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. You pay her back when your loan becomes due. 

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.

All further information about the loan agreement with Synapse Fi, our third-party bank software provider, can be found here.

Using Cleo Cover

How do I get Cover?

We're rolling out Cover to limited numbers of users. 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. 

💬 You can ask Cleo about your eligibility at any time - just say 'am I eligible', and she'll let you know. 

Can I choose how much Cleo covers me?

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

How long will it take for Cover to clear into my account?

⏰ Cover can take take up to 2 business days days to clear into your account with our standard option.

🏁 However, you can opt to use our Express Payout option, which means you can receive your Cover the same day you request it. This will be $3.99 and when selected you will be prompted to enter card details. The $3.99 payment will then be taken from this card when you repay your loan.

Please note that we only support VISA or MASTERCARD debit cards for this service.

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 eligible, as eligibility can change over time

💬 You can ask Cleo about your eligibility at any time - just say 'am I eligible', and she'll let you know. 

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.

💬 You can ask Cleo about your eligibility at any time. Just say, 'am I eligible' and she'll let you know. 

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 🙏

Repayment 

How do I repay?

When you take out your Cleo Cover, you'll select a due date for repayment. This means you'll know exactly when to expect the money to come out. Cleo will remind you about repayment two days before your due date. 

💬 You can also say 'repay' to her any time before your due date, and you'll have the option to pay back in full. 

⏰ If you've taken out Cover with a card, your repayment will usually clear within one business day. 

Can I repay in parts?

Yes, you can make partial repayments ahead of your repayment due date. 

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.

Can I check how much I owe?

Yep, you can say Cleo Cover to Cleo at any time and she will show you how much you currently owe.

Anything and everything else…

Am I paying interest?😯

Nope, Cover is 100% interest free. 

Will this affect my credit score? 💳

Nope. Using Cleo Cover will not effect your credit score.  Cleo partners with Synapse, our third-party bank software provider and agent of Evolve Bank & Trust, Member FDIC, to offer lending services.

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.


🇺🇸Cleo is responsible for resolving issues and errors relating to transactions and account balances. Please contact us here, should you have an issue. Bank services are provided through SynapseFI, our third-party bank software provider and agent of Evolve Bank & Trust. To report a complaint relating to the bank services (loans), you can email help@synapsefi.com.

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