow based on your limit and your repayment terms. This includes when your first payment is due and if you want to pay monthly or at once.
When you’re done setting your loan amount and repayment terms, Thrive will send the funds to your bank account as soon as the following business day.
Repayment begins one month after starting your job or internship. You can also pay earlier than the due date or pay it off in one lump sum, even if you have a monthly repayment set.
While ThriveCash personal loan offers are mostly based on your job offer letter and not your credit score or past income, it’s still possible to receive a rejection.
One of the reasons Thrive may reject you is if you have significant outstanding credit card debt. The application process involves a soft credit inquiry, which can already indicate whether you are suitable for a loan or not. You will also get rejected if you do not meet the profile criteria of a recent undergraduate or graduate student with a job or internship offer.
Getting a loan rejection can be crushing, especially if you’re in need of cash. Make sure to reach out to Thrive to ask for the reasons behind their rejection. Understanding why it happened is vital to prevent it from occurring again. You should also make plans to correct any reasons for rejection before applying for a different loan.
While Thrive’s personal loans are fairly straightforward, first-time loaners may still have some trouble. If you’re looking to get a ThriveCash personal loan, review the answers to the most frequently asked questions below.
Thrive’s ThriveCash personal loans are unsecured, which means you can use the funds for any purpose. However, the company encourages borrowers to use their loans for expenses not covered by traditional student loans.
The ThriveCash personal loan does not require a minimum credit score to qualify for their personal loans.
Thrive does not specify how long it takes to approve a personal loan on their website. However, they do boast a one-business-day processing time to send your funds.
Yes, loan application and management for a ThriveCash personal loan is done entirely on their app. You can download their app on an iOS or Android phone.
The ThriveCash personal loan is unsecured and does not rely on any collateral.
The maximum amount you can borrow from Thrive is $25,000. The amount you are eligible for depends on your internship or job offer. They offer you up to 25% of your total internship salary for internship offers. They offer up to 25% of your first three months’ salary for full-time job offers. The company also factors in half of any signing bonus you receive.
Thrive does not require any origination fees for their ThriveCash personal loans.
No. When you apply for a ThriveCash personal loan, they only pull a soft credit check, which does not affect your credit score. The only time your credit score may be affected is if you fail to make your payments.
Thrive does not offer any discounts for automatic payments.
No, co-signers are not required for their ThriveCash personal loan.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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