Presenting Varo Advance: immediate cash Access up to $100

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Presenting Varo Advance: immediate cash Access up to $100

With Varo Advance, qualifying Varo clients can immediately obtain as much as a $100 cash advance to aid stretch a paycheck

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Oct 16, 2020, 09:00 ET

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BAY AREA , really the only electronic national bank, is introducing Varo Advance, an innovative product that instantly advances up to $100 to qualifying clients and provides customers more flexibility and control of their funds.

Built to help customers proactively handle their finances, Varo Advance offers immediate access to as much as $100 money right within the Varo Bank application. 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. Customers choose once they wish to repay in just 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 the same time whenever 50% to 78percent of working Americans reside paycheck to paycheck, Varo customers gain access to a flexible temporary monetary connection through Varo Advance, providing protection and peace of mind to make certain that an urgent expense could be compensated without added anxiety.

“Our No Fee Overdraft program had been a huge success, saving Varo clients more than $100 million bucks in its very first 12 months. Varo clients asked for an even more proactive solution that offered greater control of their funds, in the place of being forced to go in to the red to get into extra money,” said Colin Walsh , founder and CEO of Varo Bank. “Varo Advance is made to fulfill the temporary credit requirements of an incredible number of Us americans, and it continues our dedication to provide clients the strongest feasible foundation with regards to their monetary success, with immediate supply and low, clear prices.”

Varo Advance will likely be completely built-into Varo Bank records. When they meet approval criteria, customers have access to this safety net conveniently right when you look at the Varo app, without requiring a credit check. Varo Advance may be used instantly, anywhere for almost any unforeseen expense – allowing customers to prepare ahead and providing more control of their money – all without any shock costs, no guidelines, with no waiting for pending charges to stay before clients have access to their money.

Alongside Varo Advance, Varo Bank provides a variety of items that focus on supplying greater control, presence, and protection around money, including checking account rates being over 10 times the average that is national auto-savings tools like save your valuable Pay and save your valuable Change, and access to direct deposits up to 2 days early. Given that only customer fintech with a national bank charter, Varo Bank would be launching numerous revolutionary items and features dedicated to improving our customers monetary health.

About Varo Bank, N.A.

Varo Bank is for an objective in order to make economic possibility more accessible to more individuals, by arming these with the items and support they should create healthy economic practices and lower stress that is financial. Through its mobile software, Varo Bank offers clients premium bank accounts which have no minimal balance requirement or monthly account cost, high-interest cost savings records, and tech-first features to help individuals save your self and handle their cash easier. Varo Bank could be the consumer that is first become awarded a nationwide bank charter by the workplace regarding the Comptroller associated with the Currency. To learn more, see , like Varo Bank on Twitter, and follow us on Instagram and Twitter varomoney. Member FDIC.

Varo Advance is just a tiny dollar line of credit that really must be paid back on time and energy 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 direct deposit funds is determined by timing of this payer’s submission of deposits. We generally upload deposits that are such your day they’ve been gotten which might be as much as 2 times sooner than the payer’s scheduled payment date.