How to get Neo Advance

Neo Advance is a zero-interest safety net for life’s unexpected expenses. When your Neo Chequing account balance dips below $0, Neo Advance automatically covers the shortfall (up to your available advance limit) at 0% interest.

Neo Advance is a feature of the Neo Chequing account and is unlocked with a Neo membership. You can add Neo Advance to an existing Neo Chequing account, or you can sign up for a new Neo Chequing account and then unlock Neo Advance after.

Once you’re approved, your cash advance can be used when your chequing balance drops below $0. Any advance you use is reported to Equifax and TransUnion, helping to build your credit history.

To qualify for Neo Advance, you need to:

A hard credit check isn’t required. We’ll let you know your starting advance limit as soon as you’re approved.

If you have a Neo Chequing account and a Neo membership (either Start, Build, or Grow), then you can enable Neo Advance from your chequing account.

If you don’t have a Neo Chequing account, then you can get Neo Advance by opening a chequing account and subscribing to a Neo membership. From there, you can enable Neo Advance from your chequing account.

You’ll get a starting limit when you’re approved. You can work toward a higher limit over time. Here are ways to help increase your Neo Advance limit.

Neo Advance automatically covers purchases or bills that go past the balance of your Neo Chequing account (up to your advance limit). For example, if you have $50 in your chequing account but have a utility bill for $75, Neo Advance can automatically cover the extra $25 that you need.

You’ll pay no interest for your advance and it’ll be automatically repaid from the next deposit into your Neo Chequing account.

Neo Advance also works with joint Neo Chequing accounts. Both co-owners can access the advance.

You need a Neo membership to unlock Neo Advance. Subscribe to Start, Build, or Grow to get access to Neo Advance and more tools to help build credit. Learn more about Neo’s memberships.

Once your Neo Chequing balance goes below $0, you can use Neo Advance for Neo Money™ card purchases, pre-authorized debits, ATM withdrawals, and bill payments—as many times as you need within your advance limit.

You can use Neo Advance for:

Neo Advance can’t be used to:

After you use your advance, it will be automatically repaid from the next deposit into your Neo Chequing account. You can transfer funds from a linked bank account or via Interac e-Transfer® to repay your advance.

Neo Advance is a credit product, and your activity (including how you use it and whether you repay on time) is reported to credit bureaus each month. By using and repaying your advance, you’ll build credit history.

We’ll let you know your starting advance limit when you apply for Neo Advance. Here are ways to grow your advance limit