Money apps come with their own vocabulary. This glossary defines the terms you'll see in the Vola Finance app and across our guides.
- ACH transfer
- An electronic bank-to-bank transfer through the Automated Clearing House network; standard transfers and repayments typically use ACH.
- APR (Annual Percentage Rate)
- The yearly cost of borrowing expressed as a percentage. For fee-based advances, an APR-equivalent helps compare costs.
- Average daily balance
- The average amount in your account over a period. The app considers it when setting advance amounts.
- Cash advance
- A small, short-term amount of money provided before payday and repaid from your next paycheck. The app's advances carry no interest.
- Cooling-off period
- The waiting period after repaying before you can take another advance — about five days at Vola Finance.
- CreditMap
- The app's tool that shows the factors behind your credit score.
- Credit utilization
- The percentage of your available revolving credit you're using; about 30% of a FICO® Score.
- Direct deposit
- Pay sent electronically by an employer to your bank account. Vola Finance does not require it.
- Earned wage access (EWA)
- Access to wages you've already earned before payday, usually through an employer.
- Extension
- A change to your repayment date. Members can request extensions in the app.
- Membership tier
- A level of Vola Finance's monthly subscription that determines price, maximum advance and benefits.
- NSF fee
- A non-sufficient funds fee your bank charges when a payment is declined due to low balance.
- Overdraft fee
- A bank fee charged when the bank covers a transaction that exceeds your balance.
- Plaid
- The financial data network the app uses to securely connect to your bank.
- Rent reporting
- Reporting your on-time rent payments to credit bureaus to build payment history.
- RTP (Real-Time Payments)
- An instant payment network that lets the app deliver funds in seconds at participating banks.
- Spend Manager
- A feature that gives a clearer view of spending patterns.
- Tradeline
- An account listed on your credit report, such as a credit card, loan or reported rent.
- VantageScore®
- A credit scoring model created by the three bureaus, ranging from 300 to 850.
- VolaScore
- Vola Finance's internal score based on your bank activity and app history; higher scores can unlock bigger advances.
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