Finance

How To Borrow Money from Varo? Fees, Limit, Eligibility Criteria Explained

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Varo holds a significant share in the financial market and. In addition to other smart choices for cash advances like apps similar to Klover, Varo is a reliable option in times of need. Varo Advance feature is the simple answer for how to borrow money from Varo. Here we have all the details on procedural requirements and how much you can loan.

What Will We Talk About Here?
  • Varo offers a cash advance of up to $100 and charges a certain fee for any amount that is above $20. 
  • To be eligible to borrow money from Varo, your Varo account must be at least 30 days old, must be active, and should have received at least $1000 via Direct Deposit in the last 30 days. 
  • Various Cash Advance apps that work with Varo include MoneyLion, Dave, Empower, Chime, Cleo, and Albert.  

…and Much More!

How To Borrow Money from Varo?

Varo Cash Advance ranges up to $100 loan amount that qualified account holders can avail of using the Varo app. Platforms like Varo or Chime cash advance features have been getting a lot of attention lately with millions of users signing up from around the globe.

Varo, in particular, have a lot to offer and some of its perks out-shine even the brightest bank loan offers. There’s a lot more to find out about this service so let’s dig in!

Eligibility for Varo Advance 

To qualify for a cash advance or say any sort of reliable loan program, there are certain checkpoints that every financial platform has devised.

The same is the case with Varo, as it has a certain eligibility criterion that you need to keep in mind. Qualifying for the Varo Advance won’t be a problem then as long as you take care of the following pre-requisites. 

  • Your Varo account must be at least 30 days old to qualify for the Varo Advance. If you are a newbie, then you won’t be allowed to borrow money from Varo Advance feature. 
  • It is important that your account holds no negative credit and that there is no overdraft. 
  • Your account must be active and should have received at least $1000 via Direct Deposit in the last 30 days. 
  • Make sure no amount is yet to be paid back to the Varo. As long as there is no pending borrowed amount, you are good to proceed. 

Go to the Varo App 

Once you are sure that you have checked all the boxes of eligibility, you need to head over to the Varo App to begin the procedure. Here are the steps to take.

  • To avoid any inconvenience, get the latest version of the Varo app. 
  • It is important to avoid any glitches or let alone the availability of the Varo Advance feature in the old version. 
  • You will also be able to receive regular updates, especially when looking for the Varo advance feature. 

Choose an Option to Get an Advance 

Now that you are all through the qualifying steps and at the interface of your Varo App, you need to proceed further to get an advance.  

  • Go to the Varo app. You will see an option of a Home button at the bottom of the screen, click on it. 
  • There, click on the option of Get an Advance to request the cash advance from Varo. 
  • This option should be available below the profile section of your Varo account. 
  • Click on it to further request the amount that you want to borrow. 

Request for the Amount to Borrow

The next step would be requesting the amount from the Varo Advance among the available options. Although there are other loans like possible finance that provide higher amounts, the maximum you can get here is up to $100. Therefore, choose the amount per that. 

  • You will see four available options of the Varo Advance. These include $25, $50, $75, and $100 maximum. 
  • Click on whatever amount you wish to borrow from the Varo Cash Advance. 
  • There is no such thing as customization of the amount you want to borrow. For instance, if you wish to get $40, you need to select the option of $50 only. 

Select the Payment Type 

Once you have successfully entered the amount, there is yet another feature you need to set up same as cash advance apps like Dave. Before you receive any cash advance amount in your Varo account, you will have to choose the automatic payment option. 

  • Now Varo offers you two payment options i.e., for 15 days or 30 days. 
  • You must return the amount in the designated time, and if not, Varo might charge you additional fees. 
  • The amount will be automatically deducted from your account if you receive the Direct Deposits to the Varo account. 
  • Therefore, it is important that you hold no negative balance and enough amount to be paid back. 

How Does Varo Cash Advance work? 

