Cleo Wallet Review (2022 Update): Everything You Wanted To Know!

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Updated: November 13

By: Scam Risk - Expert Reviewer

Cleo Review

Big-time figures know that the secret to getting rich is you know how to control money, not the other way around.

But imagine, how can you control money when you need to pay for upcoming bills, buy essentials, and sustain your daily needs? Controlling money sounds unrealistic when we are actually on it.

Cleo might be the app for you if you want to better manage your finances, but have trouble maintaining good spending habits.

Join me in this Cleo Review to see if you can save money with Cleo App.

This Cleo Wallet Review has been thoroughly researched with information and testimonials that are available online to anyone in the public. Any conclusions drawn by myself are opinions.

Table of Contents

Pros: What I Liked

  • Offers Free Version To Users
  • Multiple Features Are Available
  • Helps Monitor Spending Habits
The Good

Cons: What I Didn't Like

  • No Annual Percentage Yield
  • Not So Lucrative As Claims
  • No Protection From FDIC
The Bad

This review will go over Cleo Wallet to see if it really is the best money management app out there.

You’ll learn whether a budgeting app is a right thing for you.

And at the end, you’ll find answers to some of the most frequently asked questions regarding Cleo Wallet and personal finance site in general.

But most importantly, you’ll see the exact system many others have used to build their own internet marketing business to over $40,000 a month in mostly passive income.

This system made them swear off the budgeting app for good because it uses some of the same skills but in a much more powerful and profitable way!

What Is Cleo Wallet?

Use Free Version

Cleo is a smart financial assistant that assists you in sticking to your budget, spending less money overall, and saving money.

If you’re skilled with budgeting, using this program might help you save money, but how much money you save is ultimately up to you.

You can save money automatically with Cleo, keep tabs on your spending patterns, and even get paid for using it all with this smart budgeting tool.

Cleo was established in 2016 as a financial technology firm located in London.

The Cleo app (also known as Meet Cleo) is one of the cash advance apps and social networking tools that can be downloaded for free on Android and Apple devices.

With more than 3.1 million users, Cleo is now the fastest-growing app in the FinTech industry.

Who Is Behind It?

Founder Of Cleo

Barnaby Hussey-Yeo is the founder of Cleo, which is a company that has its HQ in London. The current location of Cleo’s headquarters is in the city of New York.

His areas of expertise as a data scientist are wide-ranging and include machine learning, economics, and technology.

He has an extensive background in extracting useful information from massive datasets, like working on challenging tasks with minimal oversight that call for extensive preparation, critical thought, and accomplishing original ideas.

How Does It Work?

For the AI-powered chatbot Cleo to evaluate spending trends, users must link their bank account information to the platform.

The website and its functions can be accessed on the mobile app or Facebook Messenger.

Support for major financial institution(s) is available, and setting everything up takes only a few minutes.

You may also seek help with setup if your linked bank account isn’t shown as an option.

There is support for several accounts, and the app’s features are intuitive. Saying or entering the budget will initiate the app’s assistance in developing a personal financial plan.

Like many other financial applications, Cleo has available free services with optional in-app purchases.

Users may easily test the platform using the free account of Cleo, which still includes several useful tools, before upgrading to Cleo Plus and Cleo Credit Builder.

What Is Inside Cleo App?

Inside Cleo App

The free version of the Cleo app offers should be sufficient for the vast majority of users. Here are the following services you can access with a free account:

Feature No. 1: Budgeting

Cleo is assisting individuals around the world in developing better financial management skills by employing AI to develop individualized smart budgets for each user.

You have the option of requesting information on the balances of your accounts, having the app arranged notifications for budgeting, or having it make reminders for you to restrict your spending in particular categories.

If you are wondering, “Can I pay it?” think of how you put money and pay Cleo.

It has never been simpler to create a budget like a real boss, thanks to a detailed breakdown of expenditures, assistance with bills, sound advice, and an actual personality.

Get on a budget and stop living in denial about the state of your finances.

Feature No. 2: Credit Score

Credit Score

You should expect to see a substantial and favorable change in your credit rating very soon.

If you use their credit builder, checking account reports will no longer be a scary event; in fact, you may find it delightful.

You may focus on how you feel about your financial situation while Cleo and Equifax take care of the intricate process of improving your credit.

Feature no. 3: Custom Categories

Put some money away for a specific goal, or do so if you need a more concrete method to understand how much money you spend on coffee every month.

Do you want to raise the budget for groceries for this next week?

Cleo provides a category-by-category breakdown of your expenditure over the last several weeks.

It enables you to establish a budget that is fairer and then keeps you apprised of how much you have left to spend each day of the week.

Feature No. 4: Saving


Having a smart AI bot like Cleo keep a close watch on your spending patterns will make saving money feel less like a duty and more like a fun game.

Using Cleo’s Save objectives, hacks, and auto-save capabilities, you may swiftly save a substantial sum of money without sacrificing entertainment value. We can finally put an end to that tired old stereotype.

Features In Paid Version

The premium features are available through a subscription model known as Cleo Plus.

Feature No. 1: 7% Cashback

The more you shop at your preferred retailers, the more opportunities you have to save money via click-through bargains, reward streaks, and genuine cash back on your purchases.

You could also consider a few additional free rebate applications if you have some spare time.

Feature No. 2: Credit Coach

Opinions From Michael

It’s estimated that about half of all consumers have no idea what their credit score is.

The good news is that Cleo is striving to change that, and that change can help you increase your credit score too.

Feature No. 3: Salary Advance

Cleo will “grace” you with $100 if you meet the requirements, keeping you from falling into overdraft.

