You will need to provide your full name, home address, email, phone number, social security number, and a form of ID (e.g., driver's license).
We use this information for 2 purposes:
1. To comply with regulations regarding KYC and AML. We are required to collect certain information for every customer we serve.
2. To provide River's services most effectively, including obtaining your credit history to prequalify you for River's low cost credit.
Once you review River's terms and conditions, we will work with your employer to update your payroll information such that each week, your paycheck arrives 100% on-time into your River-issued bank account on Friday morning (in most cases, it will be available on Thursday night).
During weeks when you have withdrawn wages or have a loan installment due, the amount you will see credited to your account will reflect your full net pay minus any withdrawn wages or repayments. You never have to worry about remembering to pay your installments.
In effect, this change will help you get your pay on time every time, fully automate your River related repayments, and will eventually give you the power to choose when you want to receive your pay (from Wednesday afternoon to Friday afternoon).
We use your linked bank accounts to determine your eligible borrowing limit and provide you with holistic AI-enhanced financial management tools. The more accounts you connect to River, the better River's AI can analyze information and help you reduce spend, save more, and build wealth.
We will also schedule automatic repayments from these accounts in case you leave your current employer before any loans / withdrawn earnings are fully paid back.
All data shared with us will be handled completely securely, with strong encryption used for all data in transit as well as when stored. We use AES-256, which is among the toughest encryption standards today.
Very simply:
1. Click on "Cash Out"
2. Choose your amount
3. Submit and wait for the money; it'll be in your River account in a few hours
And when River sends your paycheck to your River account on the next payday, the amount will reflect your full net pay (pay after employer withholding) minus anything you have already withdrawn during that pay cycle.
We generally work with your employer to gather information on your weekly or biweekly pay. This helps us determine how much you can cash out on a given day.
In cases where we don’t have that information flowing, we estimate your earned wages based on the average size of the paycheck you have received into your bank account over the last 6 paychecks. This is one of the reasons we need you to link your direct deposit account to River.
We work with partners to enable a “Same Day ACH” transfer, with cutoff and settlement times as described by NACHA here. In simple terms, in most cases, you will receive your cashed out wages the same day in a few hours or the next business day, depending on when you submit the request.
Nothing. As long as your auto-scheduled repayment completes on your next payday, you pay no interest or fees for cashing out your earnings.
You can cash out your earnings once a day. If you need to cash out more than once due to unforeseen circumstances, reach out to us.
We automate all repayments directly from your paycheck, so you don’t have to worry about remembering to stick to the schedule. If we are unable to access the funds needed on the day of repayment, any outstanding cashed-out earnings will convert to a “Borrow-for-Less” loan and carry an interest going forward.
Very simply:
1. Click on "Borrow"
2. Choose your amount
3. Decide how many months you want the money for
4. Submit and wait for the money; it will be in your River account in a few hours
This money will be auto-scheduled for repayment once every 4 weeks on a payday, for 1, 3, or 6 months based on your choice. You can see your upcoming EMI payment in the Payments section.
And when River sends your paycheck to your River account on the next payday, the amount will reflect your full net pay (pay after employer withholding) minus any scheduled repayments due for that week.
Any borrowed amount will carry an interest of 10% per annum, prorated for the number of days for which you borrow. I.e., if you pay back early (which you can, using the "Pay Now" button in the "Withdrawals" section), you will pay less in interest.
We determine your borrowing limit based on your average monthly salary or wages, current debt, credit history, and several other factors.
We strongly encourage responsible borrowing. Debt is a tool only when used wisely; otherwise it is a sinkhole. Only borrow what you need, and only when you need it.
Any borrowed amount (principal) will carry an interest of 10% per annum, prorated for the number of days for which you borrow.
Only if you miss more than 1 payment. Your 1st missed repayment carries no penalty. We understand there may be circumstances.
For your 2nd missed payment, there will be a late fee equal to 2% of the overdue amount or $20 -whichever is lower. This will be added to your next scheduled payment, along with the overdue amount and interest.
If there is a 3rd missed repayment, in addition to late fees, your River account will be suspended until you're fully current.
Yes! You can pay any amount towards one of your outstanding withdrawals (wages or credit) using the "Pay Now" button within Withdrawals.
If you payoff earlier than scheduled, you will pay less in interest on any borrowed money. It is always a good idea if you can do it.
We automate all repayments directly from your paycheck, so you don’t have to worry about remembering to stick to the schedule. If we are unable to access the funds needed on the day of repayment, we will send you a notification and try again the following payday.
Your borrowed money is considered in default if 3 consecutive scheduled payments have been missed or rescheduled. To return to be in good standing, any outstanding principal, interest, and fees need to be repaid. During default, you will no longer be able to access earned wages or new credit.