Launching Varo Advance: Instant Cash Access as much as $100

With Varo Advance, qualifying Varo clients can immediately get as much as a $100 cash loan to simply help extend a paycheck

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Oct 16, 2020, 09:00 ET

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SAN FRANCISCO BAY AREA , really the only digital national bank, is presenting Varo Advance, a cutting-edge product which immediately advances up to $100 to qualifying customers and provides customers more flexibility and control of their funds.

Built to help customers proactively manage their funds, Varo Advance provides access that is instant as much as $100 cash right into the Varo Bank software. No hidden fees, and no instant access fees – Varo Advance provides an advance of up to $20 for free, with a maximum charge of $5 for a $100 advance with a fixed, transparent cost structure – no tips. Clients choose if they wish to repay within a window that is 30-day. A seamless, proactive way to access extra money to help stretch their paycheck, without needing to overdraft their account unlike similar programs, Varo Advance offers customers.

At any given time whenever 50% to 78per cent of working Americans reside paycheck to paycheck, Varo clients gain access to a flexible short-term monetary connection through Varo Advance, providing safety and reassurance to make certain that an urgent cost may be paid without added stress.

“Our No Fee Overdraft system was a huge success, saving Varo customers more than $100 million bucks in its very very first 12 months. Varo clients asked for an even more proactive solution that offered greater control of their funds, in place of being forced to go fully into the red to get into extra money,” stated Colin Walsh , creator and CEO of Varo Bank. “Varo Advance was made to fulfill the short-term credit requirements of an incredible number of Us citizens, also it continues our dedication to provide clients the strongest feasible foundation because of their monetary success, with instant supply and low, transparent rates.”

Varo Advance may be fully built-into Varo Bank records. After they meet approval requirements, clients can access this security net conveniently right into the Varo software, without requiring a credit check. Varo Advance can be used instantly, anywhere for just about any unforeseen expense – allowing customers to plan ahead and offering more control of their money – all without any shock costs, no recommendations, with no looking forward to pending fees to be in before clients can access their money.

Alongside Varo Advance, Varo Bank provides a variety of items that focus on providing greater control, exposure, and protection around money, including family savings rates that are over 10 times the nationwide average, auto-savings tools like save your valuable Pay and keep your Change, and access to direct deposits up to 2 days early. Because the only customer fintech by having a national bank charter, Varo Bank will soon be presenting numerous revolutionary services and products and features dedicated to enhancing our clients economic wellness.

About Varo Bank, N.A.

Varo Bank is on a mission to produce monetary opportunity more accessible to more individuals, by arming these with the merchandise and support they must produce healthy financial practices and minimize stress that is financial. Through its mobile application, Varo Bank offers customers premium bank accounts which have no minimal balance requirement or month-to-month account charge, high-interest cost savings reports, and tech-first features to help individuals conserve and handle their cash more easily. Varo Bank may be the consumer that is first to be given a nationwide bank charter because of the workplace regarding the Comptroller for the Currency. To learn more, see , like Varo Bank on Facebook, and follow us on Instagram and Twitter varomoney. Member FDIC.

Varo Advance is a little buck line of credit that really must be repaid on time for you to carry on use of the personal line of credit. Item eligibility and terms can be purchased in the Varo Advance Account Agreement.

Early use of deposit that is direct depends upon timing associated with payer’s distribution of build up. We generally publish deposits that are such a single day these are generally received that might be as much as 2 times sooner than the payer’s scheduled payment date.