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Community Rating | Strongly recommended |
APR (Fixed APR) | 10% - 24% |
Loan Amount | $1,000 - $5,000 |
Loan Term (Months) | 36 - 60 months |
Number of Reviews | 6 |
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.
- 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.
- No origination fee. Varo Personal Loans does not charge a loan origination fee.
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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.
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?
No, Varo personal loan will not charge you a late 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.
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
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.
Contact
- Headquarters
-
111 Sutter St
San Francisco, CA 94104 - Visit Site
- Email Support
Other Services by Varo
Availability
- Arizona
- Florida
- Illinois
- Michigan
- Missouri
- Pennsylvania
- Tennessee
- Utah
- Washington
Varo Personal Loans Community Reviews
Would you recommend Varo Personal Loans to your friends?
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