| Loan Amount | $1,000 - $5,000 |
| APR (Fixed APR) | 10% - 24% |
| Loan Term | 36 - 60 months |
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 offered in 9 states across the USA.
What rates and terms does Varo Personal Loans offer?
What personal loan APRs does Varo Personal Loans offer?
Varo Personal Loans offers a fixed APR personal loan product that ranges from 10% APR up to 24% APR.
Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.
How much can you borrow via Varo Personal Loans?
Loan amounts start at $1,000 and go up to $5,000.
What can a personal loan from Varo Personal Loans be used for?
Personal loans from Varo Personal Loans are typically used for special purchases or similar purposes.
What is the maximum loan term you can get with Varo Personal Loans?
Varo Personal Loans offers personal loans with terms ranging from 36 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
| Loan Amount | $1000 - $5000 |
| Loan Term | 36 - 60 months |
| APR | 10% - 24% |
What fees does Varo Personal Loans charge?
Does Varo Personal Loans charge an origination fee?
Varo Personal Loans does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Does Varo Personal Loans charge a late fee?
Yes, Varo Personal Loans may charge borrowers a late payment fee
Does Varo Personal Loans charge prepayment fees?
No, Varo Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
| Origination Fee | N/A |
| Prepayment Fee? | No |
| Late Payment Fee | N/A |
What do you need to qualify for Varo Personal Loans?
Applicants with a credit score of at least 600 and up to 850 are 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.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid checking account
- Proof of income
- Driver's license
- Government issued photo ID
- Proof of identity
| Minimum Age | 18 |
| Bank Account Required? | Yes |
| Credit Score | 600 - 850 |
What is the estimated funding time for a personal loan via Varo Personal Loans?
Varo Personal Loans will typically approve (or deny) a loan application within 1 hour and fund personal loans within 4 business days of approval.
Does Varo Personal Loans report your account activity to credit bureaus?
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 can help improve your credit score.
Availability
- Arizona
- Florida
- Illinois
- Michigan
- Missouri
- Pennsylvania
- Tennessee
- Utah
- Washington
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