Varo personal loans review
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.
Max. Loan Amount
6.9% to 23.9%
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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:
- New Jersey
- New York
- 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
What do customers say about Varo?
|BBB customer reviews||4.5 out of 5 stars, based on 49 customer reviews|
|Trustpilot score||2.2 out of 5 stars, based on 9 customer reviews|
|Customer reviews verified as of||26 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?
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
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