How to Borrow Money From Varo

So you’re looking for a cash advance…

You know the feeling. You’re all set to glide to payday. And then you find yourself with a broken-down car. A burst water pipe. Or some other fun, unexpected expense.

This is where sneaky overdraft fees and predatory payday loan apps come in, designed to trap you in a downwards money spiral. (Don't even get us started on all the reasons why "overdraft protection" is BS.)

Luckily, there are plenty of safe apps that offer cash advances out there - with no interest, and no credit checks required. Today we’re taking a look at Varo.

Spoiler: you can borrow money from Varo, but you need to have had an account with the app for at least a month.

First off, you’re probably wondering…

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Is Varo a real bank?

Yes, Varo is a real bank. But it didn’t start off how most banks do.

Varo began as a money app, but in 2020, it received a national bank charter from the Office of the Comptroller of the Currency (OCC) and secured regulatory approvals from the FDIC and Federal Reserve.

This allowed Varo to expand its financial services. As part of this, Varo offers customers an accessible bank account with no monthly fees or minimum balance. Unlike other banks, there are no in-person bank branches. Everything is contained in the mobile app experience, plus customers can access their cash through a network of widely-available ATM points.

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Does Varo let you borrow money? Varo bank’s Cash Advance

Yes, you can borrow money from Varo with the Varo Advance feature. Varo allows you to borrow up to $250 against your next paycheck.

However, you don’t qualify for $250 immediately. The first time you apply for Varo bank’s cash advance, you receive $20 dollars.

You qualify for more over time based on direct deposit amounts and a history of timely repayments.

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Varo cash advance requirements

To qualify for a cash advance from Varo, you’ll need a couple of things.

1. An active Varo Bank Account that is at least 30 days old.
2. To have activated your Varo Debit Card.
3. Set up direct deposits. And have received $1,000+ in direct deposits within the last 31 days.

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If this is super disappointing to you because you need an cash advance…

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Make the money thing less scary with Cleo

You can access Cleo’s Cash Advance* in 3-5 days, or with Cleo Plusfor $3.99.

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If Cleo is right for you, with Cleo Plus you get:

✨Up to a $250 cash advance (if you’re eligible)

✨Access to your credit scoring

✨Personalized saving goals and round-ups

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And if you’re not happy with the amount you’re eligible for, you still get access to Cleo’s free features. Get roasted by Cleo, discover how much you spent on Uber last month, and make a budget that works for you.

Find out how to apply for a Cleo cash advance, and what affects eligibility, over on the blog.

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Enjoy this post? Give it a share or send it along to a friend. You never know, it could make a big difference.

‍Big love. Cleo 💙

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*The Cleo Plus subscription offers saving goals, hacks, challenges, APY on savings, credit score insights, and access to cash advances if eligible.