Understanding Varo Cash Advance | What Is It & How To Get It

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By: Michael Restiano
Updated On: May 8, 2022
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Varo Money, formerly known as Varo Bank, is a US-based p2p lending company that connects borrowers to investors who provide them with instant cash loans. The minimum loan amount is $1, while the maximum amount depends on the borrower's income and credit history. Varo Money makes money from interest rates it charges to borrowers.

Understanding Varo Cash Advance

Varo Money's Varo Cash Advance can help you meet your emergency expenses up to $100. It works just like a payday loan except that the repayment period is ten days only.

What Is Varo Cash Advance?

However, there are fees, including an early-payment fee of $15 within six days after receiving the cash advance. Borrowers also incur interest charges starting the day they receive the loan.

The company says that if you pay within ten days, you will not be charged additional fees or interest rates.

How Does Varo Cash Advance Work?

Varo Money's Varo Cash Advance is application-based. A borrower can apply for the cash advance by logging into his or her Varo Money account, clicking on "Cash Advance" in the menu bar, and following the steps.

How Does Varo Cash Advance Work?

After completing all required fields in the application form, click Submit to submit your application. The system will process your request immediately, and you'll receive an email confirming that your loan has been approved.​​

​Why Varo Cash Advance App?

Varo is a direct lender and provides loans online to help customers get the money they need without any hassles. The company offers installment loans for both borrowers with bad credit and people who find themselves in emergency financial situations.

Varo also helps its clients improve their credit ratings by providing them with information on how to prevent delinquency and late payments.

Customers can access these reports from their online accounts and use this information to improve their credit scores.

What Do You Need To Apply for Varo Cash Advance?

To apply, you will need the following:

  • Driver's License or State-Issued ID with Photo and Birthdate.
  • A checking account that is in your name.
  • Credit card or savings account to fund Cash Advance. You can transfer money from a credit card to a checking or savings account.
  • Income that is at least $1,000/month from the past two months.
  • Address - Either a home address or an address where you have received the mail within the last 6 months (e.g., college student).
  • Social Security Number (SSN) or ITIN
  • Good, fair, or poor credit score.

You can apply when you need money for emergencies such as:

  • Fixing your car or buying a new one.
  • Emergencies that cost more than the amount of Varo Cash Advance. e.g., medical expenses, home repairs, etc.
  • Paying for emergency travel or replacing lost/stolen Visa/debit card.

Borrowers should be aware that Varo Money's Cash Advance is not intended to cover ongoing expenses such as rent and utilities. It is strictly reserved for emergencies only.

How To Apply For Varo Cash Advance?

  1. Open the Varo app.
  2. Click on "Get Cash" in the bottom right-hand corner of your screen.
  3. Enter how much money you want to borrow under "How much do you need?" and select the payday that you will pay off for this loan under "When is your payday?"
  4. Click "Get Cash Now" to receive the terms of your loan. This is where you'll read about what fees are associated with your loan, how much it will cost you in interest, and when you need to pay this loan off.
  5. If you accept these terms, click "Confirm Loan Terms."
  6. You will be redirected to a screen with our loan agreement. Read it carefully before selecting "I agree." If you select "I agree," the money will be deposited electronically into your bank account within 30 minutes of acceptance!

Who Qualifies For Varo Cash Advance?

The requirements to qualify for Varo Money's Cash Advance are the same as its cash loan product. You must be at least 18 years old, a US citizen resident in any state except Maryland, have an active checking account that you can link to your Varo Money account, earn at least $1,000/month from the past two months, and have no open bankruptcies or foreclosures on record. You must also pass Varo Money's identity verification process.

Who Qualifies For Varo Cash Advance

The maximum amount of Cash Advance you can apply for is $100; the actual loan amount will depend on your monthly income and credit history. Once approved, the money will be deposited into your checking account, usually within minutes or up to one business day.

Advantages Of Varo Cash Advance:

No Credit Check:

Varo Money's Cash Advance does not require a credit check or a lengthy approval process. You can apply in less than five minutes and receive your loan within 24 hours once approved.

No Collateral Required:

Unlike conventional payday loans, Varo Money's Cash Advance does not require borrowers to pledge any form of collateral. Borrowers only need their bank account and a source of income.

Easy To Apply:

Varo Money's Cash Advance is application-based. A borrower can apply for the cash advance by logging into his or her Varo Money account, clicking on "Cash Advance" in the menu bar, and following the steps.

Quick Approval:

Most borrowers are approved within 24 hours once their application has been received and processed by the company.

