Budgeting is a pain. We all get that. With most purchases happening digitally, it’s tough to monitor how we’re spending our unseen funds. And thinking about finances is definitely low on the list of things we want to do while trying to enjoy life.
But if you’re careless between paychecks, even a two-dollar coffee can push your account into overdraft. Here’s the hard truth: once you overdraft one time, you’re likely to do it a few more times that month. For many banks, that can mean roughly $100 in fees — money you must cover with your earned income — that you could have entirely avoided. Owing banks opens the door to a downward spiral of debt, damaged credit, high-interest borrowing and no meaningful savings.
That’s why it’s crucial to use a system that makes tracking spending simple. A free finance app named Cleo might be the tool you need to monitor your spending and break bad money habits.
Cleo evaluates your spending patterns and supplies tailored insights and budgeting targets to help you conquer financial woes. When you’re truly strapped, Cleo can even advance you up to $250 to cover overdrafts or bills (eligibility rules apply) — and that’s an interest-free cash advance* with no late charges attached.
Cleo also provides a credit-building card* to help those with little or no credit history. The best part? No interest charges and no credit score checks are required.
An AI Chatbot Designed to Guard Your Money
Cleo is an AI-driven chatbot built to look after your finances. She’s got a bit of attitude — sort of like a caring older sibling who’ll call you out for spending $50 at McDonald’s in one week. The sass actually works: millions of people rely on Cleo, and she has a 4.6-star rating from more than 80,000 reviews in the App Store.
Complimentary, Customized Budgeting and Savings Plans
After you link your bank account, Cleo generates customized budgeting and saving recommendations based on how you spend — for free. She sends easy-to-understand updates to keep you on track, such as how much you can spend today to remain within budget or when an upcoming bill is due. She’ll scold you when you overspend and cheer you when you hit milestones.
Saving with Cleo is actually kind of enjoyable. You can have her round up every purchase to the nearest dollar and stash the change. Or let her “fine” you each time you overspend at McDonald’s. Whichever saving tactic you choose, Cleo will automatically move that money into your savings account weekly. All you need to do is watch your savings accumulate.
Let Cleo Advance You Cash When You Need It
Unlike other cash-advance services that tack on steep interest and late fees to keep customers dependent, Cleo provides short-term advances with no interest or late penalties so you won’t need recurring advances — for a monthly fee of $5.99.
New users may receive advances between $10 and $70. If Cleo determines you’re a reliable repayer, future advances could be available up to $250. (Eligibility terms apply.)
No credit check or steady paycheck is required to be considered for an advance — which is especially useful for freelancers. Receiving a Cleo advance won’t affect your credit score. If you don’t qualify initially, Cleo will help you work toward eligibility and, more importantly, help you correct spending habits so you won’t need repeated advances.
This $5.99 monthly plan is called Cleo Plus**. It also includes cashback offers from frequently visited retailers and access to your full credit report with Cleo’s insights.
Establish Your Credit History
Cleo’s credit-building card† is crafted to help you develop credit. There’s no interest and no credit check to apply. Instead of borrowing money you don’t have like with conventional unsecured cards, you place funds into a security deposit first, and that deposit becomes your credit line. You can only charge up to the amount you deposited.
You can begin a security deposit with $1 or add larger sums, such as $500. Then use the card for purchases, bill payments, or anything else where Visa is accepted.
Your balance is paid automatically each month using the funds you pre-deposited, and Cleo reports your on-time payments to credit bureaus. It’s a straightforward, effective method to build or rebuild a credit history.
This $14.99 monthly package is named Cleo Builder. It includes all of Cleo’s services plus round-the-clock VIP support.
Clear Pricing and Strong Security
Cleo monitors your spending by linking to your bank in an encrypted read-only mode — meaning your banking credentials remain secure because Cleo neither stores nor accesses them.
For the data Cleo does retain, like your phone number and email, she uses bank-level encryption. So your information is well protected.
And unlike some so-called “free” advance services, Cleo does not sell your data to credit firms. Cleo earns revenue by charging for its subscription tiers instead.
How to Start Using Cleo
Signing up takes just a few minutes. Download Cleo here to begin budgeting and saving at no cost.
*†The Credit Builder Card is issued by WebBank, Member FDIC pursuant to a license from Visa USA Inc. Access to the Card is subject to approval.
*“Cash/Salary Advance” and “Cashback Rewards” are features of the Cleo Builder Subscription and not the Credit Builder Card. The “Card Cash Advance” is a feature unique to the Credit Builder Card and allows you to advance cash at an ATM. The Cash Card Advance is subject to a $2.50 fee per transaction plus any fee that may be charged by the ATM or Bank. This feature is only available to holders of the Credit Builder Card.
**”Cleo Plus is our subscription service, which offers eligible users cashback on your money, information on your credit score, and access to cash advances (“Cash Advance”). Advance amounts will vary based on eligibility. To learn more about eligibility, repayment, and overall terms, please visit:meetcleo.com/terms.
