About Company
Cleo, a freemium app accessible on both Android and iOS, has made a significant impact, largely owing to its viral social media campaigns. At the heart of these campaigns is Cleo, the AI-powered chat assistant, playfully chiding users for not staying on top of their finances.
Beyond the interactions, Cleo is a serious tool for financial management. The app offers robust free features for saving and budgeting, making it particularly beneficial for those struggling with overspending. Moreover, Cleo Plus, the premium version, opens up opportunities to earn cash-back rewards and access salary advances, showcasing the app's commitment to providing comprehensive financial solutions. Cleo combines humor with practical financial tools, making it a unique and engaging platform for users looking to enhance their money management skills.
Key features
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Ability to Build Credit. Cleo goes beyond traditional financial apps by offering users the ability to build credit. This feature is instrumental for those looking to establish or improve their credit scores.
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Cash Advances up to $250. The app provides a valuable service with cash advances, allowing users access to funds up to $250. This feature can be particularly helpful in managing short-term financial needs.
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Tools for Savings. Cleo understands the importance of saving, and its suite of tools is designed to facilitate effective savings strategies. Users can leverage these tools to cultivate healthier financial habits and achieve their savings goals.
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Cleo Builder and Credit Builder Card. Cleo takes security seriously. The funds associated with Cleo Builder and Credit Builder Card are safeguarded by FDIC insurance. This ensures that users can trust Cleo with their financial resources, providing peace of mind in their financial transactions and endeavors.
Pros and cons
Pros
Cons
Reliability
Cleo is a reliable app for managing your finances due to its commitment to security and user protection. Your bank login details are shielded with advanced 256-bit encryption, ensuring a high level of confidentiality and protection against potential security threats. Additionally, Cleo's partnership with reputable banks such as WebBank and Thread Bank means that funds associated with Cleo Builder and Credit Builder Card are protected by FDIC insurance. This extra layer of financial security demonstrates Cleo's reliability in safeguarding user funds and maintaining the integrity of its financial services.
How to apply for a Cleo loan?
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Download the App. Begin by downloading the Cleo app for free on your mobile device.
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Connect Your Main Bank Account. After installing the app, connect your main bank account—the one where you receive your income. Rest assured, there won't be any charges. Cleo AI utilizes this information solely to assess your eligibility for a cash advance.
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Type "Cash Advance" in Chat. Within the app's chat interface, type "cash advance." Cleo will then inform you of your eligibility for a cash advance based on the information from your connected bank account.
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Confirm Your Details. Cleo requires confirmation of your details to ensure that you are a legitimate user. Confirm personal information such as your name and address as part of the verification process.
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Get Paid Today. Once your eligibility is confirmed, you have the option to receive your cash advance on the same day by paying an express fee. Alternatively, you can choose the no-cost option and receive the funds in 3-4 days. Select the repayment date that aligns with your preferences.
Conditions and requirements
Conditions
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No Interest. Cleo offers cash advances without charging any interest. This feature is particularly advantageous for users seeking short-term financial assistance without incurring additional costs.
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No Credit Check. Cleo's cash advance service does not require a credit check. This inclusive approach makes it accessible to users across various credit backgrounds.
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Cash Advances $20 - $250. Users can access cash advances ranging from $20 to $250, allowing for flexibility in meeting different financial needs.
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Express Fee for Same-Day Cash Advance. If you prefer to receive your cash advance on the same day, Cleo offers an express option. However, please note that there is an express fee associated with this service.
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Free Cash Advance in 3-4 Days. Alternatively, users can choose to wait for 3-4 days to receive their cash advance without incurring any additional fees. This option provides a cost-free alternative for those who can afford to wait.
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Repayment Terms. Cleo provides a repayment term that spans between 3 and 28 days. This flexibility allows users to choose a repayment period that aligns with their financial situation and preferences.
Requirements
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Bank Account or Debit Card Link. To utilize the app, you must link a bank account or debit card. Cleo deducts your monthly membership fee through this linked account. Cleo uses Plaid to connect to your bank account, and you can find a list of all supported banks through Plaid.
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Cash Advance Eligibility. Suppose you wish to use Cleo for cash advances. In that case, eligibility is determined by Cleo, and you must have already subscribed to one of its subscription plans — Cleo Plus or Cleo Builder.
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General Eligibility. To use any of the services and accept Cleo's terms, you must meet the following criteria: be a legal resident of the United States, be of legal age to form a binding contract (18+) and not be prohibited by law from using any of the services.
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Additional Eligibility Criteria. Be aware that additional eligibility criteria may apply to specific products or services offered through the Cleo platform.
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Accurate Contact Information. When registering, provide accurate, complete, and up-to-date contact information, including your email address and mobile telephone number. You are responsible for the information you provide and must promptly update your Cleo account in the event of any changes.
Ways to receive the money
You will receive the required cash advance amount directly to your bank account. Cleo facilitates the transfer of funds to the bank account linked to your Cleo profile. Once your eligibility is determined and you've selected the cash advance option, Cleo will process the transaction, and the funds will be deposited into the specified bank account. It's a straightforward and convenient way to access the cash advance you need, with the amount directly credited to your designated bank account.
