What is Cleo Cover?

40% of Cleo users pay overdraft fees every month. We built Cleo Cover to help you avoid those fees. Cleo covers you up to £100, interest free. Then you just pay her back when your salary comes in.

We've always wanted to go after overdraft fees at Cleo. It's one of the key ways that banks make money, and a glaring example of the unfairness of retail banking. The options for many people are really crappy - either you pay an overdraft fee, or you take out a massively expensive payday loan. We built Cleo Cover as a radical alternative to both. 

Cleo covers you up to £100, and you pay zero interest. Cover is offered to users who qualify under certain eligibility criteria such as the likelihood of going into your overdraft as well as other factors. If you are eligible, Cover is included in your £5.99 Cleo Plus subscription.

Using Cover

How do I get Cover?

We're rolling out Cover slowly to limited numbers of users. Cleo will hit you up when and if you're eligible.

How long will it take to clear into my account?

Cover will take up to 2 working days to clear into your account, but usually arrives sooner rather than later 💸

Can I choose how much Cleo covers me?

Yes, you'll get the option to choose how much you want, from £25-£100.

Can I top up with more money?

No, unfortunately you cannot top up once you have selected an amount. However, once you have repaid in full, you can then select a different amount when borrowing again.  

Please note that this will always be subject to whether you are continuously eligible.

Will I be eligible for Cover every month?

Eligibility for Cover depends on certain criteria like current spending, likelihood to go into your overdraft etc. If you say 'am I eligible?' to Cleo, she'll let you know whether you're currently eligible or not. 

No worries if you find that you aren’t initially eligible, you can boost your eligibility by chatting to Cleo regularly, hitting your budget and putting money aside in your Cleo wallet 🙏


How do I repay?

Cleo will hit you up when your salary comes in and ask you to repay. You can also say 'repay' to her any time, and you'll have the option to pay back in full. If you have enough funds in your Cleo Wallet, then Cleo will process the repayment from your Wallet. However, if not, Cleo will process the payment via direct debit or alternatively from the card connected to your Wallet.

Please note that it can take around 4-5 working days for repayments to process.

Can I repay in parts?

 Yes, you can pack back the full amount in smaller amounts, throughout the month.

What happens if my repayment fails?

Cleo will always let you know if your repayment fails. Cleo will then try and take the payment again at a later date.

Anything and Everything else 

Am I paying interest?😯

Nope, Cover is 100% interest free. 

Will this affect my credit score?💳

Nope, Cover does not currently affect your credit score.

Why is Cleo asking me for a tip?💰

Because she’s awesome! 

This is entirely optional, Cleo will never take any tip without your command 🤜🏼🤛🏼

My salary isn't monthly. How come I can only get covered per month?

One of the most pernicious elements of payday loans is that it's too easy to borrow more than you can repay. We don't want to put you in that position. By limiting coverage to £100 per month, we're aiming to help you avoid fees, without putting you in a risky situation.

Can I get Cover if I am currently on a free trial?

No, unfortunately you will not have access to Cover on a trial basis. However, fear not, you can still try out Rewards! YAY

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