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Varo personal loans review

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This all-in-one app is shaking up borrowing — though you need to receive an offer code to apply.

finder.com’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.

$25,000

Max. Loan Amount

6.9% to 23.9%

APR

Details

Product NameVaro Personal Loan
Min. Loan Amount$3,000
Max. Loan Amount$25,000
APR6.9% to 23.9%
Interest Rate TypeFixed
Late FeeVaries by state
Minimum Loan Term3 years
Maximum Loan Term5 years
Turnaround Time1 to 4 business days

Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at finder.com 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

Pros

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

Cons

  • 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

Updated March 31st, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
4.99% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Monevo Personal Loans
3.49% to 35.99%
450
$50,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Even Financial Personal Loans
4.99% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
Upgrade Personal Loans
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

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.

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