What is Cleo cash advance?

Yes, Cleo gives cash advances of up to $250 (starting at $20–$100 for new users). To access this feature, you'll need to subscribe to Cleo Plus for $5.99 a month, which also includes credit score insights and saving tools. There are no interest charges or late fees, and you can choose your repayment date. Standard transfers are free and take 3–4 business days, but if you need the money instantly, you can opt for same-day delivery for an express fee ranging from $3.99 to $9.99, depending on the amount.

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.

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.