Your spending limit is your spending power to shop on Perpay, determined by various factors, including the estimated net pay you provide and verification through a pay stub. When you first sign up, an estimated spending limit is assigned based on the information entered during signup, but this may later be adjusted following verification. Use your spending limit as a guide to inform your shopping experience, and remember that all orders must remain within it to be eligible for approval.
Initial vs. Final Spending Limits
When you first create a Perpay account, an estimated spending limit is assigned based on the income information you initially provide. However, once you submit your pay stub for verification, this estimate may be adjusted to reflect the verified net pay. For instance, if your verified income is higher than your estimate, the final spending limit might increase.
Placing orders and making payments on time builds your positive repayment history and is a large factor when our Approvals Team assigns your spending limit. Missed or delayed payments can lower your spending limit, making it essential to adhere to timely payments. Additionally, building a strong payment history improves your chances of higher future limits.
Factors Influencing Spending Limit Decreases
Several factors can lower your spending limit:
Pay Stub Verification: If the income on your verified pay stub is lower than initially estimated, your spending limit will reflect this adjustment.
Payment History: Late or missed payments negatively impact your spending limit.
Active Orders: Placing orders reduces your available spending limit. As payments are made, the limit adjusts to reflect the paid-off balance.
Direct Deposit and Account Updates: Incomplete direct deposit details or outdated account information can temporarily reduce your spending limit.
Your account is regularly evaluated by our Approvals team to see if you qualify for a higher spending limit! Evaluations typically occur once per pay cycle or when updated pay stubs are submitted. Ensure all documentation and account information is current to maximize your chances of approval.
Building a positive payment history on Perpay is the best way to qualify for a spending limit increase. As you make on time payments towards your balance, you’ll see your spending limit go up!
Spending limit vs. Balance: Your spending limit is your spending power on Perpay.
Your outstanding balance is how much you have left to pay on orders you’ve already placed. This total will automatically update each time we receive a payment. You can find your outstanding balance under the Account Summary section of your Perpay dashboard (shown below). Remember to take your outstanding balance into account when placing new orders within your spending limit.
FAQs on Spending Limits
How often are spending limits reviewed? Spending limits are reassessed each payroll cycle when updated pay stubs are submitted. Direct deposits meeting platform requirements also trigger automatic reviews. Can my spending limit be restored after a decrease? Yes, depending on the reasons for the decrease. Submitting updated documents or completing verifications can help restore or improve your limit. What are direct deposit requirements, and why do they matter? To activate limit increases, direct deposit transfers must meet a prescribed minimum threshold, ensuring consistency for account evaluations.
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