Varo is referred to as an all-mobile firm offering all the financial services that you would get otherwise at the brick-and-mortar banks. It offers fee-free accounts and no-fee overdrafts to its customers. 

  • In addition to this, it also offers the customers a cash advance i.e., the Varo advance.

The app helps people in need of instant loans and eliminates the burden of high-interest rates. Using the Varo Advance, you can get an advance of up to $100 if you are a qualified account holder. 

Just make sure you pay back the amount within 30 days you acquire the loan. Without any interest rates, you can get a certain amount of loan. Undoubtedly, there are loan such as Fiona that is easy to qualify for but in order to qualify for the Varo Advance, you must receive at least $1000 every month via direct deposit and make 5 debit card transactions/month. 

Note! Getting an advance of $20 would cost you no fee, but anything above it will charge an amount ranging from $3 to $5. 

Cash Advance Apps That Work with Varo – What Are Your Options? 

If by any chance, you do not qualify to get the cash advance at Varo, there is an outlet that you can opt for. Various cash advance apps work with Varo and can be used as an alternative. Here is all you need to know about their advanced limits and other features. 

MoneyLion 

MoneyLion offers a cash advance of up to $1000, the greatest of all other available options. To avail of the cash advance at MoneyLion, your account should be two months older and receive recurrent deposits. It shouldn’t have any negative balance not it should be inactive. 

  • The cash advance at MoneyLion is usually 15% of the expected recurrent direct deposits or up to $250. 
  • You can access a low cash advance amount of $25 minimum in case there is no recurring income in your account. 
  • To get higher advances, you should have direct deposits into the RoarMoney account, or sign up for a Credit Builder Plus Membership program. 
  • By doing this, you can easily get a cash advance of up to $1000, or up to a 30% of your recurring deposit. 
  • If you are choosing the Instant cash advance delivery, it will cost you $3.99. 

You might be interested in reading: Apps Like MoneyLion.

Empower

Empower offers four different tiers of the cash advance including the base offer, recurring paycheck, paycheck at Empower, and repayment history. Typically, the cash advances that you can receive here are up to $250 with no interest or late fees. 

  • With the Base offer, you can get up to a $25 advance. You must have two deposits of $100+ for the last three months, an average income of $500+, and a balance of $100 for 10 days. 
  • A recurring paycheck offers an advance of up to $50 if your account is active for the last 60 days. You must receive three recurring deposits of $200+ and have an average income of $500+. 
  • For the paycheck at Empower, you must have a Direct deposit of at least $200 in the last 14 days. If not, it should be at least $500 in the last 30 days. 
  • Repayment history comes with a $250 cash advance. You need to have three recurrent deposits of $200. Or at least three cash advances accepted through the Empower card over three days. 
  • It offers an early paycheck too and a cash back of up to 10% on your qualifying purchases. 

Dave 

Dave is a perfect platform to get a cash advance that works with Varo. It offers its consumers the to build a credit history and get a fair cash advance amount without any fees. Get a small advance on your paycheck and payback to Dave with no interest charged. 

  • Dave offers a cash advance ranging from $100 and up to $250 to its customers. 
  • To get a $250 cash advance, it is important that you have a regular income of $1000+/month in your account. 
  • To get up to $200, you will have to set up a direct deposit. However, to get a $100 cash advance, you must link an external bank account like Varo. 
  • Dave requires no fees, interest, and no credit history check that could impact your selection process. 
  • The cash advance amount depends upon factors such as your tentative income, deposit history, money in Dave’s account, negative balances, and more. 

Cleo 

Cleo offers the perfect financial tools to its customers and a seamless transaction platform. It offers services such as budgeting, savings, and autosave feature securing your financial future. To use the Cleo cash advance, signing up for their Cleo Plus is a pre-requisite that costs around $5.99/mo. 