Multiple Repayment Options:

Borrowers have three ways to repay their loan - via an ACH transfer from their checking account, a credit card, or transferring money from Varo Savings to Varo Checking.

Secured:

Varo Money's Cash Advance is a secured loan - your next paycheck becomes collateral, and you'll only need to repay the principal that you've borrowed.

Flexible Repayment Schedule:

If you can't afford to pay back your loan on time, just contact Varo Money, and they will give you up to 31 days before initiating any automatic repayment.

Disadvantages Of Varo Cash Advance:

Max Loan Up To $100:

The maximum amount a borrower can take is $100. This is not enough money to accomplish long-term financial goals.

Automatic Repayment:

Once you take the loan, you will be required to repay it either through an ACH transfer from your checking account or by transferring money from Varo Savings to Varo Checking.

You can request a repayment date that's up to 31 days after you receive the loan, but automatic repayments begin two business days later.

No Grace Period:

After the loan is disbursed, there is no grace period. Unlike other loans where borrowers get 30-90 days before they have to repay, borrowers have only two business days to repay their loan, or they will be charged an additional $10.

No Partial Payments Accepted:

Partial payments are not accepted, which means you'll need to pay off the entire amount of your cash advance at once.

Must-Have Varo Account And App:

In order to apply for Varo Money's Cash Advance, the borrower must have the Varo app and a Varo account.

What Is The Repayment Schedule?

Varo doesn't display its interest rates on its website, which suggests that they do not charge you interest when you borrow money from them.

This feature helps you avoid unnecessary expenses and lets you focus on repaying the loan as soon as possible.

The company's repayment schedule varies depending on how much money you borrow and your specific financial situation.

Customers can choose from a minimum of two to a maximum of seven repayments per year and can make use of all available repayment options.

Why Do You Need A Cash Advance?

In emergency situations, when you have no money to pay for your rent or bills, a payday loan can give you quick access to much-needed cash.

As the name suggests, cash loans are meant for borrowers who need cash immediately - within 24 hours or less - and they're not intended for long-term financial planning.

When shopping around for a payday loan, make sure to look at the annual percentage rates (APR) - this is what you'll be charged for borrowing money from a lender. In most cases, many states require that lenders disclose their APRs.

Common Situations:

If you can't pay for your rent or bills due to a lack of money, a payday loan might be the solution. If you need extra cash to make it until you get paid by your employer, Varo's Cash Advance is here to help. Here are some common situations where borrowers apply for a short-term loan:

To Consolidate High-Interest Debt

You have to pay your monthly bills right away, but you can't because you don't have enough money. You can take a payday loan from Varo Money to make sure you don't miss any bill payments.

Bear Unexpected Expenses

If you need emergency cash, but it's outside your pay schedule, a payday loan is a solution. For example, if you suddenly need money to fix your car but you won't get paid until next week, Varo Money's Cash Advance can provide quick access to cash that will help you avoid missing work or getting penalized on late fees for bills.

Cash Emergencies Only Last A Few Days.

If you need money to pay for an unexpected expense but can't afford to buy a cash advance, you might be better off asking someone in your family or friends.

If the person agrees to lend you money without charging high interest, that's great. If not, Varo Money's Cash Advance is your next best option.

Is Varo Cash Advance For The Long Term Or The Short Term?

Advance Cash Loans are short-term, small-dollar credit transactions that are intended to provide you with fast cash. They are not long-term loans and, if used responsibly, can help you meet your borrowing needs for a short time while waiting for other financing sources to come through.

However, if misused, they can create challenges in meeting your obligations or even cause greater financial difficulty. Cash advances can be a good option for those that need money, and the cash is accessible and available, but you want to avoid getting caught in the debt trap of high-interest rates with frequent borrowing.

It's important to know how much you will owe before taking out a loan so you understand the terms and conditions of the transaction. Cash advances are not intended to be used for long-term financial needs. If you need money for more than a month, consider working with your creditors or borrowing from family and friends before taking out an advance.

If you do decide that an advance is right for you, make sure to use the cash responsibly by paying it back on time to avoid penalties.

If you believe that an advance is right for you, make sure you understand your obligation before applying. You cannot have more than one active advance at a time with Varo Money LLC or any of its affiliates.

Why Should You Use Cash Advance apps instead Of A Credit Card?

Cash advances work by allowing your available cash to be turned into credit at a later date, either as a lump sum or in very small increments.

This sounds like sorcery, but it's really not that complicated! It is necessary to understand how this process works, though.

Let's say you need $500 until the following pay period. You've had a particularly rough month, probably due to unexpected expenses.

Your family is not doing well financially at the moment, which you thought would be an odd thing to say when someone has access to credit cards.

