What is Paycheck Pay by Truv?

Paycheck Pay by Truv is a solution that automates loan repayment directly from your future paychecks. It utilizes direct-to-source income and employment data to ensure timely payments, helping lenders reduce default rates and improve the borrower experience.

Key Benefits for Users:

• Easy Installment Setup: The platform allows you to set up your payment preferences and installment plans easily.
• Improved Applicant Experience: The process is designed to be simple and seamless.
• Success Confirmation: After setup, you will receive a confirmation. Note that it may take up to two pay cycles for the change to take effect, depending on your employer.
• Savings on Fees: The Truv solution helps decrease operational costs for lenders, which can save customers money on fees, such as ACH and authentication expenses.

How it Works (Simplified):

1. Find Your Employer: You search for and find your employer within the Truv platform (e.g., ADP, Walmart, Amazon, Home Depot).
2. Sign In: You securely sign in to your employer's or payroll provider's system (e.g., Home Depot).
3. Confirm Distribution: You confirm the amount from your future paychecks that will be deposited to the Truv account for repayment (e.g., "$750 from your future paychecks will be deposited to truv account.").
4. Success: The setup is complete, and the automated repayment is initiated.