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Varo launches Varo Advance, instant access to flexible short term loan

By Pavithra R

October 16, 2020

  • USA
  • Varo
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Varo introduces Varo Advance
Founder and CEO at Varo

Varo, the digital national bank has announced the launch of Varo Advance, an innovative product that instantly advances up to $100 to qualifying customers along with flexibility and control over their finances. 

Varo Advance built to help customers proactively manage their finance, offers instant access of up to $100 cash right in the Varo Bank app. The product has a fixed, transparent cost structure with no hidden fees, tips or instant access fees. It provides an advance of up to $20 for free, with a maximum charge of $5 for a $100 advance. Customers have the freedom to choose when they would like to repay within a 30-day window. According to Varo Bank, Varo Advance, unlike other similar programs, offers customers a seamless, proactive way to access extra money to help stretch their paycheck, without needing to overdraft their account. 

“Our No Fee Overdraft program was a huge success, saving Varo customers well over $100 million dollars in its first year. Varo customers requested a more proactive solution that offered greater control over their finances, rather than being forced to go into the red to access additional cash. Varo Advance was created to meet the short term credit needs of millions of Americans, and it continues our commitment to provide customer the strongest possible foundation for their financial success, with instant availability and low, transparent pricing,” said Colin Walsh, founder and CEO of Varo Bank. 

Varo Advance is fully integrated into Varo Bank accounts. Approved customers can access it safely and conveniently right in the Varo app, without needing a credit check. 

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.

Also, read 5 leading U.S. based companies democratizing Earned Wage Access.

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