They are effectively “spotting” you $100 because there will be no accrued interest on the money.

If you want this function, there are many free applications that provide it, such as MoneyLion (which provides $250 cash advances).

How Much Does Cleo Cost?

How Much Does Cleo Cost

Most of Cleo’s features may be used without spending a dime.

All that is required is to sign up and associate a bank account. On the other hand, each month of access to Cleo Plus’ features costs $5.99.

You may choose a payback date within the app that is anything from three days to fourteen days from the day you borrow money.

Do You Need Cleo?

It’s easy to find fault with the banking services and products available right now.

Our budgets should be straightforward, our spending should be easier to control, and we should have the information we need to make educated choices about our financial destiny.

You might have more control over your money if you had clearer visibility into them. That’s why there’s Cleo, a free service with optional premium upgrades.

However, you need to be aware of the red flags here before starting your own savings account.

First and foremost, there is no annual percentage yield (APY) for savings in your Cleo Wallet.

To maximize your interest earnings, you should put your cash into a high-interest savings account as soon as possible.

Another issue is transactions between your bank and Cleo Wallet and vice versa, can take up to four business days.

Lastly, warning signs abound in the “vow” to cover up to $250,000 in damages “attributable to sign-up and usage of Cleo.”

Cleo Wallet users should realize that their funds are not protected in the same way as FDIC deposits in the event of the company going out of business.

Frequently Asked Questions (FAQs)


Can You Lend/Borrow Money In Cleo?

Cleo offers no-interest, no-fee cash advances of up to $100 that can be obtained in as little as four business days.

With the express transfer option, you can get your money faster, but it will cost you an additional $4.

You must pay money borrowed through Cleo within three to fourteen business days.

Does Borrowing Money In Cleo Affect Your Credit Card?

Cleo Reviews

As Cleo does not do credit checks, taking out a loan and repaying it on time should not have a negative impact on your credit rating.

Still, if you don’t pay the amount you owe by the given deadline, it might harm your credit score.

When a payment is more than 30 days late, Cleo is entitled by law to notify the three major credit bureaus that they have not been paid.

Are You Safe If You Linked Bank Account To Budgeting App?

When connecting to an unsecured public Wi-Fi network, you should never use your bank account or a budgeting application, as hackers may simply track your activities.

How Safe Is Your Money In Wallet App?

Is It Safe

In response to your query, the short answer is “yes.”

Since your credit card information is encrypted and tokenized within the app, it is far more secure than keeping it in a traditional wallet.

Can Someone Steal From Your Digital Wallet?

Passwords and usernames can be used to locate additional accounts that have the same details. Included in this category are, of course, electronic wallets.

To put the gravity of the situation into perspective, consider that PayPal credentials are now more valuable on the deep web than credit or debit card information.

Is Cleo Wallet A Scam?

Is Cleo A Scam

So, is Cleo Wallet a scam? Not technically.

It is entirely possible to build a profitable, successful savings account… But there are better ways to build a business other than this.

Our #1 pick proves this. 

Because, unlike Chleo Wallet, it actually provides real proof of real success from real people as recently as a few days ago.

Are There Alternatives To Cleo Wallet?

are there alternatives

Yes, there are plenty of other business models to choose from if you want to pursue this making money online. Here are just a few:

What Is My Top Recommendation For Making Money In 2022?

Digital Real Estate

Our review team has come across a program in the real estate industry that is next level!

Although it’s not real estate in the traditional sense, it’s all digital.

Yup, Digital Real Estate!

Where Cleo Wallet falls short is in profitability.

You can’t realistically expect to be able to make any REAL passive income when you’re just going over mindset. There’s no action there.

But what if you leverage it?

With this digital real estate program, you can have the ability to completely walk away from manual labor!

Sound too good to be true? Of course, it does! But it isn’t…in fact, business owners wish they had this skill!

All you have to do is build and rank a website and forward the jobs to a business owner in town, you could even email it to them!

This works for literally any service-based business, tree service, plumbing, towing, etc.

How do you get paid and how much?

Simple, after you forward the jobs off to a business owner and he makes some money off of them, you simply ask to make the deal beneficial for each other.

A fair price to charge per lead, depending on the industry is 10-20%…let’s just use the tree service industry for example, and go by the worst-case scenario.

Let’s say you build and rank the site and only 20 jobs a month come in. The average tree service job is anywhere from $500-$2000!

That means at a bare minimum you have an asset worth $1000 a month!

See why they call it digital real estate now? That’s a rent payment.

The great thing is how easy it is to scale. You don’t have to answer the phone…all you have to do is get the phone to ring.

Remember Cleo Wallet and all the small profit margins?

This one actually allows you to collect that without working in a brick-and-mortar business all day. Truly passive income!

The training program takes making money online to a whole other level. The owner of the program walks you through how to build and rank a site hand in hand, with the occasional voice-over when he is sharing his screen.

You will learn the importance of keywords, website name, how to send call notifications via email, backlinking, etc.

Once the training program is completed you will also have access to a Facebook group where you can ask questions and be in a community with others on the same journey as you.


Unlike Cleo Wallet, where you have to keep trading your time for money over and over…. You can finally get on the financially free side of life. A business will always want more leads and another job. In fact, it doesn’t even matter that the job isn’t coming from their website name…they see it as it is…expanding digital real estate.

Unlike Cleo Wallet, more people have been able to become financially free as well.

Digital real estate allows you to have passive income with most of your day being spent OUT of the brick-and-mortar landscape.

Now, I know you probably have tons of questions… So, check this out to learn more.

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