Vola Finance App Review

Vola Finance offers cash advances up to $500 without any interest charges or credit checks. Instead of traditional fees, Vola operates on a subscription model with monthly fees ranging from $2.99 to $28.99, depending on the plan you choose. To be eligible, you'll need a bank account that's over three months old with regular income or deposits and an average balance of at least $150.

You have up to 30 days to repay your advance, and you can decide or extend your repayment date as needed. Vola doesn't charge late fees or penalties, and if you can't repay on time, they won't engage in debt collection or report you to credit agencies. However, you won't be able to access additional advances until the outstanding amount is repaid.

In addition to cash advances, Vola provides financial tools like budgeting assistance and bank balance monitoring to help prevent overdraft fees. They also offer the Vola Card, which can help you build credit by reporting your payments to credit bureaus and offers cash back rewards on your purchases.

Vola Finance might work well for you if:

• Need quick cash: You require instant cash advances up to $500 without credit checks or interest charges.
• Flexible repayment: You prefer to set or extend your own repayment dates without incurring extra fees.
• Build credit: You're interested in improving your credit score by using the Vola Card, which reports your payments to credit bureaus.
• Avoid overdrafts: You want to prevent overdraft fees with real-time balance alerts and overdraft advances.
• Financial management: You value budgeting tools and personalized financial insights to manage your expenses.

When Vola Finance might not be a good fit:

• Subscription fees: You're not willing to pay monthly subscription fees ranging from $2.99 to $28.99.
• Bank account requirements: You don't meet the eligibility criteria of maintaining an average balance over $150 and having regular income or deposits.
• Higher advance costs: Accessing larger cash advances may require subscribing to higher-priced tiers.

To qualify for a Vola Finance cash advance, you need to meet the following requirements:

1. Age: You must be of legal age in your state to enter into a binding contract.
2. Residency: Be a U.S. citizen or a legal U.S. resident.
3. Bank account history: Have a bank account that's been open for more than 3 months.
4. Bank account activity: Your account should:
   • Have activity on most days.
   • Maintain an average balance over $150.
   • Receive regular income or deposits.
5. Advance frequency: Not have requested more than two advances in the last 30 days.
6. Repayment status: Have repaid any outstanding advances in full.

Vola Finance will assess your information to determine your eligibility and the maximum cash advance amount available to you.

You can get your cash advance from Vola Finance in up to 5 business hours. There's no expedite fee, so you don't have to pay extra to receive your money quickly.

Vola Finance gives you flexibility on when to pay back your cash advance. Here's what you need to know:

1. Choose repayment date: You can set your own repayment date, up to 30 days from when you borrow. Vola will suggest a date based on your income pattern, but it's your call.
2. Automatic debit: On the date you select, the amount will be automatically deducted from your linked bank account or debit card.
3. Extend if needed: Need more time? You can extend your repayment date through the app to avoid overdraft fees.
4. No interest or late fees: There are no interest charges or late fees if you're late on repayment.
5. Future advances: If you don't repay an advance, Vola won't provide further advances until you settle the unpaid amount.
6. Overdraft caution: Vola monitors your balance to help prevent overdrafts, but they can't guarantee it won't happen and aren't responsible for any bank fees.

On top of the cash advances that Vola Finance offers, there are several other features that you might find helpful in managing your finances.

Vola Card

The Vola Card is a handy tool for everyday spending, both online and in stores. It helps you build your credit history by reporting your payments to credit bureaus each month. There are no credit checks or hidden fees, and you can earn cashback rewards that you can redeem for real cash. You can add the Vola Card to your Apple Wallet or Google Pay for easy access, and manage all your card details directly in the app.

Budgeting Tools

Vola Finance provides budgeting and financial planning tools to help you understand and manage your spending. You can break down your expenses to see where your money is going, set smart budgets for upcoming expenses, and receive personalized insights to improve your financial habits. The app also alerts you to potential cash shortfalls, upcoming payments, or unusual spending activities, so you can stay on top of your finances.

Credit Monitoring

With Vola Finance, you can access your credit score directly in the app and get actionable tips on how to improve it. The app reports positive financial behaviors, like rent and utility payments, to credit bureaus, which can help boost your credit score. You can track your progress over time and improve your Vola Score, which may unlock additional benefits and features.