Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Varo personal loans review

Last updated:  

This all-in-one app is shaking up borrowing — though you need to receive an offer code to apply.’s rating: 3.8 / 5.0


  • Best for current Varo bank account holders who received an invitation to apply.
  • Pick something else if you want to borrow more than $5,000.


Max. Loan Amount

6.9% to 23.9%



Product NameVaro personal loans
Min. Loan Amount$3,000
Max. Loan Amount$25,000
APR6.9% to 23.9%
Interest Rate TypeFixed
Late FeeVaries by state
Loan Term3 to 5 years
Turnaround Time1 to 4 business days

Expert review

Rhys Subitch

Review by

Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

Varo personal loans are only a good option if you received an invitation code in the mail — you won’t be able to apply otherwise. To be considered for an invitation, you need to have a Varo bank account and live in an eligible state.

The one main perk of Varo is that it doesn’t have any hard-and-fast credit and income requirements. But otherwise, there’s not much that sets this lender apart.

Its rates are on the higher side compared to other lenders out there. And its loans top out at $5,000 — extremely low for a personal loan provider. You’ll also need to live in one of the 19 states it lends in to even be eligible to receive an offer code.

Not sure about Varo? Compare your other options below.

First, am I eligible?

Varo’s personal loans are available by invitation only. To be invited to apply, you need to live in an eligible state and open a no-fee checking or savings account.

In addition, most lenders require applicants to meet the following criteria at a minimum:

  • Open a no-fee checking or savings account with Varo
  • Regular source of income
  • Live in an eligible state
  • US citizen or permanent resident
  • Age 18 or older

Which states does Varo service?

You must be a resident of one of the following states to qualify for a loan from Varo:

  • Arizona
  • California
  • Colorado
  • Florida
  • Georgia
  • Illinois
  • Kansas
  • Maryland
  • Michigan
  • Minnesota
  • Missouri
  • New Jersey
  • New York
  • Ohio
  • Pennsylvania
  • Tennessee
  • Texas
  • Utah
  • Washington


  • Considers your overall financial health
  • App available for both iOS and Android


  • Must receive an invitation to apply
  • Rates are on the higher side
  • Extremely low maximum amount of $5,000
  • Only available in 19 states
  • Must sign up for a Varo bank account to qualify for an invitation

Compare other personal loan providers

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
SoFi personal loans
5.99% to 18.83%
A highly-rated lender with competitive rates, high loan amounts and no fees.
Upstart personal loans
8.69% to 35.99%
580 or 600 depending on state of residence
This service looks beyond your credit score to get you a competitive-rate personal loan.
LendingTree personal loans
Starting from 3.99%
Good to excellent credit
Receive up to five loan offers in just minutes through LendingTree's simple online form.
NetCredit personal loans
34% to 155%
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.

Compare up to 4 providers

What do customers say about Varo?

BBB accreditedYes
BBB ratingA
BBB customer reviews4.5 out of 5 stars, based on 49 customer reviews
Trustpilot score2.2 out of 5 stars, based on 9 customer reviews
Customer reviews verified as of26 December 2019

We couldn’t find reviews specifically about Varo’s personal loans, though customers seem relatively happy with the app as a whole. Many praise the app’s ease of use, though some complain that the features are good in theory, but fall short on execution.

How do I apply?

You can apply for a Varo personal loan online, but only if you receive an invitation with an offer code. If you did, log in to the Varo app and follow the directions to complete the application and enter your offer code.

What information do I need to apply?

Have the following information on hand to speed up the application process:

  • Social Security number
  • Employment information
  • Date of birth

What happens after I apply?

After you apply, Varo will review your information. It may then ask for more information to confirm your identity and income. If approved, Varo should walk you through the steps of finalizing your loan offer.

How do repayments work with Varo?

Varo’s personal loans come with monthly repayments over three or five years — it depends on the term laid out in your loan documents. You can set up recurring electronic fund transfers (EFTs) or make one-off payments through the Varo app each month. You can also make payments by mailing in a check to Varo. Late fees vary by state, through they can run you up to $25. And returned check fees typically range from $15 to $30.

Recurring payments from your Varo bank account are a solid way to avoid both fees, as long as your balance can accommodate the amount due on the day of your repayment.

Keep an eye on your bank account and loan balance. If you notice anything off, reach out to Varo’s customer service team as soon as possible.

Didn’t receive an offer code from Varo? Compare your other options with our guide to personal loans.

Frequently asked questions

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site