Vola Finance App Review

Vola Finance provides interest-free and fee-free cash advances ranging from $15 up to $500 for users who meet certain banking criteria. You'll qualify if you have a bank account that's at least three months old, maintain an average balance over $150, receive regular income, and have consistent transaction activity. Repayment is automatically deducted from your linked bank account on the date you choose, usually around your next payday, and you have up to 30 days to repay.

While Vola doesn't charge fees or interest on the cash advances, there's a monthly subscription fee to use the service. The basic tier costs $6.99 per month and allows you to borrow up to $40. Higher tiers can cost up to $20 per month and may provide access to advances up to $200, depending on your score within the app. Eligible users may be able to access advances up to $500. If you fail to repay an advance, Vola won't charge late fees or engage in debt collection, but you won't be able to get additional advances until the unpaid amount is repaid.

In addition to cash advances, Vola offers budgeting tools, credit-building features, and personalized financial insights to help you manage your finances more effectively. The subscription fee might be worthwhile if you find these extra features beneficial.

Vola Finance might work well for you if:

• Need instant cash: You need up to $500 quickly without going through credit checks or paying interest charges.
• Flexible repayment: You prefer to choose your own payback date and have the option to extend it without late fees or debt collection.
• Build credit: You're looking to improve your credit score by reporting payments through the Vola Card.
• Avoid overdraft fees: You want to prevent overdraft fees with proactive monitoring and overdraft advances.
• Financial tools: You could benefit from budgeting, expense tracking, and credit score monitoring to manage your finances better.
• No extra fees: You like that there are no additional fees for cash advances and no overdraft fees.

When Vola Finance might not be a good fit:

• Subscription fees: If you'd rather not pay monthly subscription fees of $6.99 or $20.
• Bank balance requirement: If maintaining an average bank balance over $150 is difficult for you.
• Limited cash advance for new users: If you need a larger advance but are limited to $40 or $200 based on your subscription tier and assigned score.
• Restrictions on advances: If you need more than two advances in a thirty-day period.
• Insufficient banking activity: If your bank account doesn't show regular transactions or income deposits, which could affect your eligibility.

Some of the Vola cash advance requirements include:

1. Age & residency: Be at least the age of majority in your state and a U.S. citizen or legal resident.
2. Seasoned account: Link a checking account that’s been open for 3+ months.
3. Active balance: Keep an average balance over $150, show transactions on most days, and receive regular deposits.
4. Good standing: Have no more than two advances in the past 30 days and repay any outstanding advances first.
5. Upcoming need: Vola’s algorithm must see you’re likely to run short on funds before your next paycheck.
6. No credit check: Eligibility is decided without pulling your credit report.

Hit all of the above and Vola will let you know how much you can borrow—up to $500.

You can get your cash advance from Vola Finance within minutes, without any extra fees. Since there are no expedite fees, you'll receive your funds quickly at no additional cost.

Vola Finance gives you up to 30 days to repay your cash advance. Keep in mind:

1. Choose your repayment date: You get to select your payback date—Vola suggests one based on your income pattern, but the final decision is yours.
2. Automatic repayment: The repayment will be charged to your linked bank account or debit card on or around the date you choose.
3. Extensions available: Need more time? Use the extension feature to extend your repayment period without any extra fees.
4. No late fees or interest: Vola doesn't charge interest or late fees on the borrowed amount.
5. Future advances: If you don't repay an advance, you won't be able to get new ones until you've repaid the outstanding amount—but don't worry, Vola won't send debt collectors or report you to credit agencies.

Beyond offering cash advances, Vola Finance provides several additional features that can help you manage your finances and build your credit.

Vola Card

The Vola Card is a secured credit card that gives you immediate access to cash advances. You can use it anywhere for purchases, and it helps you avoid overdraft fees by letting you pay on your own terms. What's more, the card can help you build your credit score by automatically reporting your payments to credit bureaus. There's also a rewards program where you can earn cash back by redeeming points for real cash.

Credit Building Tools

Vola Finance offers tools to help you improve your credit. You can enhance your credit score by reporting eligible payments like rent and utilities. The app includes a credit score tracker, so you can monitor your progress over time. Plus, you'll receive personalized insights and guidance to help you develop better financial habits. You can also manage all your loans and credit balances from one dashboard and get tailored strategies to pay off balances efficiently.

Budgeting and Expense Tracking

To help you stay on top of your finances, Vola provides smart budgeting tools. You can track your income and expenses, get estimates of upcoming bills, and set up payment alerts so you never miss a payment. The app also analyzes your spending patterns to identify ways you can save money.

Overdraft Protection

Vola Finance helps you avoid overdraft fees with proactive monitoring of your bank balance. You'll receive low balance alerts and can access overdraft advances to prevent overdraft charges. By utilizing cash advances and the Vola Card, you can maintain sufficient funds and financial stability.