Credit card debt actually goes against you in the long run because of the interest rates that are attached to them. This can actually do more harm than good, which is why you use cash advance apps.

What Other Benefits Does Varo Offer?

By submitting your application to the company, you'll receive enrolment in the Credit Access Program, which provides free access to your credit score and reports.

Customers can also use this service to monitor how much they spend and receive email updates to help them create a budget that's easy to follow.

Varo also has a mobile app that customers can download and install on their mobile devices. The company uses your phone number as your login ID, and you can choose from three different security levels depending on how much access you want to give the company.

What Are The Security Measures Of The Varo Cash Advance App?

The Varo Cash Advance app has three different security levels that customers can activate once they download the app. This feature lets you control the amount of information that other people can access from accounts in your name and helps prevent identity theft.

What Are The Security Measures Of The Varo Cash Advance App

Varo uses bank-level technology to make sure your personal details remain safe when you submit a loan application online. The company uses a 128-bit SSL certificate to ensure a fully encrypted connection, and customers can log in using their mobile number as the unique login ID.

What Is The Customer Support Service Of Varo?

Varo has a dedicated customer service team that plans to provide its customers with the best possible service. The company offers its clients 24-hour access to information on how much they owe, what repayment options suit their skills and needs, and lets them know if they're eligible for a credit line.

What Is The Customer Support Service Of Varo

Varo also ensures that you receive all your loan details in writing, and if you need any additional information, you can contact their customer support team online or over the phone.

What Are Some Other Cash Advance Apps?

1. Cleo

Cleo is a Cash Advance app that provides short-term loans to individuals in need of urgent financial aid. The amount you may borrow with the Cleo advance app is determined by your location, job status, income verification, and other factors.

what is cleo

App Features:

Easy application process:

You can apply for Cleo's Cash Advance in less than 10 minutes. Just fill in your details on the online application page and wait for a few moments to get approved for a Cash Advance. It is easy to qualify for Cleo's Cash Advance, as it doesn't require a credit check or faxing of documents to get Cash Advance approved.

High approval rate:

Cleo Lending Services has an approval rate of more than 80%, which is the highest in the industry. Every year, Cleo lenders approve over 20 million cash loans to people who are looking for cash advance loans or payday loan providers.

Cash Advance amount starts at $20 and maxes up to $100:

You can choose the amount you want to borrow, which is available in increments of $20. So if you only need $10, Cash Advance will not approve your loan application. It is important to pay back Cash Advance before applying for another loan from Cleo Lending Services.

Cash Advances are Approved Instantly:

Cleo Cash advance approvals are instant and available 24/7. You can get approved for a Cash Advance from your PC, laptop, or even from your smartphone using the Cleo App that's available on all Android and iOS devices like iPhones and iPad. You can also make payments to Cash Advance anytime you want and track your advance details.

Cash Advance Amount is Deposited Directly into Your Account:

Cleo provides fast cash loans up to $100, which you can get in your bank account in 24 hours. A direct deposit from Cleo Lending Services is deposited directly into your checking or savings account. This helps avoid late-payment charges and other associated fees that Cash Advance lenders charge if a payment is made after the due date.

No interest:

Cleo is an online Cash Advance service that is free of interest. Your payments are made on time, so you never have to pay any additional fees or charges for your cash advance with Cleo.

Budgeting:

Cleo offers tools for borrowers to create a monthly budget using their free online app. The tool helps you track your spending, saving, and how much money you can borrow next month.

No hidden charges:

You don't have to pay any interest or fees of any kind on top of the principal amount, which is deducted automatically from your bank account.

How To Request Cleo Cash Advance?

  1. You are eligible for a Cash Advance loan if you have an active checking account, are at least 18 years old, and your annual income is at least 2 times greater than the amount of cash advance.
  2. Once you have fulfilled these criteria, all you need to do is fill in the application form on Cleo's website or use their free app that is available on Android and iOS devices.
  3. You also need to be a US citizen or an eligible non-citizen with a valid Social Security Number or Tax ID.
  4. The next step is submitting verification documents to Cleo, which may include your pay stubs, bank statements, tax returns, proof of income, and identification credentials like a driver's license.
  5. You can upload your documents by taking a photo of them or simply attaching them to the online application form.
  6. Once you submit all required documents, Cleo will verify your information and send you an approval confirmation within minutes, after which the Cash Advance amount is deposited instantly into your bank account.

