Cleo App Review

Cleo's cash advance feature offers interest-free and fee-free (with standard delivery) cash advances ranging from $20 to $250 for users who maintain a positive bank balance and demonstrate responsible financial behavior. There are no credit checks, no mandatory fees, and no late fees. You can select a repayment date that works best for you, and the total amount you repay equals the amount you borrowed when you choose the standard transfer option.

Standard cash advances arrive in your bank account within 3–4 business days at no cost. If you need the money sooner, you can opt for express delivery to receive funds the same day for a fee ranging from $3.99 to $9.99, depending on the amount borrowed.

To access cash advances up to $100–$250, you'll need to subscribe to Cleo Plus for $5.99 per month, which also provides credit score insights and automated savings tools. Upgrading to Cleo Builder at $14.99 per month increases your advance limit up to $250–$500 and gives you access to a secured Credit Builder Card to help boost your credit.

Cleo might work well for you if:

• Quick Cash: You need a small cash advance up to $250 without interest or credit checks
• Building Credit: You're looking to improve your credit score without a traditional credit card
• Financial Coaching: You'd benefit from AI-powered budgeting tools and personalized financial insights
• High-Yield Savings: You want a savings account with an APY around 3.52% to grow your savings faster
• Overdraft Protection: You're aiming to avoid bank overdraft fees with real-time protection
• Early Paycheck Access: Getting your paycheck up to 2 days early would help manage your finances

When Cleo might not be a good fit:

• Monthly Fees: You're not willing to pay the $5.99 or $14.99 monthly subscription fees
• Express Fees: You need immediate cash advances but prefer not to pay express fees ranging from $3.99 to $9.99
• Standard Transfer Wait: Waiting 3–4 days for standard cash advance transfers doesn't suit your needs
• Eligibility Criteria: You don't meet the requirements like maintaining a positive bank balance and responsible spending habits

Some of the Cleo cash advance requirements include:

1. Age: You need to be at least 18 years old.
2. Employment: Part-time, full-time, or gig work is accepted.
3. Banking history: Maintain a positive bank balance and regular spending patterns. Avoid frequent insufficient funds fees or erratic transactions.
4. Credit check: No credit check is required.
5. App engagement: Positive interaction with the Cleo app may influence your eligibility and cash advance amount.

Cleo will then decide if you’re eligible and the maximum cash advance they can offer you, ranging from $20 to $250.

You will typically receive your cash advance in your bank account within 3 to 4 days with the free standard transfer.

If you need the money sooner, you can opt for express delivery to get your cash advance on the same day. This will cost you between $3.99 and $9.99 per transaction, depending on the amount you borrow.

Cleo lets you decide when to repay. Keep in mind that:

1. Set your repayment date: You choose a repayment date that suits you when you take out a cash advance.
2. No late fees: There are no late fees or penalties if you miss your repayment date.
3. No interest charges: You only repay the amount you borrowed—no extra fees or interest.

On top of the cash advances that Cleo offers, and if you're willing to pay the monthly subscription fee, there are a few other features that you might find useful.

AI-Powered Money Coach and Budgeting Tools

Cleo comes with a chat-based AI assistant that helps you manage your finances in a fun and engaging way. It analyzes your spending habits, provides personalized budgeting and saving plans, and even has modes like "Roast Mode" and "Hype Mode" to keep things interesting. You can connect all your bank accounts to see everything in one place, set income and bills, and create spending limits. Plus, you'll get alerts when you're approaching spending limits or have upcoming bills.

High-Yield Savings Account

If you're looking to grow your savings, Cleo offers a savings account with an annual percentage yield (APY) of around 3.52%, which is significantly higher than the national average. This can help you earn more interest on your savings over time.

Build Credit Without a Traditional Credit Card

Cleo provides tools to help you build your credit score without needing a traditional credit card. With the Cleo Builder subscription, you get access to a secured Credit Builder Card that can help boost your credit. Using cash advances responsibly can also aid in building a positive credit history.

Early Access to Your Paycheck

By setting up direct deposit with Cleo, you can get access to your paycheck up to 2 days early. This can help you manage your cash flow better and meet financial obligations ahead of schedule.

Overdraft Protection

To help you avoid those annoying bank overdraft fees, Cleo offers real-time overdraft protection. If you're someone who frequently overdrafts, this feature could save you up to $180 a year by preventing unnecessary fees.