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finder.com’s rating: 3.8 / 5.0
★★★★★
$25,000
Max. Loan Amount
6.9% to 23.9%
APR
| Product Name | Varo Personal Loan |
|---|---|
| Min. Loan Amount | $3,000 |
| Max. Loan Amount | $25,000 |
| APR | 6.9% to 23.9% |
| Interest Rate Type | Fixed |
| Late Fee | Varies by state |
| Minimum Loan Term | 3 years |
| Maximum Loan Term | 5 years |
| Turnaround Time | 1 to 4 business days |
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.
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.
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:
You must be a resident of one of the following states to qualify for a loan from Varo:
| BBB accredited | Yes |
|---|---|
| BBB rating | A |
| BBB customer reviews | 4.5 out of 5 stars, based on 49 customer reviews |
| Trustpilot score | 2.2 out of 5, 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.
Have the following information on hand to speed up the application process:
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.
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.
★★★★★ — 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.