Teen borrowing
Teens borrow from you with interest and a payment schedule.
What it is
Teens (14–17) can ask to borrow. Before they ask, they see the weekly payment, the interest and the total they'll pay back. Payments come out of their Spend jar after each payday.
Why it helps your kid
Borrowing costs money. It's much cheaper to learn that at 15 with $40 than at 22 with a credit card.
Where to find it
Family tab → Loan rate for teens (set the rate). Home → Loan requests (approve).
How to do it
- Set a yearly rate from 0 to 20% on the Family tab.
- When your teen asks, you'll see the amount, weeks, reason, interest and weekly payment. Tap Approve or Decline.
- Payments are taken automatically. A short payment counts as late and pulls their score down.
- After 3 late payments, you choose: take the rest from Save, or forgive it.
What your kid sees
What they owe, the payment schedule, and a button to pay it all off early (which saves interest).
Questions parents ask
Does the loan give them real money?
It lands in their Spend jar in the app. Hand over the real money when they spend it, like any other purchase.