Your spending limit is your spending power to shop on Perpay, determined by various factors, including the estimated net pay you provide. 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 account 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 initial spending limit is assigned based on the income information you share during sign-up. This limit may change over time as you use your account and build a repayment history.
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:
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Direct Deposit and Account Updates: Incomplete direct deposit details or outdated account information can temporarily reduce your spending limit.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. 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. 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. 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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