Is Cleo App Legit? Read This Guide

Last Updated on February 13, 2025 by Amrita Das

Cleo is a personal finance app that has gained popularity for its unique AI chatbot feature and user-friendly interface. However, with the rise of various financial management apps, some may question whether Cleo is truly legitimate and worth using. In this guide, I’ll discuss the details of the Cleo App and find out if it is indeed a reliable and effective tool for managing one’s finances. So, let’s dive in deeper to answer the question—Is the Cleo App legit?

Table of Contents

What is Cleo? is Cleo App Legit?

Cleo is a budgeting app that aims to revolutionize the way people manage their money. With its vibrant and humorous AI assistant, Cleo makes the process of budgeting and saving fun and engaging. By empowering users to break away from unhealthy spending habits, Cleo puts them in charge of their finances like never before.

The basic features of Cleo, such as tracking expenses, setting financial goals, and saving money, are completely free to use. However, for additional features, users need to subscribe to a monthly membership plan. Some of these premium features include:

Cash advances: Cleo offers free cash advances ranging from $20 to $250, but only to those who have a membership plan. The pricing for cash advances is transparent and depends on the level of membership chosen, which can either be $5.99 or $14.99 per month.
Credit Builder card: Cleo also offers a Credit Builder Card that does not require a credit check for approval. However, users need a Builder membership plan, which charges $14.99 per month, to be eligible for this card.
High-yield savings account: One of the most attractive features of Cleo is its high-yield savings account with an impressive 4.11% APY (Annual Percentage Yield). This account is completely free to use and can be a great tool for users looking to save money in the long term.

How does Cleo App Works?

Cleo is a budgeting app that helps users manage their finances through a combination of automation and artificial intelligence. The first step to using Cleo is connecting your bank accounts via a secure third-party service like Plaid.

This allows the app to automatically populate your transaction history in the “Spend” tab. From there, you can view a breakdown of your monthly expenses in four categories: what’s due, what you’ve saved, what you’ve spent, and an overall limit.

However, what really sets Cleo apart from other budgeting apps is its “Ask Cleo” feature. Here, users can chat with an AI bot about their financial decisions. For example, you can ask if you can afford to make a big purchase, and the bot will analyze your accounts before giving you an answer.

This feature also includes fun quizzes to test your financial knowledge.

Although Cleo is a useful tool, it’s not perfect. It has been known to mistake one-time purchases for recurring bills. However, this minor flaw does not diminish the app’s overall effectiveness in helping users budget their money.

Is Cleo App legit?

Cleo is a highly reputable and legitimate budgeting app that has quickly gained popularity among users. With over a million downloads on Google Play alone and an impressive rating of 4.4 out of 5 stars, it’s clear that the app has successfully established itself as a dependable financial tool.

One of the key factors contributing to Cleo’s legitimacy is its commitment to security. The app utilizes advanced measures such as Bank-Level 256-bit Encryption and no third-party tracking to protect users’ financial information.

Additionally, Cleo offers a read-only mode which ensures that the app only has access to view your accounts, adding an extra layer of security. While there have been some negative reviews regarding technical issues, the vast majority of users are satisfied with Cleo’s AI assistant, budgeting tools, and overall transparency.

This further solidifies the app’s legitimacy and reliability in helping individuals manage their finances effectively.

Eligibility Requirements for Cleo’s Financial Products

To take advantage of Cleo’s financial products, you must meet certain eligibility requirements. This section will discuss the various criteria for signing up for Cleo’s services.

Age Requirement: At least 18 years old

To sign up for the Cleo app and its financial products, users need to be 18 years of age or older. This requirement ensures that users are legally able to enter into contracts and make financial decisions on their own.

Residency: Legal resident of the United States

Cleo’s services are currently only available to lawful residents of the U.S. individuals. This means that users must have a valid U.S. address and be able to provide proof of residency.

Bank Account: Required for Budgeting Tools

To use Cleo’s budgeting tools, users need to add at least one bank account to the app. This allows Cleo to analyze your spending habits and offer personalized budgeting recommendations.

Cash Advance Eligibility: Plus or Builder Membership

Cleo offers cash advance services with no credit checks required. However, in order to access this feature, users must have a Plus or Builder membership on the app.

Credit Builder Card Eligibility: Builder Membership

Cleo also offers a credit builder card, which can help users improve their credit score. To be eligible for this service, users must have a Builder membership on the app, which comes with a monthly fee of $14.99. Unlike traditional credit cards, the Cleo credit builder card does not require a credit check.

