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What is a Cash Advance and How Does It Work - Frequently Asked Questions

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Written by Woveo Support
Updated this week

Question

Answer

What is a Woveo Credit Group?

A Woveo Credit Group is a community group where members save together monthly, rotate access to a pooled fund (like a ROSCA), and build financial trust.

Do I need a credit score to get a cash advance?

No. Woveo uses your participation and savings behavior within your group, not your external credit history.

How much can I get as a cash advance?

Up to a maximum of $250, based on your active Credit Group status.

How fast can I get a cash advance?

Once eligible and approved, cash advances are typically disbursed within 24 business hours.

Is there interest on the cash advance?

No traditional interest is charged. For you to receive or use the Woveo cash advance you do need to be an Active Woveo Premium user.

What happens if I miss a repayment?

Missing a repayment can affect your standing in your Credit Group and negatively impact your eligibility for Woveo Cash Advances.

How do I improve my eligibility?

Save consistently, participate fully in your group, and maintain good standing with no debts owed.

Can I take multiple cash advances at once?

No. You must repay your current cash advance before you can request another one, even if you are part of multiple groups.

What extra benefits does being Premium give me?

Higher financial flexibility, protection if a group member defaults, the ability to join multiple groups, and access to the cash advance program.

Can I leave my group if I have an active cash advance?

No. Outstanding balances must be repaid first to protect the financial trust of the group.

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