Varo Advance now live and free to use through January 2021

By Pavithra R

Varo, the digital national bank has announced that its instant cash advance service Varo Advance, that offers up to $100 for qualifying customers, is now live and free to use through January 2021. 

Varo Advance was built to help customers proactively manage their finance, offers instant access of up to $100 cash right in the Varo Bank app. It can act as a short-term bridge to help customers manage finances between paychecks and keep them going through the holidays. 

“We created Varo Advance based on direct feedback from our customers, who asked for greater flexibility in accessing cash on demand to help stretch a paycheck or meet an immediate need. Due to the challenges of 2020 and the current economic circumstances for many hard-working Americans, we made the decision to provide Varo Advance free of charge through the end of January 2021. It’s a way of saying thank you and sharing some holiday cheer with our most engaged customers,” said Colin Walsh, founder and CEO of Varo Bank.

Varo Advance, starting in February 2021 will shift to a fixed, transparent cost structure with no tips, no hidden fees, and no instant access fees. It provides an advance of up to $20 for free, with a maximum charge of $5 for a $100 advance. 

Founded in 2015, Varo’s mission is to redefine banking, enabling everyone to make smart choices with their money. The FinTech has built its fully digital banking solution from the ground up faster than originally planned. Launched its banking services officially in July 2017, offering premium banking products through The Bancorp Bank, Varo helps Americans stretch their money with bank and savings accounts that have no minimum balance requirement and no monthly account fees.