Plain-English definitions for the Payactiv-specific terms and the broader financial-wellness vocabulary used across this site. Reviewed by Priya Tan, J.D.
A professional credential issued by AFCPE® (Association for Financial Counseling & Planning Education). AFC® holders complete a rigorous curriculum and 1,000 supervised client hours and are bound by a code of ethics. All Payactiv Live counselors referenced on PayactivUSA hold the AFC® credential or equivalent.
The electronic network used to move money between U.S. bank accounts. Payactiv next-business-day transfers to external banks use ACH; instant transfers use faster rails.
The yearly cost of borrowing money, expressed as a percentage of the loan amount. Payactiv earned wage access does not have an APR because it is not a loan. PayactivUSA $200–$5,000 personal funding partners disclose APR before you sign.
Login using fingerprint or facial recognition on your device. Payactiv supports biometric login as a security option in the app settings.
The U.S. federal agency that regulates consumer financial products. The CFPB has issued guidance on earned wage access that influences how Payactiv structures its product.
A hard credit check shows up on your credit report and can briefly lower your score; a soft check does not. Payactiv earned wage access does not involve a credit check. Partner lenders for PayactivUSA $200–$5,000 funding may do soft or hard pulls — disclosed before you consent.
The percentage of your available revolving credit you are using. Not directly affected by the service earned wage access, since EWA does not report to the bureaus.
Electronic deposit of your paycheck into your bank account or Payactiv Card. The Payactiv Card can receive direct deposit up to 2 days early.
A category of financial product that lets eligible workers access wages they have already earned before the regular payday. Payactiv is one of the leading employer-partnered EWA providers.
The EWA model Payactiv uses: the EWA provider integrates with the employer's payroll system and advances wages the employer legally owes. Distinct from direct-to-consumer EWA, which operates without employer integration.
A form of FDIC coverage that extends to prepaid-card balances held in a custodial account at an FDIC-member bank. Balances on the card are eligible for FDIC pass-through insurance up to applicable limits.
An umbrella term for programs and products that help workers manage day-to-day finances. Payactiv markets itself as a financial-wellness platform rather than a single-feature EWA tool.
Financial technology — digital products that deliver financial services. Payactiv is one of the earliest fintech companies in the EWA category.
The software platform employers use to manage payroll, benefits and time tracking. Payactiv integrates with most major HRIS platforms to calculate earned wages in real time.
A funds transfer that posts within minutes rather than the next business day. EWA offers instant transfers to the card for free, or to external banks for a small flat fee.
The identity verification process required by U.S. banking rules before opening an account. Enrolling in the card requires standard KYC verification by the issuing bank.
Collecting consumer information to pass to lender partners who can match the consumer to a product. PayactivUSA operates a lead-gen flow for $200–$5,000 personal funding; earned wage access itself is not a lead-gen product.
Marketing term often used interchangeably with earned wage access. Payactiv frequently refers to its EWA feature as on-demand pay.
A fee charged by a bank when a transaction exceeds the available balance. The card does not charge overdraft fees because it does not offer overdraft lines.
The mobile and web app through which members access earned wage access, the card, Savings, Bill Pay, Perks and Live counseling.
The card — a reloadable Visa® prepaid debit card issued through an FDIC-member bank partner.
Its free 1-on-1 financial counseling program, delivered by Accredited Financial Counselors (AFC®).
The goal-based savings feature inside the app, supporting paycheck splits, round-ups and manual transfers.
A short-term, high-APR loan typically repaid in a lump sum on the borrower's next payday. Often carries APRs of 300%+ and is the product earned wage access is designed to replace.
A card loaded with funds in advance of use. The card is a prepaid card; it is distinct from a credit card and from a traditional checking-account debit card.
The automatic process by which Payactiv is reimbursed from your next paycheck for any earned wage access you took during the pay period. You see it as a Payactiv deduction line on your pay stub.
A savings automation that rounds each card purchase up to the next whole dollar and moves the change into a savings goal. Payactiv supports round-ups on the card swipes.
The U.S. federal law requiring lenders to disclose APR, finance charge, total of payments and payment schedule in a standard format. PayactivUSA $200–$5,000 funding partners provide TILA disclosures before you sign. EWA is structured outside the TILA framework because it is not a loan.
Visa's cardholder protection against unauthorized transactions. Applies to the card.
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