What is a lift?
A Lift lets you meet an opportunity or emergency without going through the stress and complexity of a bank loan. The first time you request a Lift, our website or mobile app will let your friends and family or community, religious or social organizations you belong to pool their resources to support you.
Complete a Pay it Forward plan and when you return for another Lift we will add matching funds to your friend and family contribution and we’ll do the same for your supporters when they need a Lift!
What's not in a lift?
High Interest Rates
Your first Lift is 100% interest free
And credit reports
Long Application Forms
And lengthy loan agreements
A lift is simple and transparent
Why use LiftRocket instead of asking friends for help or going to a bank?
LiftRocket is a self supporting financial community whose members protect and help each other. That permits us to serve people who would be ignored by banks or taken advantage of by predatory lenders. LiftRocket is a new way for friends to help each other with one big advantage – because we can track and recognize when you support or repay your friends, we can reward you with increased access to funding next time out. Plus we make it easy and fun.
Should I be worried about asking for help or being taken advantage of?
Our community is based on two core principles: everybody deserves a second chance and everybody contributes. We hope that all of our members share these beliefs and we’ve structured our ground rules so that reciprocity – mutual support – governs everything we do. Our members, not credit scores, decide who is invited in, and how much to contribute to Lift requests. Lifts comes with Pay It Forward plans because our members want a hand up, not a handout. The fees that Lift recipients pay help fund our Boost program for our most deserving members who deserve extra help. If you contribute to a Lift, you receive recognition for that in the form of assured access to funding in event you need a Lift yourself down the road.
Can I control who is in my network and who sees my Lift requests?
Yes, absolutely. You decide who receive your invitations to join your LiftRocket community and you decide which members of your community see your individual Lift requests. We are depending on our members to invite other members they know and trust.
Is my banking data secure? What does LiftRocket do with my personal information? Will I get spammed? Will my friends get spammed?
We keep your banking and personal information safe and confidential. We do not use it to sell other products or share it with other organizations for marketing purposes. Your bank account information is kept at Dwolla, our payments processor, where it is securely held and used only to facilitate payments to or from your account at your direction.
How long will it take to get my Lift? What if my Lift campaign falls short of my requested amount? Is my money safe while it is at LiftRocket?
When you ask for a Lift, we keep your request open until contributions reach your target up to a maximum of two weeks. We will release the amount contributed as soon as it reaches your target or at the two week point. Contributions to Lifts and payments received from Pay It Forward plans are kept at LiftRocket’s bank, which is currently People’s United Bank, a federally chartered and insured institution based in Connecticut with $48 billion in assets. As long as your Pay It Forward plans for any past or current Lifts are up to date, you are free to request an additional Lift.
When are my payment installments on Pay It Forward plan due? Can I schedule automatic payments from my bank? What if I’m late or miss a payment?
We schedule payments at the end of the month and we’ll send you convenient reminders so you won’t have to worry about forgetting. You can send payments yourself when you receive our reminders or if you would like you can set up automatic payment. We don’t have any fees for late or missed payments and we always provide you with options to get your Pay It Forward plan back on track.
If I contributed to a Lift, what happens to the money received from the recipient under a Pay It Forward plan?
Your contribution will come back to you. We return the money contributed under Pay It Forward to the original contributors. You will receive either the full amount you contributed if the recipient completes the entire Pay It Forward plan or a partial amount in proportion to your original contribution if the recipient makes some but not all of the Pay It Forward payments. We disburse the proceeds to the contributors at the scheduled end date of the Pay It Forward plan. We will send an additional distribution in case the Lift recipient makes any payments after the scheduled an end date.
What is the purpose of the Boost program and how does it work?
Boosts are gifts that our community awards to its most deserving members when they need extra help and inspiration to address really tough circumstances. They are also a way to help community members get to know each other through the daily voting process. Boosts are added to Lift funds and are not included in Pay It Forward plans.
How will using LiftRocket affect my credit score?
Your initial Lift will not affect your credit score because we want to make sure your first experience is risk-free. When you return for more Lifts, we may report those to credit bureaus, but only you are off to a good start within the LiftRocket community and we can be comfortable that the news we have to report is favorable and will actually improve your score
How does LiftRocket support itself? How do we know that members are getting a fair deal?
We earn money to pay the cost of LiftRocket’s operating expenses and fund the Boost program through community contributions from our members and transaction fees and interest when members organize Lifts. We disclose all fees or interest upfront and we show you how those charges are based on the cost of serving our members. The more you help us keep our costs down, the less everyone in the community pays.
Want to learn more about LiftRocket? Read our About page