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 or 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 our US loan provider, Synapse Fi, can be found here.