Money Hacks

Navigating Financial Emergencies: How Cash Advances Can Help

In a bind? A cash advance might be a safer alternative to payday loans or [shudders] overdraft fees

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You know the feeling. You’re on track to make it to payday, and then you’re hit with an unexpected expense.

A vet bill. Car repair costs.

Here’s where getting a 0% interest cash advance might be the safest option for you.

If you are in a bind right now, Cleo could cover you up to $250.* No interest. No credit checks. No stress.

Cause it’s when you’re in a financial emergency that you start looking the most appetizing to predatory loan companies. And when we say predatory, we mean like charging 600% interest rates (yep, that’s legal in many states in the US) 🙃

A cash advance (with 0% interest, that is) provides you with quick cash, while also helping you to avoid a debt spiral while you’re in a vulnerable position. Cash advances can also provide you with more flexible repayment options, and more manageable cash amounts.

Obviously, cash advances still need to be used responsibly. And ideally, you’ll build strategies for avoiding taking them out at all. Because Cleo is literally the money app designed to help you eventually not need cash advances, we’ll show you how to do that in this article.

0% interest can help you avoid a debt spiral

If you look at this map by the Center for Responsible Lending, you’ll quickly see that most payday loan companies are out here charging three-digit interest rates.

In an emergency, you’re gonna want to avoid those kinds of interest rates like the plague. Unless you plan on coming into a load of money shortly after your financial emergency passes, chances are that kind of interest will trap you in a debt spiral.

Many cash advances (including, ahem, Cleo) charge 0% interest. So you literally just pay back what you get. Which makes it a lot more manageable to factor into your budget next month. And then - that’s it. You can walk away and forget you ever had to tango with it in the first place.

Two people working through a field

Just remember to take into account membership fees and late fees so that you can calculate the true cost of a cash advance before taking one out.

Cash advance services are designed for speedy access

Cash advance services, such as cash advance apps, are designed with financial emergencies in mind. So when you sign up, you know you can access the cash quickly.

To give a completely unbiased example, a cash advance from Cleo requires no credit check or proof of employment. We see you, freelancers.

So you don’t have to jump through a million hoops before getting your cash. You just connect your bank account, provide some personal details like your name and address (so we know you’re not a robot), and find out your eligibility.

If you are eligible, and you decide Cleo Plus is right for you, you can:

💰  Get your cash advance now, with an additional cost of $3.99

💰 Get your cash advance 3-4 working days for free

Get help with repayment and avoiding cash advances in future

If you get a cash advance with Cleo, you automatically also get access to all of Cleo’s free features. Cleo uses super-smart AI to streamline your finances, helping you plan repayment, and ensuring you don’t need cash advances in the future.

First of all, repayment is way more flexible with Cleo. You choose the best date for you (e.g., definitely not the day before payday).

Once you’ve connected your main bank account, Cleo will also use super-smart AI to analyze your finances and build a personalized budget for you. So not only can you put some money aside for your cash advance payment, but you can keep on top of your spending going forwards.

There are no Excel spreadsheets. No crying over a calculator. You literally just have to click a few things and you’re good to go:

💬 Head to the Budget tab, or type “budget” into the chat, and Cleo will take you where you need to go

👣 Click Next steps, and start customizing your budget

💸First off, select your income, so Cleo knows when you get paid

👀 Check Cleo’s got all your bills and subscriptions, so they can be tracked correctly

🙅‍♀️ Set a spend limit. You can choose this yourself, or have Cleo suggest one based on your recent spending.

🔓 Customizing all these steps will unlock your "left to spend" and "left per day" amount

Cleo will remind you when you’re about to hit a spend limit - no more listing everything you’ve bought in your notes app, you can just go about your day.

Plus, Cleo makes it super easy to save. By analyzing your finances, and providing ways to cut back on money, you can redirect your spending to your savings. She’ll even make saving automatic, so you don’t have to think about it. Just type “autosave” into the chat to get started.

How to get a cash advance with Cleo

Again, no credit checks. No employment verification. It’s as simple as this:

1. Download the app for free

2. Connect Cleo to your main bank account (just so we can calculate your eligibility)

3. Find out if you’re eligible

4. Decide if signing up for Cleo Plus is right for you**

5. Confirm your details so we know you’re human

6. Choose when you want the money

7. Choose your repayment terms

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 💙

*Eligibility requirements apply.
** Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances ("Cash Advance"). Advance amounts will vary based on eligibility. To learn more about eligibility, repayment, and overall terms, please visit: meetcleo.com/terms.
If you are in a bind right now, Cleo could cover you up to $250.* No interest. No credit checks. No stress.

Still have questions? Find answers below.
What is a cash advance?
Is a cash advance a good thing?
What are the benefits of getting a cash advance in an emergency?
How does Cleo's cash advance work?
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