Varo Bank introduces cash advances

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Varo Bank, the only digital national bank, introduces Varo Advance, an innovative product that instantly advances up to $ 100 to eligible customers and gives customers more flexibility and control over their finances.

Designed to help clients manage their finances proactively, Varo Advance offers instant access up to $ 100 in cash right in the Varo Bank app. * With a fixed and transparent cost structure – no tip, no tip Hidden Fees and No Instant Access Fees – Varo Advance offers an advance of up to $ 20 for free, with a maximum of $ 5 for a $ 100 advance. Customers choose when they want to refund within 30 days. Unlike similar programs, Varo Advance offers clients a transparent and proactive way to access additional money to help them increase their pay, without having to overdraw their account.

At a time when 50-78% of American workers live paycheck to paycheck, Varo customers have access to a flexible, short-term financial bridge through Varo Advance, providing security and peace of mind so that a unforeseen expense can be paid without additional stress.

“Our no-charge overdraft program has been a huge success, saving Varo customers over $ 100 million in the first year. Varo customers have asked for a more proactive solution that offers greater control over their finances, rather than being forced into the red to access additional cash, ”said Colin Walsh, Founder and CEO of Varo Bank. “Varo Advance was created to meet the short-term credit needs of millions of Americans, and it continues our commitment to providing customers with the strongest possible foundation for their financial success, with instant uptime and low prices and transparent. “

Varo Advance is fully integrated with Varo Bank accounts. Once they meet the approval criteria, customers can easily access this safety net right in the Varo app, without the need for a credit check. Varo Advance can be used immediately, anywhere for any unforeseen expense – allowing customers to plan ahead and providing more control over their money – all without unexpected fees, unfair late penalties and without waiting for payment pending charges before customers can access their cash.

Along with Varo Advance, Varo Bank offers a range of products aimed at providing increased control, visibility and security around money, including savings account rates above 10 times the national average, automatic savings such as Save Your Pay and Save Your Change. , and access to direct deposits up to two days in advance. ** As the only consumer fintech with a national banking charter, Varo Bank will present many innovative products and features focused on improving the the financial health of our customers.



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