Varo is a brilliant online bank that provides financial services to all users. It’s great for moving your money around, spending it, and organizing it. You might also find that it’s a very powerful budgeting tool if that’s something that you require. One of the best features of Varo is the Varo Cash Advance service. You can get cash to help you out when you need it most through the service, similar to how you’d get an advance from a job. In this guide, we’ll be covering every aspect of this service and how you might be using it.
Varo Advance is a service that gives you instant access to up to $100. You can get this directly from the Varo app. Unlike most banks, Varo allows you to get this advance with a single fee and no unforeseen costs. It’s extremely reasonable. The only requirement is that you pay back the $100 within 30 days of taking the advance.
What is Varo Cash Advance/Varo Advance?
It is a service that’s available with most banks or jobs. They just call it a loan. Varo lets you borrow up to $100 when you need it most and has a single set fee. The only requirement is that you pay the amount back within 30 days of taking it. The fees associated with Varo Advance are as follows:
| Advance | Fee | Fee for Instant Cash |
| $20 | $0 | $0 |
| $50 | $3 | $0 |
| $75 | $4 | $0 |
| $100 | $5 | $0 |
Why Would You Use Varo Advance?
Sometimes a paycheck doesn’t quite last as long as it needs to. This might be because of presents that you need to buy for relatives, unforeseen costs on a car, or any number of other things. You might also need it if your stimulus check is taking a while to be processed.
In most cases, people would either use a credit card to spend the additional money they need or use an overdraft. Both of these have charges and interests associated with them. On top of that, getting out of debt can be a nightmare for many people.
Varo Advance gives you $100 for a flat fee, and all you need to do is pay it off once you’ve been paid. It’s an easy solution for situations when you might be a bit overstretched financially. It also won’t land you in an unreasonable amount of debt.
Varo Cash Advance Requirements
Varo is very clear about the requirements for getting cash in advance. They are as follows.
- Your account needs to be at least 30 days old.
- Within the last 31 days, you need to have made direct deposits of at least $1,000.
- As long as you’ve repaid any previous advances, you can get another one.
As long as you’re using Varo as your main account, you probably meet the requirements and should have no problem getting a cash advance. The only issue you may encounter is if you’re trying to use an advance to pay off another advance. That’s not allowed.
How to Get/Apply for Varo Advance
You can get the Advance service by applying through the Varo app. The option is available to you alongside all of your account details and cash. Varo may even suggest that you take an advance if your money is running low before the point in the month at which you’re usually paid.
As long as you meet the requirements that we’ve outlined above, Varo will automatically transfer the requested amount to your account. This allows you to keep on top of your bills without having to wait for days before a bank refuses an advance.
FAQs
There are a number of questions that most people have about Varo Advance, which is why we’ve put them all together in this short FAQ area. Let us know in the comments if your question wasn’t answered.
Varo Advance allows you to borrow up to $100 from Varo for a fixed fee. However, it’s not like a loan that will last for months. You’ll need to pay Varo back within 30 days.
Varo Advance allows you to borrow $100 or less from Varo as a cash advance. You can use this how you see fit, including withdrawing it from an ATM. You just need to ensure that it’s paid back within 30 days.
Once you’re in the Varo app, you can apply for Varo Advance as long as you meet the requirements. If you don’t meet the requirements, the option to take an advance may not be available to you.
If you have borrowed money using Varo Advance, all you need to do is pay it back within 30 days.
The most you can borrow with Varo Advance is $100. You need to pay that back within 30 days. There isn’t an option to borrow any more from the bank.
Conclusion
Varo Advance is a beneficial service. It allows you to borrow up to $100 to tide you over for the month if things are a bit tight. AS long as you pay the money back within 30 days, no additional fees will be charged. This means that you can feel safe in the knowledge that you’ve got enough money in your account to cover all the important things in life.