  • Cleo offers a cash advance ranging from $20 up to $100. 
  • You won’t have to pay any interest and can pay back the amount within 3 and 28 days. 
  • If you want to receive the cash advance on the same day, you need to pay a minute fee of $3.99. 
  • To use the Cleo cash advance, signing up for their Cleo Plus is a pre-requisite. 
  • To know whether you qualify for cash advance or not, just say Salary Advance or SpotMe in their messenger app. You will then be notified about your qualifying status. 

Chime 

Chime banking app offers its customers smart banking options and most importantly the cash advance. The cash advance service of the Chime is referred to as the SpotMe feature. To be able to use it, all you need is at least a single direct deposit of chime of $200 in your Chime account. 

  • Chime offers a cash advance ranging from $20 up to $200. It charges no fee at all. 
  • To continue the usage of the cash advance, you must receive a direct deposit of $200 every month. 
  • Cash advance money cannot be used for checkbook transactions, transferring to friends, or ACH transfers. 
  • Increasing the cash advance limit here depends on how frequently you use chime, their debit card, and receive direct deposits. 
  • Direct deposits should come from a payroll provider, employer, or government benefits. 

Albert 

Using this powerful financial technology of Albert, you can manage your finances in the smartest way possible. Whether it is about budgeting, savings, or investing, it is a one-stop solution to all your financial problems. 

  • Albert offers a cash advance of up to $250 with no interest or hidden fees charged. 
  • To avail of the instant transfer feature at Albert, you will have to pay $4.99. 
  • Albert offers three cash advances per pay interval if you’re repaid all of your previous loans on time. 
  • Using Albert financial services, you can also earn a cashback of up to 20% on the eligible purchases.
  • To use the Albert Instant, make sure you received a salary in the last two months, your bank account is older than two months, and you receive income using the direct deposit.

Varo Cash Advance Fee Structure 

As long as you fulfill the eligibility criteria for Varo Cash Advance, there is no additional fee to be paid. Instead, you only have to pay a certain fee depending upon the amount that you are borrowing. However, it is difficult to qualify for and you might want to check out other alternatives.

This typically ranges between $3 to $5 and no more than that. For instance, the service is free of cost if you borrow an advance amount of $20. However, it charges $3, $4, and $5 in the amount of $50, $75, and $100 respectively. 

Method To Use No-Fee Overdraft Varo Feature 

If you are wondering whether you can turn on a no-fee overdraft Varo feature, then there is no particular method of doing that. Using Varo Cash Advance is as simple as it could get. All you need to make sure is that you fulfill the criteria to qualify.  

Once you successfully abide by the requirements, using a free Varo overdraft service should not be a problem at all. In fact, it is even easier than getting overdrafts from banks with highest limits. Just make sure your account is at least 30 days older or more and in positive standing. 

The Bottom Line 

That should answer how to borrow money from Varo! Varo Cash advance is perfect for people looking for instant loans. as long as they compel with the eligibility criteria. Varo offers a perfect alternative to traditional banking. Additionally, it offers access to at least 55,000 Allpoint ATMs. 

If, for instance, you do not qualify for the Varo Advance, there are several other alternatives that you can use. These cash advance apps work with Varo and you can connect both the platforms seamlessly. Choose the best apps and payday loan apps that fit your best interests.  

Frequently Asked Questions 

How long does it take to borrow money of $50 from Varo?

It can take up to 4 to 7 business days for the transaction to get completed into your Varo Bank account. 

Can I borrow money from Varo?

Yes. You can take loan from Varo is you are an eligible applicant. The app provides up to $10 but there are certain fees to look into. You are free to make payments in any manner that you want.

How much can I overdraft Varo? 

You can overdraft up to $50 without having to pay any fee for it. 

Can you get the Varo Advance back? 

Varo Advance allows you to access the cash from your Varo Bank Account. Moreover, the advance must be paid back within 30 days of the receipt date. 

How can I use Varo overdraft feature? 

To use the Varo Overdraft, go to Varo App > Below Checking click on Varo Bank Account > No Fee Overdraft. 

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