Our mission is to serve as a safety net and a springboard for households and small businesses overlooked by big financial institutions. We are like a community library, except our resource is money instead of books. We provide funding for community members to meet urgent financial needs through a product called a Lift. Lift recipients then pay it forward in small monthly amounts to ensure that we have resources to support the next set of Lift requests.
Why use LiftRocket instead of asking friends for help or going to a bank?
LiftRocket is a new way for friends to help each other with a big advantage. We multiply the power of contributions from friends with the support of community funding. That’s how we can turn a small contribution from a friend into a big Lift. And how you don’t have to answer to a banker. Our members are in charge and they decide who gets support.
How is LiftRocket different than crowdfunding?
When you crowdfund, you need to know enough people who can give you as much as you need. If you aren’t that fortunate, or you aren’t backed by a celebrity, your crowdfunding campaign probably won’t meet its goal. (And most don’t. The ones that raise millions are truly exceptions.) LiftRocket is a community based on the principles that everyone deserves a fair shot and everyone contributes. Reciprocity – mutual support – governs everything we do. Once you’re in, we do everything we can to help you, and the community expects you to be there for others in return.
Who Should Join LiftRocket?
In the LiftRocket community, as long as you and your friends are committed to each other, your credit is good regardless of what the world outside thinks. That makes LiftRocket perfect for all kinds of people.
What is a Lift?
A Lift lets you meet an opportunity or emergency without going through the stress of a bank loan. Anybody can ask for one. You start with three small contributions from people you know and the LiftRocket community will help you fund the rest. For example, 3 starter contributions of $60 each will make you eligible for a Lift of $500. After you receive your Lift, complete a Pay it Forward plan to help other community members and your next Lift will be twice as easy because you will only need half the starter contribution. We reduce the starter contribution and increase the amount you can request every time you complete a Pay It Forward plan. And we do the same for contributors who supported your Lift when they need a Lift of their own so everybody wins!
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 do I need starter contributions? Where do they go?
Starter contributions help us stretch our resources so that we can serve more members. Starter contributions go directly to funding Lifts for individual members.
What happens if I don’t receive enough starter contributions?
It’s easy to raise enough to get started. Starter contributions are small and we calculate the amount for you. If you fall short, you can still receive a Lift, but without an additional contribution from the LiftRocket community.
How long does it take to receive a Lift?
We send your Lift funds as soon as you have received your starter contributions and the LiftRocket community has funding available. If you don’t receive enough starter contributions to be eligible for LiftRocket community funding, or if Lift requests exceed the resources of the LiftRocket Community Fund, we will send the amount you have raised two weeks after you started your Lift.
What happens to Pay It Forward funds?
Every Lift comes with a Pay It Forward plan that lets Lift recipients contribute back to the community. When you Pay It Forward, you are helping to replenish the LiftRocket Community Fund so that we have the resources to support more Lifts for more members.
When are Pay It Forward installments 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 contribute to a Lift or to the LiftRocket Community Fund, what happens to the money?
Contributions to specific Lift requests directly fund individual Lifts and represent a gift from the contributor to the Lift recipient. Contributions to the LiftRocket Community Fund are used to support Lifts to all members and are distributed by the Fund based on member need.
Is my banking data secure? What does LiftRocket do with my personal information?
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 Stripe, our payments processor, where it is securely held and used only to facilitate payments to or from your account at your direction.
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.
What is the LiftRocket Community Fund?
The LiftRocket Community Fund is a charitable fund established in the state of Connecticut as a 501 (c) (3) organization to collect and distribute resources from members of the LiftRocket community. Without the legalese, that’s how members know their contributions are being used wisely. Contributions to the Fund 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.
How does the LiftRocket Community Fund support itself?
The Fund relies on contributions from two primary sources: Pay It Forward contributions from members who have received a Lift and charitable gifts from members of the LiftRocket community, LiftRocket LLC and other organizations. All Pay It Forward contributions and charitable gifts go toward funding Lifts to members.
What is LiftRocket LLC?
LiftRocket LLC is the company that provides the services needed to operate the LiftRocket community. LiftRocket LLC supports itself through community service contributions and tips from Lift recipients and supporters.
Want to learn more about LiftRocket? Read about The Company