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Cash Advance: FAQS

Cash advance, repayment, cool off, eligibility

Daniel avatar
Written by Daniel
Updated this week

You've been working on your money moves, but perhaps you went a bit over budget for the month. Netflix is due on Wednesday, but you don't get paid til Friday. You're set to overdraft if money doesn't hit your account soon. This is where Cleo can step in and help you with a cash advance.

The cash advance was designed to bridge the gap to payday, which is where Cleo can help:

How do I request a Cash Advance?
It’s super simple! 🎉 First, you need a Cleo Plus subscription. You can use this link, and Cleo will guide you through the prompts to get you signed up for Plus! 🚀

Once you've done this, Just head over to the chat and say “Spot me” directly to Cleo to see if you qualify. 💬✨

As long as you're a Cleo Plus member and have no outstanding Cash Advances, you can always message her that and she'll walk you through the eligibility screens. 🤑🔄

How do I qualify?
Keep spending like you're spending and Cleo will look at things like your paycheck your spending habits your budget; she does a lot of number crunching and uses some heckin’ complex math to work it out, and more often than not, she’s right.

Cleo calculates your eligibility for a cash advanced based on your earned income. So you’re taking a cash advance as money from your next paycheck – early.

What negatively affects my chances?

  • Insufficient funds in your account - we need to know you have enough income so you can pay back successfully and stay on top of your finances 😊 Consistency and regular payments is key!

  • Too many cash withdrawals, missed payments, low account balance or not enough transactions also plays a part. No consistent deposits (or over-splurging!)

Payback date + Repayment
When you sign your docs for an advance you select the date (this has nothing to do with your pay day)

  • If these dates don't work for you, you can extend a repayment within Cleo's main chat by asking her to well... "extend repayment"

If you don't have enough money in your account, we may also take a partial payment (if you opted in) and make future attempts to pay back the amount of your advance while your debit authorization remains active

Why is it telling me that I have to wait for another advance?

The cool-off is the time it takes for your last advance repayment to clear through our system. You will be able to ask Cleo about your eligibility a full twenty-four hours after your payment has been processed.

  • (If you paid on Thursday at 7pm, your cool-off should be lifted the following day on Friday after 7pm.)

Cleo is on a mission to better the world's financial health by helping our users break the cycle of loans. We're happy to help when you are in a bind, but we hope that by using Cleo as your financial boot camp instructor, you can better your habits over time to not need any advances in the future.

The simplest way to get a cash advance is by subscribing to Cleo Plus or Cleo Builder. If you don’t want to subscribe, you can also apply for cash advance by contacting customer service at team@meetcleo.com. You’ll still need to qualify and go through our standard eligibility checks.

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