Varo is increasing its cash advance limit to $500 here's how to qualify and raise your limit ove
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- The online bank Varo is increasing its cash advance limit to $500.
- To get Varo Advance, you need to have a Varo Bank Account and receive qualifying direct deposits.
- You'll start with a credit limit between $20 to $250, but the limit can increase to $500 over time.
Varo Bank has announced it's increasing its cash advance limit to $500 in time for the holidays. Previously, you could only get up to $250 with Varo Advance.
Varo Advance is a line of credit option specifically for Varo Bank Account customers. We'll explain how to qualify for Varo Advance and raise your limit to $500.
How to get the $500 Varo Advance limit
To qualify for Varo Advance, you need to have an active Varo Bank Account with a positive account balance. You must also receive direct deposits of $800 or more to your Varo Bank Account or Savings Account each month.
If you qualify for a Varo Advance, you can see the amount that you're eligible for on the Varo Advance section of the bank's mobile app. The loan can be deposited into your Varo Bank account right after applying for it.
You'll start with a credit limit between $50 to $250. Over time, you can raise the limit to $500 by making on-time payments. Your bank account history, balance amount, and frequency of direct deposits may also factor into increasing your credit limit.
Varo charges a flat fee for each advance. The chart below shows the flat fee for various Varo Advance amounts.
| Varo Advance amount | Fee |
| $20 | $1.60 |
| $50 | $4 |
| $75 | $6 |
| $100 | $8 |
| $150 | $12 |
| $200 | $16 |
| $250 | $20 |
| $300 | $24 |
| $400 | $32 |
| $500 | $40 |
Varo doesn't charge any additional fees or interest. You'll have 30 days to pay back your loan amount. You may also select an automatic repayment date in a timeframe of 15 to 30 days.
If you do not make a payment for Varo Advance within 30 days, there aren't any late fees. However, Varo will withdraw the money you owe from your Varo Bank when you make a deposit. A late payment may also affect your ability to qualify for Varo Advance in the future.
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What is Varo Bank?
Varo is an online-only financial institution. It has a Varo Bank Account, a Varo Savings Account, and a credit-builder credit card.
The Varo Savings Account and Varo Bank Account are FDIC-insured for a combined total of up to $250,000. Your insured deposits are safe if the bank fails.
Most banks use Chexsystems to review your bank account history and decide whether you're eligible to open a bank account.
Varo doesn't use Chexsystems, making it one of the best second chance bank account options since its accounts are available nationwide.
Varo Advance FAQs
How do you qualify for Varo Advance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You may qualify for Varo Advance if you have a Varo Bank Account with a positive account balance and receive monthly direct deposits of $800 or more per month.
How often can I get a Varo Advance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.You may get one advance per day. You'll be eligible to apply for a new advance once you've repaid an existing one.
How do I increase my Varo Advance? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.To increase your credit limit for Varo Advance, you need to make on-time payments on advances. Varo may also take into account other factors like your qualifying direct deposit history and bank account transaction history to determine your credit limit.
Products in this post: Varo Bank Account
Sophia Acevedo, CEPF Banking Reporter Sophia Acevedo is a banking reporter at Business Insider. Sophia joined Business Insider in July 2021. She writes bank reviews, banking guides, and banking and savings articles for Personal Finance Insider. She is also a Certified Educator in Personal Finance (CEPF).Sophia is an alumna of California State University Fullerton where she studied journalism and minored in political science. She is based in Southern California.You can reach out to her on Twitter at @sophieacvdo or email sacevedo@businessinsider.com.Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>Below are links to some of her most popular stories:- Are banks open today? Here's a list of US bank holidays for 2023
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