We totally get your frustration. You’ve paid the money to get the loan and Cleo says you can’t have it.
Or you can't have only have $50 or $75, not the whole hundred.
Here’s the thing: we like to think of Cleo Cover as a parachute. Like, designed for emergency use... to stop you from falling from the sky when you get hit by overdraft fees.
Cleo doesn't have an endless supply of parachutes and they take a while to get sorted out - think of all the safety checks, and the repackaging that needs to be done before they can be dished out to the next person
We need to be sure that we're handing out parachutes to those who are able hand them back on time - so other people can pull the cord when they need it most 🤞
Eligibility is all about how likely you are to be able to pay your Cover back at the time you ask for it (without putting yourself in the financial danger zone).
So, she looks at your paycheck, your spending habits, your budget; she does *a lot* of number crunching and uses some heckin’ complex math to figure it out.
If you're not eligible for Cover, it means you haven't passed Cleo's parachuting safety checks. However, all hope is not lost - Cleo can help you try and pass in the future with her eligibility coaching!
💬Just head back to Facebook Messenger or the App and say “eligibility” to Cleo. She'll let you know about the areas you need to fix in order for her to be confident that you can pay back at this particular time
While you're waiting for your eligibility to change, there are other features that you get for that $5.99 a month, like cashback on your everyday spends straight to your Cleo Wallet. We call this Daily Cash and you can read all about it over here.
We know that Cleo Cover can't magic away all your financial problems. But we really believe that, as we add more stuff to Cleo Plus, we can create a range of features that mean you never need to pull that emergency cord in the first place 🙌