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  Varo Personal Loans

Varo Personal Loans

in Personal Loans from Varo

Unaffiliated

Varo Personal Loans

Unaffiliated

in Personal Loans from Varo

SuperMoney Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Strongly recommended

5 users recommend
0 users are unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 10% - 24%
Loan Amount $1,000 - $5,000
Loan Term (Months) 36 - 60 months
Number of Reviews 5

Varo Personal Loans Review

Varo Personal Loans is offered by Varo, a bank founded in 2015 and based in San Francisco, CA. Varo Personal Loans is available in 9 states across the USA.

Key Takeaways
  • APRs starting at 10%. Personal loan interest rates typically range between 5% and 36%. The starting rates for Varo Personal Loans are on the higher end of the spectrum.
  • Fast access to funds. In some cases you can get your money within 1 business day.
  • Hard credit pull required. You can't check your rates or see if you prequalify for Varo Personal Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • No origination fee. Varo Personal Loans does not charge a loan origination fee.
Varo personal loan Pros & Cons
Pros Cons
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with fair credit.
  • Funding available within 4 business days.
  • APRs as high as 24%.
  • Do not offer pre-approval with soft credit pull.
  • Charges a late fee.
Varo personal loan FAQ

What interest rates and personal loan terms does Varo personal loan offer?

What interest rates does Varo personal loan offer?

Varo personal loan offers a fixed APR personal loan product that ranges from 10% APR up to 24% APR.

How much can you borrow via Varo personal loan?

Business loan amounts start at $1,000 and go up to $5,000.

What is the maximum loan term you can get with Varo personal loan?

Varo personal loan offers loans with terms of up to 60 months.

Varo personal loan Interest Rates & Loan Terms
Personal Loan Amount $1000 - $5000
Loan Term 36 - 60 months
APR 10% - 24%

What fees does Varo personal loan charge?

Does Varo personal loan charge an origination fee?

Varo personal loan does not charge a personal loan origination fee.

A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Varo personal loan charge a late fee?

Yes, Varo personal loan may charge borrowers a late payment fee if you miss one of the monthly payments.

Does Varo personal loan charge prepayment fees?

No, Varo personal loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.

Varo personal loan Fees
Origination Fee No
Prepayment Fee No
Late Payment Fee No

What do you need to qualify for Varo Personal Loans?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Varo Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Varo Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Varo Personal Loans only considers borrowers who are employed.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Varo Personal Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Varo Personal Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Applicants must have an active and valid personal checking account
  • Proof of income
  • Driver's license
  • Government issued photo ID
  • Proof of identity
  • U.S. tax identification number
Varo personal loan Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Credit Score 600 - 850

What is the estimated funding time for a personal loan via Varo personal loan?

Varo personal loan will typically approve (or deny) a loan application within 1 hour and fund loans within 4 business days of approval.

Does Varo Personal Loans report your account activity to credit bureaus?

Yes, Varo Personal Loans reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Hours of Operation

  • Sunday 8:00am - 6:00pm
  • Monday 6:00am - 9:00pm
  • Tuesday 6:00am - 9:00pm
  • Wednesday 6:00am - 9:00pm
  • Thursday 6:00am - 9:00pm
  • Friday 6:00am - 9:00pm
  • Saturday 8:00am - 6:00pm

Other Services by Varo

Availability

  Available in 9 states
  • Arizona
  • Florida
  • Illinois
  • Michigan
  • Missouri
  • Pennsylvania
  • Tennessee
  • Utah
  • Washington

Feature Breakdown

No Origination Fee
No Prepayment Fee
Checking Account Required
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
Credit Score Range 600 - 850
Approval Speed 1 hour
Credit Bureau Reporting
  • Equifax
  • Experian
  • TransUnion
Funding Time Range 1 - 4 days
Payment Options Automatic Payments
Loan Amount $1,000 - $5,000
APR (Fixed APR) 10% - 24%
Loan Term 36 - 60 months

Varo Personal Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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