Varo Money offers personal loans to its customers through its mobile banking app. Here's how you can apply for a Varo loan:
Download the Varo App: If you're not already a Varo customer, download the Varo Money mobile banking app from the App Store (for iOS devices) or Google Play Store (for Android devices).
Create an Account: Open the app and follow the prompts to create a Varo account. You'll need to provide personal information such as your name, address, date of birth, Social Security number, and other details to verify your identity.
Link Your Bank Account: Once your Varo account is set up, you'll need to link an external bank account to fund your Varo account and make loan payments. Follow the instructions in the app to link your bank account securely.
Check Your Eligibility: Before applying for a loan, review Varo's eligibility criteria to ensure that you meet the requirements. Varo considers factors such as your credit history, income, and debt-to-income ratio when evaluating loan applications.
Apply for a Loan: In the Varo app, navigate to the "Loans" or "Borrow" section and select the type of loan you'd like to apply for. Follow the prompts to complete the loan application, providing information about the loan amount, purpose, and repayment term.
Submit Documentation: Depending on the loan amount and your credit profile, Varo may require additional documentation to process your loan application. This could include proof of income, bank statements, or other documents. Follow the instructions in the app to submit any required documentation securely.
Review Loan Terms: Once your loan application is submitted, Varo will review your application and provide you with loan offers if you're approved. Review the loan terms carefully, including the interest rate, repayment term, and any fees associated with the loan.
Accept Loan Offer: If you're satisfied with the loan offer, accept the terms and conditions within the app to finalize the loan agreement.
Receive Funds: Once you've accepted the loan offer, Varo will typically deposit the loan funds into your Varo bank account within a few business days. You can then use the funds as needed for your intended purpose.
Repay the Loan: Make timely payments on your Varo loan according to the repayment schedule provided. You can set up automatic payments from your linked bank account to ensure that you don't miss any payments.
If you have any questions or encounter any issues during the loan application process, you can contact Varo's customer support for assistance