Question 1

What is Varo Line of Credit?

Accepted Answer

Varo Line of Credit is a short-term installment loan that allows you to borrow amounts between $600 to $2,000 for a flat fee* (based on the borrowed amount) each time you pull from your LOC.

There are no hidden fees, late fees, complex terms, or interest. Once approved, you can borrow from your Line of Credit at any time, up to your approved maximum limit. The borrowed amount and applicable fee is then repaid in equal monthly installments.

*The average loan offer is $825 and you must open a Varo Bank Account to get started (qualifications required, including bank account deposits).

Question 2

What makes Varo Line of Credit different from other personal LOCs?

Accepted Answer

Here’s how Varo Line of Credit stands out from other personal lines of credit: Single flat fee each time you use your LOC, transparent terms without hidden fees or interest, clear eligibility factors, immediate application decisions, automatic payments (with the ability to make additional manual payments), no early payoff fees, emphasis on providing customers access to a credit building tool that they may not be eligible for through other institutions. These features collectively offer customers a straightforward and user-friendly borrowing experience compared to traditional personal line of credit products.

Question 3

Does applying for Varo Line of Credit affect my credit score?

Accepted Answer

While the soft credit check to determine eligibility does not affect your credit score, a hard credit check will be pulled after submitting an application. This hard pull will be reflected on your credit report in the same way other credit applications would.

Question 4

How can I check my eligibility for Varo Line of Credit?

Accepted Answer

Check your eligibility to apply by clicking the Line of Credit tile in your Varo app. If you’re not yet eligible, you’ll see a list of action items you can take to get closer. We review eligibility daily, but can’t expedite this process. As soon as your account is eligible, you’ll see the option to Qualify Now the app— after tapping Qualify Now, answer a few questions and we’ll pull a soft credit check to determine if you’re pre-approved for a Line of Credit offer. A soft credit check doesn’t impact your credit score. If you are pre-approved, you will be able to submit an application. A number of factors determine eligibility to apply for Varo Line of Credit, including: Direct Deposit amounts, on-time Believe Card payments, on-time Varo Advance payments, healthy account balances.

Question 5

How do you determine my initial borrowing limit?

Accepted Answer

Your borrowing limit is determined by your credit score and banking history with Varo.

Question 6

How do I increase my borrowing limit?

Accepted Answer

You may access higher borrowing limits through standard banking actions such as adding direct deposits, repaying existing Varo loans on time, and maintaining healthy account balances.

Question 7

What is the application process like?

Accepted Answer

If pre-approved, you’ll see the offers you’re eligible to apply for up to the maximum amount, along with the payment schedule and Terms for each offer. Select your offer from your Line of Credit tile and follow the prompts to submit an application. You’ll be asked to confirm your personal information and income, agree to the Terms for the loan, and to a hard credit check, before receiving a decision on your application in seconds.

Question 8

How do I repay my Varo Line of Credit?

Accepted Answer

Repay your Line of Credit automatically each month using AutoPay, make payments manually in the app, or mail in a check. To turn on AutoPay, tap on the Line of Credit tile on your homepage and toggle the AutoPay button On. If you leave AutoPay off, you’ll need to make payments manually each month by tapping on your Line of Credit tile and selecting Make a payment. You can pay off your Line of Credit early either partially or in full by making a manual payment. Tap on your Line of Credit tile and select Make a payment. We will not charge you any early payoff fees, however paying early does not reduce the original agreed upon fee and only reduces the payments at the end of your repayment schedule.

Question 9

Where can I find Terms and Disclosures for Varo Line of Credit?

Accepted Answer

To review Terms and Disclosures, refer to the Varo Line of Credit Account Agreement at https://prod-cdn.varomoney.com/agreements/LINE_OF_CREDIT_AGREEMENT.pdf

Varo Line of Credit amount	Months to repay	One-time fee	Monthly payment (includes fee)
$600	3 months	$60	$220
$800	4 months	$100	$225
$1,000	6 months	$152	$192
$1,250	9 months	$226	$164
$1,500	12 months	$300	$150
$2,000	12 months	$400	$200

Personal line of credit️

Borrow up to $2,000.

Why borrow with Varo

Forget about hidden fees, complicated terms, or accumulating interest—and instead say hello to a line of credit you can love.

One of the best ways to borrow

BANK MORE. GET MORE. DO MORE.

`Better terms are hard to find`

How to get a line of credit

1. Pre-Approval

2. Approval

3. Funding

A “No bs” way to borrow.

Line of Credit FAQs

What is Varo Line of Credit?

What makes Varo Line of Credit different from other personal LOCs?

Does applying for Varo Line of Credit affect my credit score?

How can I check my eligibility for Varo Line of Credit?

How do you determine my initial borrowing limit?