2. Dave

Dave is a Cash Advance company that provides Cash Advance for people who need a small advance amount. While taking a payday loan, borrowers should remember that it is not advisable to borrow more than they expect to repay on their next Cash Advance.

what is dave

App Features:

You can get the amount you need fast and easy:

Dave offers fast liquidity, with loans up to $200. Whether you need cash for unexpected bills or emergencies, Dave Cash Advance can help you manage your money better and repay the loan on time. You only need to provide your name, e-mail ID, phone number, and bank details.

The Cash Advance is FDIC insured:

Dave Cash Advance is FDIC insured, which means you never have to worry about your money. All the lenders working with Dave are authorized and regulated by the State Banking Authorities.

No credit check for the loan:

All Dave Cash Advance applicants are required to fill in a simple online form, and then they get approved for an easy loan from Dave. The company doesn't ask you about your credit history while taking a Cash Advance from Dave.

It also provides a credit building feature:

Dave loans can also help you build your credit history. If you make each of the payments on time and pay off your loan in full, then Dave Cash Advance report this activity to the leading consumer reporting agencies like Trans-Union and Experian. Your positive repayment behavior will help you improve your credit score.

Money is sent directly to your account within minutes of approval:

Dave Cash Advance will deposit the loan amount into your bank account as soon as you provide details and finish your application. Dave gives you a quick turnaround time to spread your payments over a period of 14 days: which means you get up to 2 weeks to pay off your loan.

You can also use their mobile app:

Dave has apps for both iOS and Android users, so you can take your Cash Advance anywhere. You can apply, get approved, and even make repayment to your Cash Advance via the app if you want.

How To Request A Dave cash Advance?

  1. Click the "GET STARTED" button on their page and fill out the simple form provided by Dave Cash Advance.
  2. You will hear from a Dave representative within 15 minutes of filling out the online application. They will tell you exactly how much money you can borrow and what amounts need to be repaid in your next payday via direct debit.
  3. If you accept the terms, the money will be directly deposited into your bank account within 30 minutes of acceptance.

3. MoneyLion

MoneyLion is a digital finance company that offers personal loans, credit cards, and insurance products to customers. The company was founded in 2012 and had its headquarters in New York. It has been helping consumers improve their financial health by providing them with customized solutions.

what is money lion

App Features:

An instant cash loan of up to $250:

MoneyLion also offers payday loans of up to $250, which can help you meet your urgent needs.

Quick loan processing:

The company offers fast cash loans that are processed within 24 hours after approval, so borrowers don't have to wait for a long time to receive their funds.

Different repayment options:

Customers can repay their loan within six months and also avail of different repayment options – weekly, biweekly, and monthly – depending on their financial needs. The company's flexible repayment system will help you determine how much you want to pay each month so that you don't end up paying a lump sum at the end of the loan.

No late fees:

MoneyLion doesn't charge any late fees, and you can extend your repayment time to lessen the amount of interest that you'll need to pay. You can also choose a lower loan amount or an extended repayment period depending on your financial needs at the moment.

No credit check:

MoneyLion doesn't require borrowers to go through a credit check. All you have to do is submit a few personal details and provide information about your monthly income and expenses. MoneyLion will use this data to help determine your eligibility for the loan and calculate the maximum amount that you're qualified to borrow.

No interest:

MoneyLion does not charge you interest, meaning that the entire loan amount is what you pay. The company doesn't add any extra fees, and customers can avoid unnecessary expenses by availing of this service.

How To Request MoneyLion Cash Advance?

  1. Open your Moneylion account.
  2. Click on "Cash Advance" under the "Manage Cashiers" section.
  3. Enter the amount that you want to borrow and click "Submit."
  4. The company has made it easier for people to apply for money online. You can fill up the application form on the website or download the application documents from Google Play Store.
  5. When you finish filling in the form, submit it in order to request an installment schedule. Note that MoneyLion can review your application within 24 hours. If you don't receive a response from the company, call on 1-888-750-7145 for more details.

What Makes It Different From Other Lenders?

Varo has a dedicated customer service team that's available around the clock to answer any of your questions, address your concerns, and provide advice on how to manage your account with ease.

The company also offers a comprehensive list of repayment options that customers can choose from depending on their financial needs.

Conclusion:

When you have an emergency or face short-term financial difficulties, Varo will provide you with the necessary cash to boost your funds without leaving a hole in your budget.

The company offers free access to your credit score and reports while helping customers create easy-to-follow budgets that they can implement on a daily basis.

Varo Money, formerly known as Varo Bank, is a US-based p2p lending company that connects borrowers to investors who provide them with instant cash loans.

The minimum loan amount is $1, while the maximum amount depends on the borrower's income and credit history. Varo Money makes money from interest rates it charges to borrowers.

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