Varo is increasing its cash advance limit to $500 — here's how to qualify and raise your limit over time

Our experts choose the best products and services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our partners; however, our opinions are our own. Terms apply to offers listed on this page.

  • The online bank Varo is increasing its cash advance limit to $500.
  • To get Varo Advance, you need to have a Varo Bank Account and receive qualifying direct deposits.

Varo Bank has announced it’s increasing its cash advance limit to $500 in time for the holidays. Previously, you could only get up to $250 with Varo Advance.

Varo Advance is a line of credit option specifically for Varo Bank Account customers. We’ll explain how to qualify for Varo Advance and raise your limit to $500.

How to get the $500 Varo Advance limit

To qualify for Varo Advance, you need to have an active Varo Bank Account with a positive account balance. You must also receive direct deposits of $800 or more to your Varo Bank Account or Savings Account each month.

If you qualify for a Varo Advance, you can see the amount that you’re eligible for on the Varo Advance section of the bank’s mobile app. The loan can be deposited into your Varo Bank account right after applying for it.

You’ll start with a credit limit between $50 to $250. Over time, you can raise the limit to $500 by making on-time payments. Your bank account history, balance amount, and frequency of direct deposits may also factor into increasing your credit limit.

Varo charges a flat fee for each advance. The chart below shows the flat fee for various Varo Advance amounts.

Varo Advance amount Fee
$20 $1.60
$50 $4
$75 $6
$100 $8
$150 $12
$200 $16
$250 $20
$300 $24
$400 $32
$500 $40

Varo doesn’t charge any additional fees or interest. You’ll have 30 days to pay back your loan amount. You may also select an automatic repayment date in a timeframe of 15 to 30 days.

If you do not make a payment for Varo Advance within 30 days, there aren’t any late fees. However, Varo will withdraw the money you owe from your Varo Bank when you make a deposit. A late payment may also affect your ability to qualify for Varo Advance in the future.

Get Exclusive Savings with Raisin

Open one of the best savings accounts with a no-fee Raisin account in minutes and spread your savings across an exclusive network of over 30 FDIC-insured banks and NCUA-insured credit unions. Earn top savings rates and manage it all with a single secure login.

What is Varo Bank?

Varo is an online-only financial institution. It has a Varo Bank Account, a Varo Savings Account, and a credit-builder credit card.

The Varo Savings Account and Varo Bank Account are FDIC-insured for a combined total of up to $250,000. Your insured deposits are safe if the bank fails.

Most banks use Chexsystems to review your bank account history and decide whether you’re eligible to open a bank account.

Varo doesn’t use Chexsystems, making it one of the best second chance bank account options since its accounts are available nationwide.

Varo Advance FAQs

How do you qualify for Varo Advance?

You may qualify for Varo Advance if you have a Varo Bank Account with a positive account balance and receive monthly direct deposits of $800 or more per month.

How often can I get a Varo Advance?

You may get one advance per day. You’ll be eligible to apply for a new advance once you’ve repaid an existing one.

How do I increase my Varo Advance?

To increase your credit limit for Varo Advance, you need to make on-time payments on advances. Varo may also take into account other factors like your qualifying direct deposit history and bank account transaction history to determine your credit limit.

News Related


How to watch today's Kansas City Chiefs vs. Las Vegas Raiders NFL game: Livestream options, kickoff time, more

Patrick Mahomes #15 of the Kansas City Chiefs warms up prior to an NFL football game between the Denver Broncos and the Kansas City Chiefs at Empower Field At Mile ... Read more »

Dieser Brief macht Freisinger Kinder „fix und fertig“: König Charles meldet sich bei Drittklässlern

Schöne Überraschung Dieser Brief macht Freisinger Kinder „fix und fertig“: König Charles meldet sich bei Drittklässlern Dank für die Glückwünsche: Das königliche Paar schickte ein Einen besonderen Brief verfasste im ... Read more »

How to recreate the 'Friends' moist maker Thanksgiving sandwich

How to recreate the 'Friends' moist maker Thanksgiving sandwich Jessie James Decker shared the Thanksgiving sandwich from her cookbook. ByKelly McCarthy November 24, 2023, 4:01 AM Jessie James Decker has ... Read more »

How to Identify an Authentic Bangladeshi Jamdani Saree?

, Nov. 26 — Jamdani saree, an emblem of Bangladeshi tradition, symbolises cultural richness and artisanal finesse. Distinguishing a real Jamdani from cheaper replicas necessitates keen attention to intricate details ... Read more »

How to watch today's Buffalo Bills vs. Philadelphia Eagles NFL game: Livestream options, kickoff time

Stefon Diggs #14 of the Buffalo Bills warms up before the game against the New York Jets at Highmark Stadium on November 19, 2023 in Orchard Park, New York.  / ... Read more »

Fix garbage collection to elevate Jinja's appeal, Babalanda says

The Minister for the Presidency, Milly Babalanda, has advised Jinja city leaders to avoid haphazard developments by strictly enforcing physical planning guidelines, so as to sustain the town’s beauty to ... Read more »

IREDA IPO: GMP remains strong; know listing date, how to check allotment status

The allotment status of IREDA IPO can be checked online through the official website of BSE. While Tata Technologies IPO remained the more popular choice among subscribers this week, the ... Read more »
Top List in the World