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 cash. In some cases you can get your money within 1 business day.
• Fair credit accepted. The credit score needed for Varo Personal Loans is relatively low. Borrowers with a credit score as low as 600 may qualify for Varo Personal Loans.
• 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.

Pros	Cons
$0 prepayment fee. $0 origination fee. Considers applicants with poor credit. Fast funding.	APRs as high as 24%. Do not offer pre-approval with soft credit pull. Charges a late fee. No co-sign option.

What rates and terms does Varo Personal Loans offer?

What fees does Varo Personal Loans charge?

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.

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

Varo Personal Loans 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 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.