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Presenting Varo Advance: immediate cash Access as much as $100

Presenting Varo Advance: immediate cash Access as much as $100

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

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Oct 16, 2020, 09:00 ET

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SAN FRANCISCO BAY AREA , the sole electronic national bank, is launching Varo Advance, an innovative product which immediately advances up to $100 to qualifying clients and provides customers more flexibility and control of their funds.

Made to help customers proactively handle their finances, Varo Advance offers immediate access to as much as $100 money 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 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 when 50% to 78per cent of working Americans reside paycheck to paycheck, Varo clients get access to a flexible temporary economic connection through Varo Advance, providing security and peace of mind to ensure an urgent cost is compensated without added stress.

“Our No Fee Overdraft program ended up being a huge success, saving Varo clients more than $100 million bucks in its very first 12 months. Varo customers requested a more proactive solution that offered greater control of their funds, instead of being obligated to go in to the red to get into extra money,” stated Colin Walsh , creator and CEO of Varo Bank. “Varo Advance is made to satisfy the short term credit needs of millions of Us citizens, plus it continues our dedication to offer customers the strongest possible foundation because of their economic success, with instant supply and low, clear prices.”

Varo Advance will likely to be completely integrated into Varo Bank records. When they meet approval criteria, clients can access this safety net conveniently right into the Varo software, without needing a credit check. Varo Advance can be utilized straight away, anywhere for any unforeseen expense – allowing customers to prepare ahead and providing more control of their money – all without any surprise costs, no recommendations, with no looking forward to pending costs to be in before clients have access to their money.

Alongside Varo Advance, Varo Bank provides a variety of products which focus on supplying greater control, exposure, and safety around cash, including checking account rates that are over 10 times the nationwide average, auto-savings tools like keep your Pay and keep your Change, and access to direct deposits up to 2 days early. Given that only customer fintech with a national bank charter, Varo Bank will likely to be presenting numerous revolutionary products and features centered on increasing our clients health that is financial.

About Varo Bank, N.A.

Varo Bank is on a objective to help make financial possibility more accessible to more folks, by arming all of them with the items and help they should produce healthier economic practices and minimize economic anxiety. Through its mobile software, Varo Bank offers clients premium bank accounts which have no minimum balance requirement or month-to-month account charge, high-interest cost savings reports, and tech-first features to simply help individuals save your self and handle their funds easier. Varo Bank may be the consumer that is first to be issued a nationwide bank charter because of the workplace associated with the Comptroller regarding the Currency. To learn more, visit , like Varo Bank on Facebook, and follow us on Instagram and Twitter varomoney. Member FDIC.

Varo Advance is just a dollar that is small of credit that really must be paid back on time to carry on usage of the personal line of credit. Item eligibility and terms can be found in the Varo Advance Account Agreement.

Early access to direct deposit funds is based on timing associated with the payer’s distribution of build up. We generally publish such deposits on the afternoon they have been gotten that might be as much as 2 times earlier than the payer’s scheduled payment date.

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