Question 1

How does Vola work?

Accepted Answer

Think of Vola like a friend who's got your back! We'll advance you up to $500 at no interest. Vola keeps an eye on your bank balance and alerts you before it gets too low to help you avoid overdraft or NSF fees. Vola also breaks down your spending patterns to help you budget upcoming expenses and find ways to save.

Question 2

Is Vola legit?

Accepted Answer

Vola is transparent and there are no hidden fees. Vola operates by charging a subscription fee and there are no other charges. If the features offered by Vola are not compatible with your bank or phone, we will refund your subscription fee.

Question 3

Which bank accounts are supported on Vola?

Accepted Answer

Vola supports over 6000 banks and credit unions. To get the most out of Vola, you will need to connect a bank account that you use regularly.

Question 4

How fast can I get a cash advance from Vola?

Accepted Answer

Vola processes cash advances the same day if you apply before 06:00 PM NY Time. If you apply after 06:00 PM NY Time, your cash advance will be processed and sent to your selected account the next business day.

Question 5

Does Vola charge interest on cash advances?

Accepted Answer

No, Vola is a 0% interest platform for cash advances.

Question 6

Does Vola check credit score for giving cash advance?

Accepted Answer

No. Vola does not perform any hard credit checks. To determine eligibility, Vola reviews your bank account activity, including primary income and spending patterns.

Question 7

How can I set budgets and alerts on Vola?

Accepted Answer

Connect your bank account in the Vola app, go to the Bank Analytics section, view your categorized spending, and set budgets for different categories. You will receive alerts when your spending crosses the budget you have set.

Question 8

How does Vola help in credit building³?

Accepted Answer

Vola helps you build credit by helping you stay on top of loans using CreditMap, giving you visibility into recurring payments and spending, and allowing you to report your monthly rent payments to the three major credit bureaus.

Question 9

How do I cancel my Vola subscription?

Accepted Answer

You can cancel your subscription from the Profile section in the Vola app. Please ensure that you do not have any active cash advances at the time of cancellation.

Question 10

Why do I need to add my card after adding bank account?

Accepted Answer

Your monthly subscription fee is charged to your linked bank card. Adding a card ensures uninterrupted access to Vola's features.

Question 11

How is Vola Score calculated?

Accepted Answer

Your Vola Score is calculated based on your connected bank account’s age, transaction activity, average balance, and income or spending patterns. Your cash advance eligibility depends on this score.

Question 12

How do I reach Vola's Customer Care Team?

Accepted Answer

You can reach Vola’s Customer Care team through the Help & Support section in the app or by email at bhello@volafinance.com.

Question 13

How much does Vola subscription cost?

Accepted Answer

Vola offers multiple subscription tiers ranging from $2.99 to $24.99 per month. Your eligible cash advance amount depends on the plan you choose.

Question 14

When will I be billed for my Vola subscription?

Accepted Answer

Vola subscription works on a 30-day billing cycle.

Question 15

How does Vola referral program work?

Accepted Answer

You can earn rewards by inviting friends to Vola. Earn $5 when your friend signs up with your eligible referral code, $10 when your friend subscribes to a cash advance tier, and your friend also receives $10. You can refer up to 10 friends and earn up to $150. To receive referral bonuses, you must have an active cash advance subscription tier at the time the reward is issued.

Question 16

How do I change my bank account?

Accepted Answer

To change your bank account, go to the Profile section in the app, tap Bank, and then select Replace.

Question 17

How much cash advance can I get from Vola?

Accepted Answer

Your eligible cash advance amount depends on your bank account transaction history. Connect your bank account in the Vola app to see your available cash advance amount.

Question 18

Does Vola charge late fees or penalties?

Accepted Answer

No. Vola does not charge late fees or penalties for missed payments. Making payments on time or early for consecutive months may help increase the cash advance amount you are eligible for.

Question 19

How do I build credit score for the first time?

Accepted Answer

To build a credit score for the first time, you need an account that reports to the major credit bureaus—Equifax, Experian, and TransUnion. Common ways include secured credit cards or reporting recurring payments like rent. With Vola, eligible on-time rent payments can be reported to the major credit bureaus, helping you establish payment history, which is the most important factor in your credit score.

Question 20

How can I improve my credit score fast?

Accepted Answer

You can improve your credit score faster by paying down balances, keeping credit utilization below 30% (ideally under 15%), making all payments on time, and avoiding multiple new credit applications. Vola’s CreditMap feature helps you track your credit score, payment activity, and utilization so you can see what actions are helping improve your score.

Question 21

Why isn’t my credit score going up?

Accepted Answer

Your credit score may not increase if balances remain high, payments are missed, or new credit applications are frequent. Keeping credit utilization below 30% (ideally under 15%), making all payments on time, and avoiding multiple new credit applications can help. Vola’s CreditMap feature helps you track your credit score with a month-on-month graph, payment activity, and utilization so you can see what actions are helping improve your score.

Question 22

How many on-time payments do I need to build credit?

Accepted Answer

There’s no fixed number, but many people see progress after 3–6 months of consistent on-time payments. Payment history makes up 35% of your credit score. With Vola's rent reporting feature, your on-time rent payments can help build a positive payment history without needing a traditional credit card.

Question 23

Does paying bills on time build credit?

Accepted Answer

Paying bills on time builds credit only if the payment is reported to credit bureaus. Credit cards and loans typically report automatically, while utilities usually don’t unless sent to collections. Vola reports eligible rent payments to the major credit bureaus, allowing your rent payments to contribute to your credit history.

Question 24

Can I build credit without a credit card?

Accepted Answer

Yes, you can build credit without a credit card by using rent reporting, credit-building accounts, or installment loans. Vola lets you build credit using rent payments you’re already making, without opening or managing a credit card.

Question 25

Can you build credit with no income?

Accepted Answer

Yes. Credit scores are based on payment behavior, not income. As long as payments are made on time, credit can be built even with limited or variable income. Vola's rent reporting feature helps users build credit, which can be easier to manage than traditional credit products.

Question 26

What factors affect your credit score the most?

Accepted Answer

The main factors are payment history (35%), credit utilization (30%), length of credit history (15%), credit mix (10%), and new credit inquiries (10%). Payment history and utilization have the biggest impact. Vola’s CreditMap feature shows these factors so you can understand what’s influencing your score.

Question 27

How much does payment history impact your credit score?

Accepted Answer

Payment history accounts for 35% of your credit score, making it the most important factor. Even one missed payment can negatively affect your score. With Vola's rent reporting feature, eligible on-time rent payments can help build positive payment history over time.

Question 28

What is a good credit utilization ratio?

Accepted Answer

A good credit utilization ratio is below 30%, with under 15% considered excellent. Utilization is calculated by dividing your balance by your total credit limit. Vola’s CreditMap feature helps you monitor utilization so you can keep it in a healthy range.

Question 29

Does checking your credit score lower it?

Accepted Answer

No. Checking your own credit score is a soft inquiry and does not affect your score. Only hard inquiries, such as applying for credit, may cause a temporary dip. Vola's CreditMap feature allows you to check and monitor your credit score without impacting it.

Question 30

How do I dispute an error on my credit report?

Accepted Answer

To dispute an error, review your credit report, identify the incorrect information, and file a dispute directly with the credit bureau online. Supporting documents may be required. Credit bureaus typically respond within 30 days.

Question 31

How long do late payments stay on your credit report?

Accepted Answer

Late payments can stay on your credit report for up to seven years. Their impact decreases over time, especially if you build a positive payment history afterward through consistent on-time payments.