Cleo AI: Cash advance & Credit 2.10.0

Cleo presents itself as a personal financial coach designed to assist users in managing their budgets—be it daily, weekly, or monthly. With over five million users, Cleo facilitates budgeting, saving, credit building, and cash advances during low-balance periods.

This platform simplifies financial discussions into an engaging chat format, providing users with an opportunity to inquire about their finances without the tedium typically associated with financial management. For instance, users can easily track their spending on takeout from the previous month by simply asking Cleo.

Cash Advance Features

• Access up to $250 without traditional financial burdens.
• No repayment time frame or related interest charges.
• No credit checks or late fees associated.
• No direct deposit is necessary for access.

It is important to note that Cleo’s cash advance is categorized as Earned Wage Access rather than a personal loan, with no mandatory fees or high Annual Percentage Rates (APRs). For example, if a user opts for a $40 advance, they repay exactly that amount, as no additional fees apply.

High-Yield Savings

Cleo offers a competitive savings account featuring a 3.52% annual percentage yield (APY), significantly exceeding the national average and promoting growth of personal wealth through interest accumulation.

Customized Budgeting

The app allows for the creation of tailored budgets that consider personal preferences, such as factors for discretionary spending like coffee. Utilizing Plaid technology, Cleo provides a comprehensive view of all accounts in one interface, including spending breakdowns and monthly bill reminders.

Credit Building Without Traditional Methods

• No associated interest charges
• Cleo supports credit score improvement through guidance and coaching.
• A minimum deposit of just $1 is required to start building credit.

Early Access to Earnings

Cleo allows users to access their paychecks up to two days early by setting up direct deposits, circumventing traditional payday delays.

Terms and Conditions

• Eligibility required; amounts vary between $20-$250, and first-time users may receive between $20-$100.
• The interest rate on accounts is set at 3.66% with an APY of 3.72%, effective from 09/19/2024. This variable rate may change post-account opening and can be affected by applicable fees.
• The Credit Builder Card is issued by WebBank, Member FDIC. Access is contingent upon approval.

Cleo offers subscription services including Cleo Grow for savings goals and hacks; Cleo Plus for additional features such as cash advances; and Cleo Credit Builder which includes credit insights and priority support. It operates as a financial technology company rather than a banking institution, with banking services rendered by Thread Bank, Member FDIC. Services are limited to residents of the U.S., where users must designate their state of residence upon account setup.

For more details on privacy practices, visit meetcleo.com/page/privacy-policy.

Cleo AI Inc., Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801