High-Yield Savings Account Eligibility

For users looking to earn higher interest rates on their savings, Cleo offers high-yield savings accounts. These accounts do not have any eligibility requirements and are available to all users who have a Cleo account.

Getting a Cash Advance with Cleo App: Is the Cleo App Legit?

If you find yourself in need of some extra cash, Cleo offers a convenient way to get access to quick funds through their cash advance feature. Here’s how you can easily apply for and receive a cash advance with Cleo.

Step 1: Download the App

The first step towards getting a Cleo cash advance is to download the app from the App Store or Google Play Store. The app is easy to navigate and setting up an account only takes a few minutes.

Step 2: Connect Your Bank Account

After creating your account, you’ll need to connect your primary bank account with Cleo. This allows Cleo’s AI system to scan your account and determine your borrowing amount.

Step 3: Check Your Eligibility

To see the borrowing amount with a cash advance, simply type “cash advance” into the chat feature on the app. You’ll then be prompted to confirm some personal information such as your name and address to continue.

Step 4: Pay for Membership

If you’re eligible for a cash advance, you’ll need to pay for a membership before receiving the funds. This membership fee ranges from $5.99 to $14.99 depending on the amount borrowed, and allows you access to future cash advances as well.

Step 5: Receive the Money

After completing the previous steps, you can choose to receive the funds in 3-4 days for free or pay an additional cost for an immediate transfer. This gives you flexibility in how quickly you need the money.

Cleo’s Subscription Options: How to Choose the Right Plan for You

The Cleo app offers a variety of features to help you track your spending, save money, and improve your credit score. But with multiple subscription options available, how do you know which plan is best for you? Let’s take a closer look at each option to help you make an informed decision.

Cleo Free Plan: A Great Starting Point

The Cleo free plan offers essential budgeting and AI chatbot features that can help you get started on your financial journey. With this plan, you can set budget goals and track spending, all while receiving personalized advice and tips from Cleo’s AI chatbot.

This plan is perfect for those who are just starting to take control of their finances or want to test out the app before committing to a paid subscription.

Cleo Grow: Taking it Up a Notch

If you’re ready to take your financial management to the next level, then the Cleo Grow plan might be right for you. For just $2.99 a month, you’ll have access to all the features of the free plan plus automated savings and interest payments on your savings.

Cleo Plus: More Perks for Your Money

For those looking for even more perks and benefits, the Cleo Plus plan is worth considering. At $5.99 a month, this plan includes everything from the Cleo Grow plan plus cash advances up to $250 and access to a credit score tips.

Cleo Credit Builder: The Ultimate Package

If improving your credit score is a top priority for you, then the Cleo Credit Builder plan is the way to go. At $14.99 a month, this plan offers all the features of the Cleo Plus plan plus VIP 24/7 customer service and the option to open a credit builder card.

Plus, you can get paid up to two days quickly with direct deposit – making this plan a great choice for those who want to take their financial health to the next level.

A Comprehensive Review of Cleo AI, Budget App and Credit Builder Card

Cleo AI:

In today’s digital age, artificial intelligence has become an integral part of our daily lives. From virtual assistants to self-driving cars, AI technology continues to advance and improve various aspects of our society.

It’s no surprise that it has also made its way into the realm of personal finance, with Cleo leading the way as one of the most popular AI-powered financial management tools.

What sets Cleo apart from other budgeting apps is its unique approach in using humor through its “Roast Mode” and “Hype Mode”. This feature allows users to receive witty feedback on their spending habits, making the daunting task of budgeting more enjoyable.

But don’t be fooled by its comedic nature, as Cleo’s AI assistant is also equipped to provide valuable insights into your spending patterns.

Whether you’re just starting out on your financial journey or have been managing your money for years, Cleo’s AI is an invaluable tool in identifying areas for improvement. It brings a fresh perspective to personal finance and helps users build long-term changes towards a healthier financial future.

Cleo Budget App:

If you’re looking for a comprehensive budgeting tool, look no further than Cleo. This app offers free money management tools that make it easy to stay on top of your finances. By connecting all your bank accounts to Cleo, you can view exactly where your money is going at any given time.

While using the app does require some effort on your part, the rewards are well worth it. You’ll need to input your income, add bills and expenses, and set spending limits.

