Question 1

What is Paidly

Accepted Answer

Paidly is a platform that makes it easy for you to receive financial gifts and contributions from friends and family to help build your education savings (like 529 plans) or pay down your student loan debt. It's a simple way for your loved ones to support your educational goals.

Question 2

How does Paidly work?

Accepted Answer

Through Paidly, people can contribute directly to your education savings or student loan repayment. When someone makes a contribution, a small transaction fee (2.9% + $0.30) applies, which the contributor can choose to cover. Once your Paidly balance reaches $25, we'll automatically send the funds to your designated education savings account or student loan. A usage fee of 2.75% applies to each transfer, unless you are receiving Paidly as an employer benefit, in which case this fee is waived.

Question 3

What are the fees associated with Paidly?

Accepted Answer

There are two potential fees:Transaction Fee: A 2.9% + $0.30 fee applies to each contribution made by a donor. This fee covers the cost of processing the transaction. Donors often have the option to cover this fee themselves.Usage Fee: A 2.75% fee is applied when Paidly transfers your accumulated funds to your education savings or loan account. This fee is waived if you are receiving Paidly as part of an employer benefit program. This fee helps us maintain the platform and services.

Question 4

What is a transaction fee and can donors cover it?

Accepted Answer

The transaction fee (2.9% + $0.30) is charged each time someone contributes to your Paidly account. It covers the cost of securely processing the donation. Yes, when making a contribution, donors are given the option to cover this fee, so you receive the full donation amount.

Question 5

What is a usage fee and when does it apply?

Accepted Answer

The usage fee (2.75%) is applied when Paidly sends the funds you've received to your designated education savings or loan account. This fee helps support the Paidly platform and ensure continued service. This fee is automatically waived if you are receiving Paidly as an employer benefit.

Question 6

How long does it take for contributions to be processed and when are payments sent?

Accepted Answer

Donations typically take 3 business days to fully process. Paidly sends out payments to your linked accounts on the 15th of each month. To receive a payment on the 15th of a given month, the donations must be fully processed by that date. Donations processed after the 15th will be included in the following month's payment cycle. For example, a donation made on the 13th will be paid out on the 15th of the same month, while a donation made on the 16th will be paid out on the 15th of the next month.

Question 7

Who can contribute to my Paidly account?

Accepted Answer

Anyone who wants to support your educational goals can contribute to your Paidly account. This could be friends, family, or anyone who wishes to help you save or pay down debt.

Question 8

Can I use Paidly for individual support AND receive Paidly benefits from my employer?

Accepted Answer

Yes, absolutely! Paidly is designed to maximize your support for education savings and loan repayment. Using Paidly for both individual gifts and employer benefits is a smart strategy. Employer plans come with extra perks – like waived usage fees and no minimum balance – making Paidly even more powerful for reaching your educational goals, especially when combined with contributions from friends and family.

Question 9

What are Paidly Groups?

Accepted Answer

Paidly Groups is a feature that allows you to manage and track multiple Paidly accounts in one central place. This is especially useful for families who want to oversee education savings or debt repayment for multiple individuals. Groups make it easy to view balances and even contribute to each other within the group.

Question 10

Where do I access Paidly?

Accepted Answer

You can access Paidly through our website at meetpaidly.com/friends and via our mobile apps, available for download on both iOS and Android devices.

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