Last Updated: 04/18/2025
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Varo Personal Lines of Credit Review
Varo Personal Lines of Credit FAQ
What APRs does Varo Personal Lines of Credit offer?
Does the Varo Personal Lines of Credit charge an origination fee?
Does the Varo Personal Lines of Credit charge a cash advance fee?
Yes, Varo Personal Lines of Credit may charge a fee .Does Varo Personal Lines of Credit charge a late fee?
Yes, Varo Personal Lines of Credit may charge borrowers a late payment fee .| Cash Advance Fee | N/A |
| Origination Fee | No |
| Prepayment Fee? | No |
| Late Payment Fee | No |
| Statement Balance Fee | No |
| Billing Cycle Charge | No |
What do you need to qualify for Varo Personal Lines of Credit?
Applicants with a credit score of at least 600 and up to 850 may be eligible for Varo Personal Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.- Applicants must have an active and valid personal checking account
- Proof of income
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of identity
- U.S. tax identification number
What is the estimated funding time for a personal line of credit via Varo Personal Lines of Credit?
Varo Personal Lines of Credit will typically fund personal lines of credit within 4 business day s of approval.Does Varo Personal Lines of Credit report your account activity to credit bureaus?
- Equifax
- Experian
- TransUnion
Does Varo perform a hard credit pull?
How to apply for Varo Personal Lines of Credit
- Visit the Varo Personal Lines of Credit website.
- Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
- Check the information is accurate and submit your application.
Varo Personal Lines of Credit Disclosure: The Varo Visa® Debit Card is issued by Varo Bank, N.A. pursuant to a license from Visa U.S.A. Inc and may be used everywhere Visa debit cards are accepted. We give you access to your direct deposits from employer and government payers on the day we receive them, which is typically up to 2 days earlier than your scheduled pay date. Varo Advance is a small-dollar line of credit. To qualify, you must have an active Varo Bank Account and qualifying direct deposits (QDD) of at least $800 during the current or previous calendar month. Your Varo Bank and/or Savings Account must not be overdrawn, and any prior Varo Advance payments must have been made on time. Once qualified, you’ll be assigned a credit limit between $20 and $250 based on your account activity, balances, direct deposits, history of timely repayments, and other risk-based factors. The maximum Advance amount is $500. Eligibility and credit limits are evaluated daily and may change at any time. You may only take one Advance at a time. Your available limit is shown in the home screen of your Varo app. Varo Line of Credit is designed to help customers cover unforeseen expenses with monthly payments, no late fees, no prepayment penalties, and no interest. Eligibility is required. Once qualified, you’ll be assigned a credit limit between $600 and $2,000. A one-time fee is added to your borrowed amount. Your limit may fluctuate based on various factors. Only one Line of Credit can be open at a time. Your eligibility and current limit are shown in your Varo app. Qualifying Direct Deposits (QDD) are electronic deposits of your paycheck, pension, or government benefits (such as Social Security or unemployment) from your employer or a government agency into your Varo Bank and/or Savings Account. Tax refunds, government stimulus payments, peer-to-peer payments (e.g., Venmo or Varo to Anyone), and funds deposited using a Varo routing number are not considered qualifying direct deposits. Cashback is available on select purchases made with your Varo Debit Card at participating brands/retailers. Offer details may vary; see the Perks tab in your app for the latest offers. The maximum Cashback that can be earned is $200 per calendar month. To open a Varo Savings Account, you must have a Varo Bank Account. Applying won’t impact your credit score. There are no monthly fees and no minimum balance requirement. As of December 11, 2024, you can earn 2.50% APY, and qualify for 5.00% APY on balances up to $5,000 by: Receiving direct deposits totaling $1,000 or more; and Ending the month with a positive balance in all your Varo Accounts. Rates are subject to change at any time. Testimonials reflect real customer experiences. Individual results may vary.
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