Payments

Varo Bank expands credit access to serve stressed customers

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April 1, 2024

Varo Bank N.A. announced two products to help relieve financial pressure on customers. These include the Line of Credit to pre-approve customers up to $2,000 to cover unexpected expenses and Smart Bank Account features to help customers track and manage their money, according to a press release.

Line of Credit has fixed pricing and no late fees. It uses proprietary technology for underwriting customers based on their Varo banking history, rather than just credit score. The Smart Bank Account display visual trends of customer's spending habits, which they can filter by spending category.

"Varo Bank is continuing to demonstrate its commitment to helping the majority of Americans who are feeling increased fiscal pressure [to] combat money-related stress and improve their financial lives," Colin Walsh, CEO of Varo Bank, said in the release. "Varo Line of Credit is a first-of-its-kind lending product that will help people borrow at a transparent cost when life happens and they need extra cash. And with the addition of new tech-driven smart features to the Varo bank account, customers can learn more about their daily financial habits and take immediate action to ease the anxiety of managing their money and get on track to build wealth over time."

The bank offers other features as well such as Zelle in its app, Varo to Anyone to send instant-money transfers, and access to more than 40,000 surcharge free ATMs.

You can learn more about Varo Bank's community services here.