But once that initial setup is complete, you’ll have access to a variety of useful features, such as an AI budget planner, a monthly bill tracker, an overdraft warning, and a payment prompt.

Unlike other free budgeting tools, Cleo goes above and beyond in terms of depth and intelligence. Its features are designed to help you make more informed financial decisions and stay on track with your budget.

And based on customer reviews, it seems to be doing just that. Users praise Cleo for its user-friendly interface, insightful insights, and even its fun factor.

Cleo Credit Builder Card:

The Cleo app offers a variety of financial tools and services, one of which is the option to apply for a Credit Builder Card. This secured credit card requires users to first pay for the Builder membership, priced at $14.99 per month.

With this membership, you can receive personalized guidance on how to improve your credit score.

Many users have praised Cleo’s credit builder tools and the flexibility of setting their own card limit. This makes it an attractive option for those looking to build or enhance their credit without undergoing a traditional credit inquiry process.

However, it’s important to note that the monthly fee can add up over time. Unless you plan on regularly utilizing the cash advance material and credit builder tools, there may be better options available, such as a secured credit card with no monthly fees.

Ultimately, it’s important to carefully consider your financial goals and needs before deciding if the Cleo Credit Builder Card is the right choice for you.

Who is Cleo best for?

Cleo caters to a wide range of financial needs and goals, making it an ideal choice for anyone who wants to take control of their finances in a fun and personalized way. It is especially great for those who want to have multiple financial services in one room and prefer more interactive support than traditional personal finance apps.

Whether you are looking to budget, boost credit or get cash advances, Cleo has got you covered. Its feature-rich free version also makes it a viable choice for those who want to manage their finances without paying any fees.

The free version also offers a wealthy feature

One of the most impressive things about Cleo is its extensive range of features that come even with its free version. This includes budgeting, saving, cash advances, and credit-building tools that can help users effectively manage their finances.

It’s worth noting that not all features may be available for free users, but they can still access many useful tools without having to pay a monthly fee. This makes Cleo an attractive option for anyone who wants to have a comprehensive financial solution without breaking the bank.

Innovative AI financial coach

Cleo sets itself apart from other budgeting apps by offering an innovative AI financial coach. This feature allows users to receive personalized feedback on their budget, identify areas where they may be overspending, and ask any questions about their finances.

The best part is that Cleo’s AI coach has a playful and humorous personality, making it more enjoyable and engaging for users. This could be especially useful for those who have had trouble managing their finances in the past or prefer a more interactive approach to personal finance management.

Cleo Apps free version

Cleo’s free version offers a unique and entertaining way to budget for your financial goals. With its AI financial coach, users can receive personalized support and guidance while also enjoying witty commentary on their spending habits.

Additionally, the option to ask questions and receive feedback on your budget makes Cleo an invaluable tool in your financial journey.

Is Cleo App Legit? Pros of the Cleo App

Personalized accountability

One of the standout features of Cleo is its use of artificial intelligence to provide personalized accountability for your finances. This can be particularly helpful for those who struggle with traditional money discussions and need a more discreet way to stay on track.

Motivating challenges

Cleo’s AI also helps users by automatically reviewing their transaction history and suggesting areas where they can cut back on spending. By setting realistic challenges, such as limiting spending at certain stores or staying within a budget for a specific time period, Cleo keeps users motivated and accountable.

Free basic functionality

While some features may require a paid subscription, Cleo offers basic functionality for free which includes automatically syncing bank accounts and providing a basic understanding of cash flow. This allows users to test out the app and see if it’s a good fit for them before committing to a paid subscription.

User-friendly interface

Cleo’s user interface is modern, sleek, and easy to navigate. This makes it appealing for users who may not have much experience with budgeting or financial management apps.

Educational resources

In addition to its budgeting features, Cleo also offers educational resources such as articles and guides on various financial topics. This can be beneficial for those looking to improve their overall financial literacy.

Best Alternatives to Cleo financial Apps

Are you unsure if Cleo is the best option for your financial needs? Explore these alternative options to see which one may be a better fit for you.

Earnin: If you require a larger loan amount, Earnin could be a suitable choice. This financial app allows cash advances of up to $750, but in order to qualify, you must grant read to your work timesheets.
Dave: For a monthly membership cost of $1, Dave provides the option for early paydays and cash advances up to $500. The funds can be obtained right away on a Dave debit card, making it a convenient choice for those needing quick financial assistance.