Products
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Cash Advances. Cleo allows users to access cash advances, providing a convenient solution for short-term financial requirements.
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Budgeting Tools. Cleo's budgeting tools are designed to help users manage their finances effectively. The AI Budget Planner creates personalized budgets, while the Monthly Bill Tracker ensures timely payments. The Spending Tracker offers insights into spending habits, and Overdraft Alerts help users avoid potential overdraft situations.
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Credit Building. Cleo supports users in building or improving their credit scores through the Credit Builder Card. Additionally, users can access their paycheck before the scheduled payday with Early Paycheck Access, and Emergency Cash Coverage provides a safety net for unforeseen expenses.
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Savings Tools. Cleo offers various savings tools to encourage better financial habits. Users can choose from Set & Forget, Swear Jar, Autosave, or Round up. The Round-Up feature automatically saves the difference when users make purchases by rounding up to the nearest dollar, contributing to their savings.
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- Urgent Loans for Bad Credit: Quick Financing Solutions for Challenging Times
How to repay a Cleo loan?
To repay a Cleo loan, simply choose a repayment date that works for you when requesting a cash advance. Authorize auto pay for automatic deduction of the outstanding amount from your account. Cleo ensures that the deduction never exceeds the borrowed amount, except in cases where the express fee option was selected. If your account has insufficient funds, Cleo may take a partial payment and make subsequent attempts to cover the remaining amount owed.
Reasons for getting rejected for a Cleo loan
Getting rejected for a Cleo loan can happen for various reasons, and the decision is subject to approval by Cleo. Cleo reserves the right, in its sole and absolute discretion, to decline any registration request without providing a specific reason. While the exact reasons for rejection may not be explicitly disclosed, common factors could include:
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Not Meeting Eligibility Criteria. Users who do not meet Cleo's eligibility criteria, such as being a legal resident of the United States or not being of legal age to form a binding contract, may face rejection.
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Inconsistent Financial Data. Inaccurate or inconsistent financial data provided during registration or updates may lead to rejection.
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Issues with Other Cash Advance Apps. If users have a history of issues with other cash advance apps, Cleo may take this into consideration when evaluating eligibility.
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Financial Stability. Cleo may evaluate your financial stability, and if it determines that you may not be able to meet repayment obligations, your registration could be declined.
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Internal Policies. Cleo may have internal policies or criteria that impact registration approval, and a failure to align with these policies could lead to rejection.
Loans like Cleo
CashNetUSA
CashNetUSA has been a trusted source for swift financial assistance during emergencies since 2004. If you need a $500 – $1,000 online loan, look no further, as CashNetUSA may have the solution you seek. Their fast funding options enable them to address unexpected expenses that require immediate attention. Whether it's a medical emergency, car repair, or any unforeseen financial setback, CashNetUSA is dedicated to providing timely support.
Speedy Cash
Speedy Cash is a prominent financial institution catering to the urgent financial needs of residents in 27 states. With a diverse array of services, the company specializes in offering payday loans alongside various other types of loans. Whether customers require a small sum of $50 or seek more significant assistance with larger expenses, Speedy Cash is ready to address their financial requirements promptly with up to $1,500 payday loans. One of the key advantages of Speedy Cash is its remarkably swift turnaround time, with loan applications being processed and approved within just one day, ensuring that individuals can access the funds they need without unnecessary delays.
Cash Store
At the Cash Store, customers can now access installment loans up to $3000, providing them with a practical solution for financial needs. With a fixed APR personal loan product that spans from 390% APR up to 780% APR, individuals can secure the funds they require while knowing exactly what to expect in terms of interest rates. The rates may vary depending on the state, ensuring customers are presented with options tailored to their specific location.
Ace Cash Express
Ace Cash Express is a reputable financial services company that provides installment loans in several states, catering to individuals facing emergencies or unforeseen expenses. In Delaware, borrowers can access up to $2,000; in Florida, Missouri, and Texas, loan amounts range from $100 to $2,000. This flexible loan offering ensures that customers can obtain the necessary funds swiftly and conveniently. Whether it's a medical emergency, urgent car repairs, or any unexpected financial burden, Ace Cash Express aims to offer a reliable solution to its clients in times of need.
Check Into Cash
Check Into Cash is a reputable financial service provider that offers Installment Loans. These loans allow individuals to borrow a certain amount of money, typically ranging from $50 to $5,000, depending on the laws of their state. The maximum loan amount varies from one state to another, ensuring compliance with local regulations. With Check Into Cash, borrowers can access the funds they need to cover unexpected expenses or manage financial challenges.
Approved Cash
Approved Cash is a trusted financial institution specializing in offering payday loans and cash advance services, catering to individuals needing immediate financial assistance. Whether you're facing unexpected expenses or find yourself short on funds, Approved Cash is here to provide the solution you need today. Applying for their loans is straightforward, ensuring quick access to the required funds.
Editorial opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
