Woveo Review

Lisa
Author:
Lisa
Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
Caitlin
Reviewed By:
Caitlin
Caitlin Wood, BA
Editor-in-Chief at Loans Canada
Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:
  • Personal finance
  • Consumer borrowing
  • Credit improvement
  • Debt management
📅
Updated On: October 31, 2024
iCash

Ad Disclosure

Approval is not guaranteed and conditions apply.

British Columbia Residents: iCash offers payday loans in British Columbia (license number: 67639)

Ontario Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $500 loan of 14 days, the total cost of borrowing is $70, with a total payback amount of $570 and an APR of 365%. On a loan of 62 days, the APR is 82.42%.

Manitoba Residents: To learn more about your rights as a payday loan borrower, contact the Consumer Protection Office at 1-204-945-3800 or 1-800-782-0067 or at www.manitoba.ca/cca/cpo

Nova Scotia Residents: Payday loans are High Cost Loans. The maximum allowable cost of borrowing under the payday loan agreement is 14$ per every 100$ received, which means on a 100$ loan for 14 days, the total cost of borrowing is 14$, with total payback amount of 114$ and an APR of 365.00%.

PEI Residents: Loan amounts and repayment terms are subject to qualification requirements. The maximum allowable cost of borrowing under the payday loan agreement is $14 for every $100 advanced. On a $300 loan of 14 days, the total cost of borrowing is $42, with a total payback amount of $342 and an APR of 365.00%. On a loan of 62 days, the APR is 82.42%.

The Cashback Program and Refer a Friend Program are not available in Manitoba, British Columbia and New Brunswick.

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According to TransUnion, one of Canada’s major credit bureaus, there are roughly 2.64 million Canadians considered “subprime” borrowers, as of the first quarter of 2023. These are borrowers with credit scores under 640 who have trouble accessing credit products from traditional lenders. As such, they’re typically limited to subprime lenders that charge much higher interest, making it more expensive to borrow money.

That’s where a service like Woveo comes into the picture. Under-banked Canadians who would otherwise have to resort to high-interest credit products can access quick, short-term credit lines from Woveo, interest-free. Plus, Woveo’s credit line can be used to build good credit with timely payments, helping consumers eventually access opportunities for more credit products at lower rates in the future.

Who Is Woveo?

Woveo is a fintech company offering a community finance wallet to help low to moderate-income consumers access credit solutions and achieve financial security through low-cost credit. Woveo’s community wallet promotes community-based accountability so consumers can improve their financial habits and boost their creditworthiness. 

How Does Woveo Work?

Woveo’s community finance wallet allows communities to pool money into a shared group savings plan to help consumers achieve their savings goals. By participating in a group savings plan, you can access pooled funds via an interest-free line of credit. Every timely payment made towards repaying borrowed funds can help build good credit. 

Using Woveo is simple and works as follows:

Step 1. Join A Community

Join a community with other Woveo participants who are working towards reaching financial security.

Step 2. Participate In Group Savings

Create a group savings plan according to your needs and goals, or join one already up and running.

Step 3. Build Credit

Once your plan is all set up, you can start accessing credit with no interest and start building a positive credit profile.

What Does Woveo Offer?

Woveo offers four unique financing products to help you strengthen your creditworthiness, develop sound financial habits, and access quick funds:

Rotating Savings

Woveo’s rotating group savings plan encourages you and your community to build your savings together and create a pool of funds from which you can borrow, interest-free. Not only are you creating a savings account together, but also a financial support system for all group plan members to fall back on and encourage.

Credit Building

Build good credit by participating in a group saving plan, access a line of credit based on your anticipated group payout, and make on-time payments to repay what you borrow. Woveo will report your payments to the credit bureaus, which can help improve your credit scores. 

Credit Score Monitoring

With Woveo’s credit score tool, you can keep tabs on your credit report. You can use the tool to check your credit score for free and get guidance on improving your credit health. 

Cash Advance

Woveo’s cash advance provides short-term access to funds when the need for extra money arises. You can get the funds quickly without paying sky-high interest.

How Much Does Woveo Cost?

Woveo is free to use with the “Freemium Plan”, though you can upgrade to the paid plan to access additional features:

Freemium PlanPremium Plan
Cost$0/month$10/month
Features– One group saving plan
– Credit score monitoring
– Virtual pockets
– $2 instant transfers
– Unlimited group saving plans
– Credit score monitoring
– Virtual pockets
– Free instant transfers
– Credit building
– Cash advance
– Default protection

How Do You Get Woveo?

You can use Woveo by downloading the app. There are a couple of ways to access the Woveo app:

  • Have the app texted to you. Just add your mobile phone number and Woveo will text the app directly to you for download.
  • Find the app for iOS or Android. Alternatively, you can visit the App Store or Google Play to find the Woveo app for download.

Once you’ve downloaded the app, you can either create an account as a new user or log in to an existing account.

  • If you want to join, simply input your name, email address, and password to create an account and get started.
  • If you’re already part of a group plan, simply log in using your email address and password.
woveo application

To link your bank account, follow these steps:

  • Log in to your Woveo account
  • Go to settings
  • Click “Add Account” in Banking information
  • Choose the bank you want to connect to
  • Accept the pre-authorized debit agreement
  • Select your account to link

If you’re connecting via online banking, input your online banking credentials. If you’re connecting via bank details, enter your bank account number, branch number, and institution number. 

How Does Woveo Compare To Nyble Credit Building Options?

Nyble is another Canadian personal finance platform that offers consumers an interest-free line of credit to help build a healthy credit profile. So, how does Woveo compare to Nyble’s credit building product?

WoveoNyble
What Is ItLine of creditLine of credit
How It Works
– Join a community with others
– Participate in pooling funds in the plan
– Access a credit line
– Make repayments & build credit with reported payments to the credit bureaus
– Link your bank account with Nyble
– Access a credit line up to $250
– Choose a repayment date
– Repayments are automatically debited from your account & reported to the credit bureau
Pricing– Freemium Plan: Free
– Premium Plan: $10/month
– First 30 days: Free
– After 30-day trial: $11.99/month
Unique Features– Rotating savings
– Cash advance
– Credit building
– Credit monitoring
– No interest
– Virtual pockets
– Instant transfers
– No interest
– No credit profile required
– Earn rewards points
– Track your credit building progress

Final Thoughts

If you’re looking for a unique way to access quick funds, save, and build good credit, Woveo may have something to offer you. You can try it for free to see if it suits your financial goals, or subscribe to a paid plan to take advantage of even more perks.

Woveo FAQs

How do I join a Woveo group?

To join an existing Woveo group, login to your account, head to the group’s section, and click the group. You’ll receive an invitation to join.

Is Woveo safe to use?

Woveo is a member of the Canadian Lenders Association and has an active website with a physical address and telephone number. In its Terms Of Service, Woveo states that it will not use a consumer’s confidential data except as required to fulfill its obligations according to the terms of service. Woveo also states that it will take security precautions to keep data safe. 

What is the Woveo community?

A Woveo community includes other participants who pool their funds into a community wallet to be made available for cash advances.
Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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