Varo Advance(1) is a small dollar line of credit that’s immediately deposited to your Varo Bank Account. View your available Varo Advance limits and associated fees on the app home screen.
To qualify for Varo Advance you’ll need:
- An active Varo Bank Account (not closed or suspended) and a balance over $0 in all Varo Accounts
- At least $800 in total qualifying direct deposits(2) to your account(s) in the current or previous month
- All prior Varo Advance payments must be made
New Advance customers will be prompted to agree to our terms and conditions. Varo Advance does not impact your credit score.
You can only have one outstanding Advance at a time. As long as you continue to meet the qualifications, you can get your next Advance once your existing balance has been paid.
(1)Varo Advance (VA) is a small dollar line of credit. Initial limits range from $20-$250, work your way up to $500 over time. Fees range from $1.60 - $40 based on loan amount. Current limit can be viewed in the Varo App. Only one outstanding advance at a time, must be repaid in full prior to requesting a new advance. Limits and eligibility evaluated daily and may change at any time. Additional qualifications apply.
(2)A Qualifying Direct Deposit is an electronic deposit of your paycheck, pension or government benefits (such as Social Security) from your employer or the government to the extent that can be identified. Tax refunds or government stimulus payments, person- to- person payments (such as Venmo and Varo to Anyone) and funds deposited using a Varo Money routing number are not considered a direct deposit.