Cleo App Review - Get Money Right When You Need It
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The right financial app can make it easier to manage your finances and access cash advances when you need them the most. Paychecks don’t always arrive on time for emergency expenses, and it’s nice to know that you have an extra resource available before payday.
Over five million people turn to the Cleo app when they need help with their finances. Cleo makes it easier to access extra cash even if you don’t have the best credit score. This Cleo app review will cover how the app works, its strengths, and what you should keep in mind before downloading the app.
In this article
What is Cleo?
The Cleo app is a money management app that helps consumers save money, build credit, create budgets, and take out cash advances. The company uses artificial intelligence to offer users a better experience. Cleo was founded in 2016. Even though the company is headquartered in London, the app is only available in the United States. The Cleo app used to be available in the United Kingdom as well, but the company stepped out of that market in 2022. Cleo is currently headquartered in New York.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does Cleo work?
The Cleo app is available on Android and Apple iOS devices in the United States. You can download the app from the App Store or Google Play, create an account, and then gain more control over your finances.
Cleo has many features that help people with money, but the cash advance and Cleo’s rise to fame are the main draw. This cash advance has zero interest; you can take out up to $250. You can get approved within a few minutes instead of waiting a few days (or over a week) to receive a personal loan. Cleo can be a good option if you are worried about paying the overdraft fees.
How much does Cleo cost?
Cleo is a free app to download, but you must become a member to access the cash advance. A Cleo Plus membership costs $5.99/mo. Standard cash advances do not cost anything extra and allow you to receive funds within 3-4 days. An express transfer costs $3.99 but allows you to receive funds on the same day.
The app can still be useful if you download it without using Cleo Plus. However, the cash advance is a big draw and requires a membership.
Cleo features
Cash advance
Cleo offers cash advances starting at $20 and going as high as $250, depending on your banking history. You don’t have to pay fees on standard transfers but must have Cleo Plus to take out cash advances. You can get a salary advance if you do not have the best credit score. Cleo does not run a credit check to determine if you are eligible. You will receive your funds much sooner with a Cleo cash advance than if you take a personal loan.
Credit builder card
The Cleo credit builder card is a secured Visa credit card with 0% APR. These cards are easier to obtain even if you do not have the best credit score. Your security deposit becomes the credit limit, and you will receive this deposit back if you close your card in the future.
Cleo does not sell your data to third parties and uses bank-level 256-bit encryption to keep your information safe. Cleo reports your payment history, balance, and the highest statement amount to all three major credit bureaus. Cleo does not report your credit utilization ratio since the card has no pre-set limit.
Ai-powered savings account
Cleo AI savings accounts help users identify and stay on top of their personal finance goals. Autosave allows Cleo to distribute each paycheck to the appropriate funds based on your predetermined rules. Cleo has several savings and budgeting tools that help people reach their objectives sooner. For instance, the round-up feature lets you round up each purchase to the nearest dollar. The extra change gets put into your savings account.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Who is Cleo for?
People with low credit
Cleo does not run credit checks before giving out cash advances. This distinction can help people with low credit scores get the necessary funds. Cleo also doesn’t charge any interest. You only have to pay a monthly subscription, which is the same for every user. Cleo does not put you at a disadvantage if you have bad credit. You can also get a secured credit card with a generous 0% APR.
Consumers who need quick cash
Cleo lets users borrow anywhere from $20 to $250, depending on their banking history. You can receive this cash in a few days or get it today if you pay the $3.99 express transfer fee. Getting the proceeds from a personal loan can take several days or more than a week. The application process also takes a lot longer with a personal loan. You will receive your decisions for a Cleo cash advance within a few minutes.
People who want to save money
Cleo has several savings features that make it easier to achieve long-term financial goals. You can allocate funds to your savings account with every purchase and set up the rules in the Cleo app. Cleo also lets its users earn interest on savings.
People who want financial guidance
Cleo has an AI-powered chatbot that can offer financial insights. You can use Cleo’s suggestions to decide how to proceed. Cleo does not replace a financial advisor but offers a viable alternative for people tight on cash. It helps you understand your spending patterns and build credit.
Who shouldn’t use Cleo?
Consumers who already save money effectively
Cleo’s savings tools can help, but someone who can stay on top of their savings may not find as much utility in the app. If you monitor your bank accounts and move funds independently, you may not need Cleo. Many banks have automatic savings and round-up features, so it’s important to consider how different Cleo is from your current bank.
People with good credit
A good credit score will make it easier for you to access personal loans. You will likely have a lower interest rate and won’t be stuck with a $250 maximum. People with good credit scores won’t consider secured credit cards since they can get better cards with better rewards.
