What is a Level Advance and how does it work?

At Level, we work with you to understand the full picture of your business and use that full picture to qualify you for an Advance. Our underwriting team evaluates business income to determine eligibility for a Level Advance.

Please view this video to learn more about the Level Advance:

Accessing your Advance

Begin at https://account.levelgoals.com/login. Your Level Account is the one-stop-shop for tracking business expenses, earnings and tax planning services. Log in here to manage your Level Advance as well as access Level Pro.

Users may also access pending Level Advance applications and ensure that we have accurately captured all of your business information - especially your business earnings.

Calculating Level Advance repayment

Your payment amounts are equal to the repayment percentage of your business revenue. Your repayment percentage is applied to your revenue, meaning your total earnings before expenses, platform fees, late fees, etc.

For example, if your revenue percentage is 10% and you have $100 of total business revenue, your repayment amount for those earnings will be $10, regardless of what your costs are.

 

Claiming your Level Advance offer

In order to receive your Level Advance, you will open a Level Earnings Account. This account allows Level to facilitate the disbursement of your Advance to you, as well as your Advance repayment. It is an FDIC-insured business checking account with no minimum balance and no monthly fees.

The full fee schedule may be found in our Deposit Account Agreement. Note that the Level Earnings Account also enables other Level services, like Get Paid Early.

Using the Level Earnings Account for direct deposit of Level-supported apps is the only action you need to automatically repay your Level Advance. Once your payouts are directed to your Level Earnings Account, your repayment percentage of relevant income will automatically be contributed towards repayment of your Level Advance.

 

Repaying your Level Advance manually

1. Visit the Advance Overviewpage in your Level Account.

2. Click the Make a Paymentbutton.

3. Choose a payment amount up to the total repayable balance.

4. Proceed to Stripe to complete the payment.

Once you've completed the steps outlined above, you will be redirected to your Level Account. This video demonstrates how you may make payments from your Level Account:

Note: We do not charge fees for making additional payments, and you may pay up to your remaining balance.

Transactions may take up to 15 seconds to appear as applied to your balance. Because of this, we recommend that if you designate a platform (e.g., Zelle) as a source of business income, you use it for only business income.

Updating Work Apps

Level uses the Work Apps that you link to your account to qualify you for Level Advances and other services. To view or add Work Apps to your account, please log into your Level Account. Then take these two steps:

1. Click the Your Business section on the left-hand side of your screen.

2. Select Work Appsto link to the sources of your earnings.

Here's a video demonstrating how to update the Work Apps to your Level Account. 

 

Remaining in Good Standing

You may continue to access Level’s financial services as long as your account is in good standing. Level has two requirements for good standing:

1. Users must inform Level prior to closing their business so that we may establish an alternative repayment schedule (users are required to repay Level in full).

2. Users are required to update Level should their business earnings sources change. This is especially important when adding new earnings sources, so that repayment accurately reflects the overall business earnings.

NOTE: Ensure that you have completed all payments from Level on time. Late payment could impact your ability to access Level services in the future. In extreme cases, repayment delays may result in users becoming the focus of collections activities.

 

Closing your Level Account and Level Advance repayment

You are required to repay Level in full if you close down your business. This includes ceasing to earn on linked income sources. Please inform Level if you are planning to close your business down so that we can reach an alternative repayment schedule.

NOTE: If you do not currently work with any platforms/work apps, please provide us with more information on your business and how you earn.

Once we receive more information from you regarding your business and how you earn, we will notify you if we are able to move forward with the assessment of your application. If so, our team will then assess your application to determine eligibility for a Level Advance.

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Want more? Email us at [e-mail] or call toll-free at [phone]. You may also self-serve within our Help Center to learn more about our resources within Level Pro, our Level Earnings Account, which is FDIC insured through Piermont Bank; Member FDIC, and how our Level Advance payment and repayment works.