Is Cleo App Legit? Cons the Cleo App

Dependence on AI can lead to financial negligence

While Cleo’s AI chatbot is impressive, it should not be solely relied upon to manage one’s finances. Depending too heavily on technology can lead to neglecting important aspects of personal finance such as tracking expenses, creating a budget, and making informed financial decisions.

Limited understanding of bills may lead to errors

As with any AI technology, there is always room for error. Cleo’s automated understanding of bills may not be accurate in every instance which could result in incorrect budgeting and overspending.

Overspending remains a human problem

Despite the advanced technology used by Cleo, overspending is still a human problem that cannot be entirely solved by AI. It is important for individuals to take responsibility and actively monitor their spending habits in order to avoid financial troubles.

Cash advances should not be viewed as a long-term solution

While Cleo’s interest-free cash advances may seem attractive, they should only be used as a one-time necessity rather than a regular solution. Relying on cash advances can lead to a cycle of debt and hinder the ability to develop healthy financial habits.

The value of Cleo’s paid features may not be a good option

While Cleo offers additional perks for its paid tiers, such as secured credit card and savings account access; it may not be worth the price for some users. These features, while convenient, can also be found in other free bank accounts and secured credit cards.

Additionally, although Cleo’s savings account boasts a respectable 3.52% APY, there are high-yield savings accounts available with even higher rates of up to 5% APY. Before committing to Cleo’s paid options, it is wise to comparison shop and determines if the added benefits are truly worth the cost.

Is the Cleo platform worth the investment?

Is Cleo really worth the price? That’s a common question among those considering signing up for this popular budgeting app. With impressive ratings of 4.6 on the App Store and 4.4 on Google Play, it’s clear that many users are satisfied with Cleo’s features.

One of the main appeals of Cleo is its AI chatbot, which provides helpful insights about your finances in a casual and fun manner. But is this enough to justify paying for the premium subscription?

Interestingly, you can access several similar services without having to pay a monthly fee. For example, Chime offers a Credit Builder Card with no annual fees and even allows eligible users to get an advance on their paycheck up to $500, all for free.

So before committing to Cleo’s pricier plans, it may be wise to consider other options as well. It all comes down to personal preference and what features are most important to you in a budgeting app.

Overall, it seems that while Cleo offers a great user experience, there are also alternative options available that may suit your financial needs just as well without the added cost.

Is Cleo App Legit? FAQs:

Q. What are Cleo’s Revenue Streams?

A: Cleo, a financial technology company, has established two primary channels for generating revenue. These include its paid subscriptions for Cleo Grow, Plus, and Builder services, as well as increasing capital from venture capitalists.

The company has stated that a portion of its profits goes towards enhancing its artificial intelligence which provides users with financial assistance. This ongoing investment in technology allows Cleo to continually improve and provide top-notch services to its users.

Q. Can I connect my Chime account to Cleo for financial management?

A: Yes, Cleo is compatible with Chime and allows you to easily track your costs, put budgets, and rule your finances. While there may be occasional issues connecting Chime to Cleo, contacting their support team can help resolve any problems.

Q: Will using Cleo to borrow money have an impact on my credit score?

A: No, borrowing from Cleo does not need a credit check and should not affect your credit score as long as you make timely repayments. However, if you fail to pay back the borrowed amount within 30 days of the due date, your missed payment may be reported to credit bureaus.

Q: Is it possible to use Cleo with Cash App?

A: No, unfortunately, Cleo is not able to integrate directly with Cash App at this time. Due to the nature of Cash App as a peer-to-peer offering service rather than a traditional bank, it does not come up with essential account access for the Cleo platform to track deals and amounts.

Q: Can I receive instant money through Cleo?

A: Yes, you can receive instant money through Cleo by typing “cash advance” in the chat. However, to ensure that you are a human, Cleo may ask for additional information such as your name and address. You also have the option to pay an express fee for same-day cash advance or wait 3-4 days at no extra cost.

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Is Cleo App Legit? Final Word

In conclusion, the Cleo app has gained a strong reputation for its user-friendly interface and advanced AI technology, making budgeting and financial management more accessible and engaging.

While some may find the monthly fee for premium subscriptions to be a downside, others may see the value in the personalized guidance and credit builder tools offered. Ultimately, it is up to individual preference and financial goals to determine if Cleo is worth the investment.

However, with numerous positive reviews and successful revenue streams, it can be concluded that Cleo is indeed a legitimate and trusted option for managing your finances.