Varo Personal Loans

Varo Personal Loans

in Personal Loans from Varo


Varo Personal Loans


in Personal Loans from Varo

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APR  (Fixed APR) 10% - 24%
Loan Amount $1,000 - $5,000
Loan Term (Months) 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 available in 9 states across the USA.

Key takeaways

  • 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.

Varo Personal Loans Pros and Cons:

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 APR rate 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.

Varo Personal Loans Rates & Terms
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.

Varo Personal Loans Fees
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.

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 score.

SUPERMONEY Disclosure: 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...


  • Headquarters
  •   111 Sutter St
    San Francisco, CA 94104
  •   Visit Site

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


  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

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