We’ll automatically deduct the Advance payment from your Varo Bank Account on the repayment date you selected, which can be set for 15-30 days after you get an Advance. You also have the option to pay back early.
How do I pay back early?
If you want to pay back your Advance early, on the home screen, tap Varo Advance > Repay Advance. You can make either partial payments or repay in full before the due date.
How does automatic payment work?
If you don’t pay back early, we’ll automatically debit your Varo Bank Account on the repayment date you selected. Make sure you have enough funds in your Bank Account to repay your remaining Advance balance on the auto-repayment date. If your Bank Account has insufficient funds past the auto-repayment date, we’ll deduct incoming funds from your Bank Account until your Advance is fully repaid.
💡 Helpful tip: Choose a repayment date when you know you’ll receive direct deposit or funds into your account.
Can I transfer funds from my external accounts to repay?
Right now, you can’t pay directly from your external accounts, but you can transfer from external accounts to your Varo Bank Account. Those transfers may take up to four business days, so you may want to plan ahead to make sure you have enough funds in your Varo Bank Account on the Advance auto-repayment date.