Varo Review: Advance Fees, Limits and How It Works

Varo Bank is a digital bank that, unlike many competitors, operates its own banking infrastructure and is FDIC-insured. Varo offers a high-yield savings account with a competitive annual percentage yield (APY) and the ability to access a cash advance through its Varo Advance feature. For smaller, short-term needs, some users turn to services like Varo instead of other borrowing options such as personal loans.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

Varo: At a Glance

• Max advance: Up to $500

• Repayment: Within 30 days

• Eligibility: Active account, positive balance and qualifying direct deposits

• Funding timing: Instantly

• Fees: Advance fee is between $1.60 to $80.

• Credit check: None

• Credit reporting: None

If you’re unfamiliar with these services, it may help to first understand what cash advances are and how early access to funds works.

What Is Varo?

Varo, founded in 2015, is one of the first fintech banks that operate completely online. Varo’s mission is to put the customer first and so many of the accounts have no minimum balance requirements or maintenance fees.

Varo Banking Features

Here’s a breakdown of the top features of Varo.

Free Bank Account

Varo offers a free bank account with no required minimum, no monthly maintenance fees and no overdraft fees.

Savings Account

Varo’s Online Savings account offers APYs up to 5.00% on balances up to $5,000. To earn the highest rate, you must have monthly direct deposits of at least $1,000 each month and keep a positive balance.

Varo Advance

Varo allows you to access up to $500. New users typically can qualify for withdrawals between $20 to $250.

To get a Varo Advance, you’ll need to link to a qualifying external account, and have direct deposits of at least $800.

Repayment

Varo allows you to choose when you would like to repay your advance. You have the choice of an auto-repayment date between 15 and 30 days from the date of your advance.

Credit Impact

Varo doesn’t check your credit to qualify for the cash advance.

How To Get a Varo Advance

To get a Varo Advance, follow these steps:

1. Open account: Sign up for Varo on the app and open an account.

2. Meet deposit requirements: You need to make at least $800 in qualifying direct deposits to access the higher balance cash advances.

3. Check eligibility in the app: You can check the amount you can get through the app.

4. Request advance: Select the amount you want and accept the fee.

5. Choose repayment date: The advance date can be 15 to 30 days from the date of the advance.

Repayment Rules and Limits

Here are a few important things to know about repaying your Varo Advance:

• Repay early: You can pay your advance off before the due date.

• Change or cancel autopay: You can change the date of your autopay if eligible.

• If your repayment fails: Once your account has enough funds, Varo will attempt to withdraw the funds. You cannot access another advance until the previous advance is paid.

Varo Costs and Fees

Varo doesn’t charge monthly maintenance, overdraft or minimum balance fees. If you use an out-of-network ATM, you will pay a $3.50 transaction fee.

Varo Advance charges a flat fee based on the amount you borrow, with lower fees for customers who have at least $800 in qualifying direct deposits.

Quick Fee Example

If you withdraw $450, you may pay an additional fee between $32 to $80.

• At the low end, a $450 advance may cost you $482.

• At the high end, the same advance will cost you $530.

Varo Eligibility Requirements

To get Varo Advance, you must meet the following requirements:

• You must have a Varo bank account that is not overdrawn.

• Your account must be open for at least 30 days.

• You must have linked a debit card to your account.

• You must have a total of $800 in qualifying direct deposits in the last 31 days.

To check your eligibility, open your Varo app. Click on Varo Advance and it will let you know how much money you can withdraw.

Pros and Cons of Varo

Before opening a Varo account, it’s helpful to understand both the advantages and the potential drawbacks.

Varo vs. Other Cash Advance Options

If you're comparing services and wondering where you can get a cash advance, it helps to see how Varo stacks up against other options with similar features.

EarnIn

EarnIn determines cash advance amounts based on the wages you’ve earned during a pay period, with advances typically available up to $1,000 per pay period. EarnIn does not charge a monthly membership fee, though the app encourages users to leave optional tips.

Current

Current offers a Paycheck Advance feature with up to $750 for eligible users. Like Varo, it allows early access to funds, but users may need to pay a small delivery fee if they want the money instantly instead of waiting up to three days.

Who Varo Is Best For

Varo may be a good fit for people in the following situations:

• Those who prefer exclusively online banking

• Those who want to avoid monthly maintenance fees

• Those who want to earn a high APY on a high-yield savings account

• Those who want to avoid a credit check  

Limitations and Risks of Varo

Varo comes with some limitations and risks to be aware of:

• Low limits for cash advances: You can get an advance of up to $500, but most customers will likely get $20 to $250.

• Fees can be high based on the withdrawn amount: Fees are higher if you don’t have $800 in qualifying direct deposits.

• There is no flexibility in repayment: The funds are auto-deducted either at 15 or 30 days from the date of the advance.

Final Take

If you like the digital-first banking experience and already use Varo Bank, signing up for Varo Advance is straightforward. The service doesn’t charge monthly fees and doesn’t require a credit check. To qualify, you must receive at least $800 in qualified direct deposits within a 31-day period.

Whether it makes sense depends on your situation:

Good Fit If:

• You’re already a Varo user and have $800 in qualifying direct deposits.

• You need the cash instantly.

• You don’t want a hard inquiry on your credit.

Not a Good Fit If:

• You want to build credit.

• You need more than $500.

• You want more flexibility with repayment.

Varo FAQs

Still have questions about Varo? These FAQs cover the basics.

Does Varo charge monthly fees?

Varo doesn’t charge monthly maintenance fees or overdraft fees.

How much can you borrow with a Varo Advance?

You can borrow up to $500, but most users qualify in the range of $20 to $250.

Does Varo check your credit?

Varo doesn’t check your credit to open a bank account or set up a Varo Advance.

How long does it take to get approved?

Most Varo accounts and advances are approved instantly or within a day.

How fast is funding?

The funding is usually available instantly. It will be deposited into your Varo Bank account immediately.

Can you take multiple advances?

No. You can only have one outstanding advance at a time.

Does Varo report to credit bureaus?

Varo doesn’t report cash advance information to Experian, TransUnion or Equifax.

What happens if you miss the repayment?

Varo doesn’t charge late fees, but will deduct the pending amount from your account. You won’t be able to take out another advance.

Photo credit: Sheviakova kateryna / iStock

Data is accurate as of April 27, 2026, and is subject to change.