Varo Bank has announced the introduction of two new products designed to help Americans relieve growing financial pressure.
Varo Line of Credit provides a unique way for consumers to access credit. Customers can be pre-approved up to $2,000 to cover unexpected expenses, such as medical bills or car repairs, and pay it back over time. Varo Line of Credit has transparent fixed pricing and no late or hidden fees. Varo Line of Credit uses proprietary technology to underwrite customers based on their banking history with Varo, extending access to credit beyond their credit score.
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Varo’s Smart Bank Account to help users on a day-to-day basis
The bank has also added Smart Bank Account features to enhance how users track and manage their money on a day-to-day basis, all in one place within the Varo Bank app. The account screen will now automatically show a real-time visual trend of their spending during the current and previous month, so they can more easily compare their financial position month over month and plan for upcoming expenses.
Customers can filter by spending category in the same place where they review transactions to get the full picture of their monthly spending habits and help them budget smarter without needing outside tools or apps. Monthly real-time spending categories include Food & Drinks, Bills & Utilities, Shopping and more. Soon after launch, customers will also be able to compare various income streams, such as Payroll, Government Benefits, and Tax Refunds.
Varo Bank CEO Colin Walsh, said: “Varo Bank is continuing to demonstrate its commitment to helping the majority of Americans who are feeling increased fiscal pressure combat money-related stress and improve their financial lives. 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.”
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