Digital banking group Varo Bank announced on Friday the launch of Varo Advice, which is a new product that instantly advances up to $100 to qualifying customers.
“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.”
Varo Bank further explained that 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.”
Colin Walsh, Founder and CEO of Varo Bank, spoke about the product by stating:
“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.