Vola Finance cash advance app review
- Max. Amount
- $300
- Turnaround time
- As soon as same day or instant with Vola card
Summary
Borrow up to $300 — but membership fees aren't transparent.
Vola offers tools for monitoring your bank account to help you budget better. But pick another app if you want to avoid membership fees and need more transparency around eligibility requirements and costs.
Pros
-
Advance amount not determined by previously worked hours
-
Financial literacy tools
-
Notifications when bank account balance is low
Cons
-
Low maximum advance of $300
-
Must sign in to bank account to view membership tiers and costs
-
Average bank account balance of $150+ required
-
Multiple reported problems with the app
Details
Product details
| Product Name | Vola Finance |
| Max. Amount | $300 |
| Loan Term | Varies |
| Turnaround Time | As soon as same day or instant with Vola card |
| Costs | $2.99 to $28.99 membership fee |
| Requirements | Bank account at least 3 months old, average balance over $150, income and deposit activity, activity most days of the week |
What are the pros and cons of Vola Finance?
Pros
- Advance amount not determined by previously worked hours
- Financial literacy tools
- Notifications when bank account balance is low
Cons
- Low maximum advance of $300
- Must sign in to bank account to view membership tiers and costs
- Average bank account balance of $150+ required
- Multiple reported problems with the app
Our take on Vola Finance
Vola is similar to other cash advance apps like Brigit and MoneyLion, offering loans up to $300, a credit builder program and tools for monitoring your bank balance. Its Smart Alert feature alerts you when your bank balance is low so you can avoid overdraft fees. But unlike other cash advance providers, very little information is available about the app on its website — leaving the user to guess how much it costs to use, what the bank requirements are and how much they can borrow.
Vola Finance overview
Vola deducts repayments automatically from your bank account, but you can make a payment earlier without penalties. And if you’re running low on funds, you can request an extension of up to 10 days. Once you repay your advance, there is a cool-off period of five days before you can borrow again.
Features
- Membership fees start at $1.99
- Eligible members can withdraw up to $300
- Fund are available as soon as one business day
Requirements
Vola Finance supports over 6,000 banks and credit unions, but your bank account must meet a few requirements to qualify for an advance.
- 3+ months old
- Average balance over $150
- Shows income and deposits
- Shows some activity most days of the week
Vola Finance reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | D- |
| BBB customer complaints | 9 customer complaints |
| App Store Score | 4.5 out of 5 stars, based on 7,700 customer reviews |
| Google Play Score | 4.7 out of 5 stars, based on 1,628 customer reviews |
| Customer reviews verified as of | 20 April 2022 |
While far less in number, positive reviews from customers mention how easy it is to borrow an advance and manage their expenses with the app. Vola Finance isn’t accredited with the Better Business Bureau (BBB) and earns a D- business rating for how it’s handled nine customer complaints over the past three years.
Vola Finance app vs. payday loans
Vola Finance offers small interest-free loans with a membership — which may make it less expensive than borrowing multiple payday loans.
| Vola Finance | Payday loan | |
|---|---|---|
| Maximum amount | Up to $300 | Typically up to $500, and most states allow only one at a time |
| Turnaround time | One business day | Typically one business day |
| Application process | Download the app and connect your bank account info | Online application, typically requires Social Security number and bank account numbers |
| Costs | Starts at $1.99 per month | High interest rate that can equal fees of $15 to $25 per $100 borrowed |
| Availability | Nationwide | Prohibited in some states |
Is Vola Finance safe to use?
Vola Finance doesn’t directly state how it keeps your bank account information secure. Connect with Vola Finance to ensure your information will be safe when you use its app. The company has a detailed privacy policy that states it won’t share or sell your information to third parties for commercial purposes, but it may be shared to verify your accounts and payments.
Should I use the Vola Finance app?
Vola Finance can help you manage your finances and keep your bank accounts in the positive, but it’s a newer service and customers report issues with its app and customer service. Read our guide to pay advance apps to learn more about the process and compare your other options.
Compare Vola Finance to other pay advance apps
Compare even more cash advance apps to find the right one for your lifestyle and budgeting needs. View maximum loan amounts, turnaround times and applicable costs and fees.
Vola Finance is not currently available on Finder
Have you considered Chime SpotMe®?
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
- Get up to $200
- Receive funds on the same day
- Fee free overdraft
- No credit check
Your reviews
Kellye Finder
Writer
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