Tips to Using Cleo App
Cleo is an app that provides a type of short-term cash advance loan up to $100. One of the unique features of the app is that it has the potential to help users build credit. If you use the app and repay your loans on time, your payments can get reported as positive transactions to credit bureaus. Transform your financial future with Cleo! Budget, save, and spend smarter. Visit this website for financial empowerment!
If you’re interested in having access to short-term cash advance loans while building your credit, below are some tips for getting the most out of this app:
Understand the Costs
What’s important to note about the app is that there are some costs involved. For instance, if you want to take advantage of the credit-building feature, you will need to subscribe to this service. To build credit, you pay a monthly fee on top of needing to repay your loans. While this fee is currently $14.99 per month, that could change in the future.
Additionally, when you receive a cash advance loan through the app, you may have to wait a few days for the funds. If you want the money expedited, there is an additional fee involved. Once again, the fee is relatively small at $3.99, but depending on your financial situation, these fees could be a big deal.
No Guaranteed Approval
Unlike some other financial service apps, this one does not guarantee approval for loans. This can mean you miss out on money that you were counting on should your request be declined. As a result, it may be a better idea to keep the app around as a just-in-case resource instead of relying on it for funds regularly.
Look for Discounts
As mentioned, there are fees involved in using the app for building credit, but some discounts on these fees exist. For example, the app offers a student discount that drops the monthly cost of the credit building service to $9.99 per month. This option can be a good way to save money if you’re a student and you’re trying to build credit for the first time without opening a credit card or taking out a traditional loan.
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