Cleo App Review

Cleo’s cash advance feature offers interest-free (but not fee-free) cash advances of $20-$250 to users who meet certain eligibility criteria. You'll qualify if you have a bank account with verifiable income deposits and a positive banking history. Cleo doesn't require credit checks, so accessing funds won't affect your credit score.

Standard transfers are free and take 3-4 business days, but if you need cash instantly, you can opt for express transfers with fees ranging from $3.99 to $9.99 depending on the amount borrowed.

To access cash advances and additional features like budgeting tools, savings options, and credit-building assistance, you'll need to subscribe to Cleo Plus or Cleo Builder, with monthly fees starting from $1.99 up to $14.99.

Cleo might work well for you if:

• Quick cash: You need access to an interest-free cash advance up to $250 without a credit check
• Flexible repayment: You want the freedom to choose your repayment date with no late fees or penalties
• Budgeting tools: You're looking for personalized budgeting assistance and financial management features
• Credit building: You're interested in building your credit with tailored tools and a Credit Builder Card
• Early paycheck: You'd like to access your paycheck up to 2 days early to manage cash flow

When Cleo might not be a good fit:

• Subscription fees: If you prefer not to pay monthly fees ranging from $1.99 to $14.99 for financial services
• Advance limit: If you need a cash advance larger than $250
• Bank linking: If you're uncomfortable connecting your main bank account for eligibility checks
• Irregular income: If you don't have regular, verifiable income deposits, you might not qualify
• Express fees: If you need instant cash but want to avoid paying express transfer fees up to $9.99

To qualify for a cash advance with Cleo, you need to meet the following criteria:

1. Age: Be at least 18 years old.
2. Bank account: Have a bank account that receives regular income deposits.
3. Income: Show consistent income from employment, gig work, or freelance jobs.
4. Financial habits: Maintain a positive banking history with stable transactions and minimal overdrafts.

Cleo will analyze your financial behavior to determine your eligibility and the amount you can borrow, all without credit checks or lengthy paperwork.

You'll typically receive your cash advance in 3 to 4 business days with the free standard transfer.

If you need the money sooner, you can opt for the Express transfer, which delivers your funds the same day for a fee based on the amount you're borrowing:

• $3.99 for advances of $0–$39
• $6.99 for advances of $40–$59
• $7.99 for advances of $60–$99
• $8.99 for advances of $100–$149
• $9.99 for advances of $150 and above

With Cleo, you choose when to pay back your cash advance. Keep in mind that:

1. Extend repayment: You can extend your repayment date by chatting with Cleo in the app if your original date doesn't work.
2. No late fees: There are no late fees or interest—you'll repay exactly what you borrowed.
3. Partial payments: If there's not enough money in your account, Cleo may take a partial payment (if you've opted in) and try again later for the rest.
4. Future advances: You may not be able to get another cash advance until you've repaid any outstanding ones.

Beyond the cash advances that Cleo provides, and if you're willing to pay the monthly subscription fee, there are several other features that you might find handy.

Budgeting and Financial Management

Cleo offers AI-powered tools to help you manage your finances more effectively. You can get personalized budgeting assistance, track your spending habits, and receive real-time insights across all your connected accounts. Plus, with fun features like "Roast Mode" and "Hype Mode," Cleo makes managing money a bit more entertaining.

Credit Building Tools

If you're looking to improve your credit score, Cleo has you covered. With the Cleo Builder subscription, you can access resources to help build your credit without needing a traditional credit card. You'll get personalized coaching, see your credit score directly in the app, and even use the Credit Builder Card to establish a positive credit history.

High-Yield Savings and Early Paycheck Access

Cleo helps you grow your savings with a high-yield savings account that offers competitive interest rates. Set savings goals, participate in interactive challenges, and watch your wealth grow. Additionally, by setting up direct deposit, you can access your paycheck up to 2 days early, giving you faster access to your earnings.