Varo Cash Advance is Varo's financing feature, and it was created with a vision that all Varo customers love:
Varo Advance was created to meet the short term credit needs of millions of Americans, and it continues our commitment to provide customers the strongest possible foundation for their financial success, with instant availability and low, transparent pricing. Colin Walsh, founder and CEO of Varo Bank
If you're looking to borrow money from Varo through its Cash Advance feature, I've explained everything you need to get started in this guide.
How Varo Cash Advance Works
Varo Cash Advance allows you to borrow between $20 and $500 via the Varo Bank app by just linking a qualifying account. Qualifying here means your account should receive a qualifying direct deposit within 30 days.
At the start, you'll be eligible to borrow only between $20 and $250. The more you use direct deposit, the more you increase your chances of qualifying for higher borrowing limits.
Unlike most other financing options that require a regular repayment fee, Varo only charges you a one-time flat fee per advance.
Eligibility Requirements To Borrow Money From Varo
- Your Varo Bank Account must be at least 30 days old and active.
- You'll need to have at least $1,000 in Qualifying Direct Deposits to either your Bank Account, Savings Account, or both combined within the last 31 days.
- You must have activated a Varo Bank Debit Card linked to your Varo Bank Account.
- Additional qualifications apply.
How to Borrow Money From Varo
Varo Bank allows customers to borrow up to $100 through the Varo app. Users must only meet the Varo Advance eligibility requirements in order to borrow the amount they desire.
Below are the steps to borrow money from Varo.
- Open the Varo app (make sure you're using the latest version of the app.
- Tap "Get an Advance."
- Select the amount to borrow (between $25, $50, $75, and $100 — which are the only available options).
- Setup Automatic payment.
- Get your Varo Advance.
How To Repay The Money You Borrow From Varo
To repay your loan accordingly, you'll need to set up an automatic payment to your Varo Advance Account between 15 and 30 days from the day you get your Advance.
You must return the money within the agreed time period, or you will be penalized.
Keeping your account balance positive (which should be equal to or greater than the amount borrowed) is the best way to repay your Varo advance.
You don't have to be concerned if you receive direct deposits into your Varo account.
Varo will immediately deduct the sum without penalizing you.
Final Thoughts
Varo is a convenient option for someone with fairly direct finances.
Varo lets eligible users get a cash advance from the platform up to $100 which will be repaid on an agreed timeframe.
If this amount is small for you, then cash advance apps can be an option for you but beware of the fees they charge.
