So you’re looking for a cash advance. But so far every cash advance app you’ve seen is terrible. Or, ok, we’ll come out and say, predatory. We’ve got you.
With some of them really out here offering $100 with a 600% interest rate, it’s safe to say most cash advance apps don’t care about you (in fact we legit wrote a whole article on why they fill us with the rage of a thousand suns).
But we’re not a cash advance app. We’re so much more than that baby. Cleo’s mission is to improve the world’s financial health - we want to help people stress less about money. And sometimes that means offering a quick spot to help you escape the overdraft and cash advance cycle.
Other cash advance apps benefit from keeping you stuck using their product. Kind of similar to the way US banks made $6.13 billion in overdraft revenue in the first nine months of 2021 alone.
Our quick spot comes with a load of helpful features aimed at helping you eventually not need it.
But you probably already know all this. So let’s get down to business.
How to get a Cleo cash advance: a step-by-step guide**
1) Download the app for free
Download our lil money app from the app store for iOS/Android. Don’t worry, it’s super secure:
🔑We use world-class security practices
🔑We have a $250,000 security pledge
🔑We hold regular security audits and tests
🔑We use the same level of encryption as your bank
If you’re still wondering if Cleo is legit, check out this article for more reassurance.
2) Connect Cleo to your main bank account
First of all, don’t worry, you’re only giving us permission to see your transaction history. Not actually move your funds. You won’t be charged.
Why do you need to connect your bank account?
Two reasons: most importantly, it helps us determine if you’re eligible for a cash advance.
But a close second is that your transaction history is what our AI analyzes to help you make better money decisions.
At this point you already have access to all of this for free:
💙 Budgets that automatically categorize your spending
💙 Spending limits Cleo will call you out on (start building savings my queen)
💙 Roast mode, for when you need to be read for filth on your drunk Amazon shopping binges
💙 Hype mode, where Cleo shows you all the great stuff you’re doing money-wise
3) Find out if you’re eligible
In the chat feature, type in ‘spot me.’
Cleo will take you to the next step. Since you’ve already connected your bank account, we can use this information to check that you’re eligible for the cash advance. Unlike other apps, we’re freelancer friendly, and we don’t require timesheets.
PSA: You’re probably more likely to be eligible with us than other apps because we also don’t require credit checks. Our fancy algorithm just needs to see if you can pay us back. This just takes a few minutes.
Then, Cleo will tell you how much money you’re eligible for. For new users, this is usually between $20 and $70, and this increases over time once we determine that you’re able to pay it back.
(If you are turned down, dw - you can still use the free features on the app to help you improve your financial health) 💚
Pro tip: It’s easier to qualify for an advance if you’ve just had money hit your account. Check again after you’ve been paid.
4**) Decide if signing up for Cleo Plus is right for you**
Congrats. You’re eligible.
Now is the time you might want to consider signing up for ✨Cleo plus✨
On top of the free features we mentioned, Cleo Plus gives you access to the cash advance, credit score coaching, and cashback from selected stores.
If you do the math, we really think the monthly cost is worth it if you’re someone who overdrafts regularly. Statistically speaking, if you overdraft once in a month you’ll overdraft two more times. With overdraft fees of up to $35, this can add up to $100 dollars a month. That’s $1,200 in overdraft fees over a whole year.
Cleo Plus is $71.88 for a year. If the Cleo cash advance helps you avoid overdrafting even once, you’ve already made your money back.
5) Confirm your details so we know you’re human
The super fun part. You just need to confirm details such as your address, social security number, and phone number so that we know you’re a real human.
6) Choose when you want the monayyyy
Now we know you’re a real human, Cleo asks you the magic question: when do you want the money?
You can choose between:
💰 3-4 working days
💰 Today, with an additional cost of $3.99
Other money apps, such as Chime, allow you to overdraft with them up to $200 dollars.
But this is cash money straight into your account, for you to do with what you choose. You have full autonomy over it.
7) The last one - choose your repayment terms
You choose your repayment terms, with zero interest.
So if you’re eligible for $70, it’s $70. If you chose the additional fee to get advance on the same day, it’s $73.99. That’s all.
As we spoke about earlier, we are not down to make a profit from you being stuck in a gross overdraft cycle. We don’t profit from your overdraft fees, as b*nks do.
On the date specified, we will automatically take payment for your advance. As with making debt repayments and budgeting to save, it’s a lot easier to do when this is automatic.
And that is all. Thanks for doing business with us 🤝
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Big love. Cleo 💙
** Eligibility requirements apply.