Consumers who do not need cash advances
While Cleo does not charge interest, the membership costs $5.99/mo. That comes to $71.88 per year. The finance app works best if you use the cash advance feature often. One $250 cash advance results in the annual membership taking up 28.8% of the total cash advance. More cash advances minimize the impact of the monthly subscription service. However, using Cleo isn’t much of a point if you do not use the cash advance. Many financial institutions offer savings tools, secured credit cards, and other features without requiring a $5.99/mo subscription to get the best stuff.
People who need more than $250
A $250 cash advance isn’t enough to cover every expense. You may need a $500 or a $1,000 cash advance for certain emergencies. In this case, Cleo isn’t enough. Some cash advance apps let you borrow up to $500. However, you will likely need a personal loan if you want to borrow over $1,000.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Pros and cons
Pros
- Get a cash advance of up to $250 without a credit check
- Access to savings tools that can move you closer to your financial goals
- Secured credit card with 0% APR to rebuild your credit
- Free standard transfers
Cons
- You must pay the $5.99/mo subscription to take out cash advances
- Not many choices for people who already have good credit
- Express transfers have a $3.99 fee
- You cannot borrow more than $250 which may not be enough for some emergency expenses
Cleo vs. Competitors
Cleo isn’t the only cash advance app available. Other companies offer similar cash advances regardless of your credit score. Here’s how Cleo compares with the competition.
Maximum Cash Advance | Transfer Fee | Funding source | |
Cleo | $250 | $3.99 for instant transfers | Cleo (self-funding |
Dave | $500 | $3-$25 for instant transfers | Dave (self-funding) |
Plaid | N/A | N/A | N/A |
Dave
has a lower monthly subscription and lets you take out up to $500 for your cash advance. While the $1 monthly fee is more doable, Dave’s instant transfer fees can get more expensive depending on how much you withdraw. Dave also has a better savings account that earns 4.00% APY. You can also get up to 15% cashback from the Dave Debit card if you buy specific products. Cleo does not have a cash rewards program for its secured credit card.
Both apps make it easy to request and receive cash advances. You do not have to go through a hard credit check and can get your funds instantly or within a few business days. Both apps look at your banking history and other factors when assessing the limit for your cash advance.
.
Plaid
While Plaid does not offer cash advances, it is the foundational platform for many apps like Cleo and Dave. Many cash advance apps can be found by seeing which companies use Plaid for their online banking infrastructure.
Plaid has served over 12,000 U.S. financial institutions and powers over 8,000 financial apps and services. To protect users' data, Plaid invests in state-of-the-art cybersecurity resources.
FAQs
Can you borrow money with a free Cleo account?
You can only borrow money from the Cleo app if you pay for Cleo Plus. This account comes to $5.99/mo. You can still use some of Cleo’s features with a free account. The Cleo Plus account offers additional features that improve the overall experience.
How much can I borrow from Cleo?
You can borrow at least $20 with Cleo. However, the company will look at your banking history and see if you qualify for the $250 maximum.
Is Cleo a legitimate cash advance app?
Cleo has over five million users and averages a 4-star rating out of over 60,000 Google Play reviews. The company also has a 4.7 average rating from over 2,500 Apple Store reviews. Cleo uses bank-level 256-bit encryption to keep data safe.
Are cash advance apps good for your finances?
Cash advance apps give you extra money when you need it. While these apps can keep you away from high-interest personal loans, there is a catch. Some of these apps have membership fees and transfer fees. Furthermore, cash advance apps can enable poor financial habits. Cash advances can help in a pinch. However, becoming too reliant on them and spending the money on non-essentials can hurt your wealth in the long run.
Can anyone borrow money from Cleo?
You must be 18 years or older, be a U.S. citizen, and have a valid Social Security Number to create an account. Cleo will then look at your banking history to determine how much you can borrow. New members start with a cash advance ranging from $20-$100. After establishing yourself over several months, the cash advance value can rise up to $250. Cleo is available for full-time workers, part-time workers, and gig workers.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
The Cleo app makes it easier for people to borrow money when they need it the most. You can request up to $250 for each cash advance and not worry about interest or credit checks. However, you don’t want to rely on Cleo for frequent cash advances as it can lead to bad financial habits.
You have to pay $5.99 every month to access the cash advance feature. This monthly fee doesn’t make the cash advance worth it if you only use it once yearly. Using the cash advance several times in a given year for emergency expenses will make the monthly subscription more valuable.
Cleo also offers a secured credit card with 0% APR to get you back on track. Cleo is best for people who do not have good credit but want to rebuild it and access cash when needed. Consumers with good credit scores and access to personal loans with reasonable terms may want to stick with their financial institutions.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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