SAN FRANCISCO, Oct. 16, 2020 /PRNewswire/ -- Varo Bank, the only digital national bank, is introducing Varo Advance, an innovative product that instantly advances up to $100 to qualifying customers and gives customers more flexibility and control over their finances.
Designed to help customers proactively manage their finances, Varo Advance offers instant access to up to $100 cash right in the Varo Bank app.* With a fixed, transparent cost structure - no tips, 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. Customers choose when they would like to repay within a 30-day window. Unlike similar programs, Varo Advance offers customers a seamless, proactive way to access extra money to help stretch their paycheck, without needing to overdraft their account.
At a time when 50% to 78% of working Americans live paycheck to paycheck, Varo customers have access to a flexible short term financial bridge through Varo Advance, offering security and peace of mind so that an unexpected expense can be paid without added stress.
"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," said Colin Walsh, founder and CEO of Varo Bank. "Varo Advance was created to meet the short term credit needs of millions of Americans, and it continues our commitment to provide customers the strongest possible foundation for their financial success, with instant availability and low, transparent pricing."
Varo Advance will be fully integrated into Varo Bank accounts. Once they meet approval criteria, customers can access this safety net conveniently right in the Varo app, without needing a credit check. Varo Advance can be used immediately, anywhere for any unexpected expense - allowing customers to plan ahead and offering more control over their money - all with no surprise fees, no tips, and no waiting for pending charges to settle before customers can access their cash.
Alongside Varo Advance, Varo Bank offers a range of products that focus on providing greater control, visibility, and security around money, including savings account rates that are over 10 times the national average, auto-savings tools like Save Your Pay and Save Your Change, and access to direct deposits up to two days early.** As the only consumer fintech with a national bank charter, Varo Bank will be introducing many innovative products and features focused on improving our customers financial health.
About Varo Bank, N.A.
Varo Bank is on a mission to make financial opportunity more accessible to more people, by arming them with the products and support they need to create healthy financial habits and reduce financial stress. Through its mobile app, Varo Bank offers customers premium bank accounts that have no minimum balance requirement or monthly account fee, high-interest savings accounts, and tech-first features to help people save and manage their money more easily. Varo Bank is the first consumer fintech to be granted a national bank charter by the Office of the Comptroller of the Currency. For more information, visit www.varomoney.com, like Varo Bank on Facebook, and follow us on Instagram and Twitter @varomoney. Member FDIC.
*Varo Advance is a small dollar line of credit that must be repaid on time to continue access to the credit line. Product eligibility and terms are available in the Varo Advance Account Agreement.
**Early access to direct deposit funds depends on timing of the payer's submission of deposits. We generally post such deposits on the day they are received which may be up to 2 days earlier than the payer's scheduled payment date.
SOURCE Varo Bank