Long-term loans through banks and credit unions are still the preferred means of obtaining cash when your savings are insufficient. However, mobile apps like Cash App and Robinhood offer instant, short-term loans. Similarly, let’s check out how to borrow money from Chime bank.
- You can apply for Chime SpotMe loan and borrow amount from $250 to $1,000. The repayment duration ranges from 16 days to 3 months.
- In order to borrow money from Chime you should visit SpotMe > Loan Applications > Amount > Repayment Plan > Submit > Wait For Approval > Receive Loan.
- The loan carries a monthly fee of 4% of the loan amount.
…and Much More!
How To Borrow Money From Chime Online – Step By Step Guide
A Chime loan is an excellent option if you need more cash before your next payday. Chime SpotMe overdraft instantly lets you access up to $200, even if you don’t have a bank account.
Like Chime Direct Deposit service, its loan program is prompt and accessible to all. You can sign up for the service using the following steps.
- Sign up with SpotMe service.
- Please fill out the Chime Spot Me loan application.
- Mention the amount that you wish to borrow in the loan calculator.
- Oversee the repayment plan as mentioned by the platform. Make sure it suits your current budget and circumstances before proceeding.
- Please fill out the registration form and submit it online.
- Wait for the approval.
- Receive the loan amount within the next business day.
The loan carries an establishment fee of 20% of loan amount along with 4% monthly fee.
Eligibility Criteria For Chime Instant SpotMe Loan
Anyone above 18 with an authorized Chime account can use the SpotMe feature. The prerequisites for opening a new Chime account are listed below.
- Social security number.
- US citizenship.
- Valid home address.
Applicants must also disclose their employment status (full-time or part-time job). Moreover, they may also be self-employed.
- Another thing to remember is that SpotMe runs a credit check, although you can still apply with bad credit.
Feature of SpotMe Chime Loan
- You would get a prepaid card to access more approved loans on more accessible terms.
- Applicants can choose to pay from 16 days to 3 months. The repayment duration is flexible and can be adjusted according to your circumstances.
- The entire application process can be completed online. Once you are approved for the loan, you can get access to the amount within an hour.
- You can also choose to repay the loan amount earlier. There would be no penalty fee.
- SpotMe online account also lets you manage most other features using the dashboard.
Chime Payday Loan – Alternatives
The Chime loan program does not have many disadvantages. However, it is still better to be aware of loan alternatives, like borrowing money from Venmo instead, when making a choice.
It is a good option for those with steady paychecks. The app lets you get up to $500 from your salary before the payday.
Dave is an app similar to Earnin. You can access $500 before the next payday and spend it instantly with a Dave debit card.
- Sunshine Short Term Loans
The loan program lets you borrow up to $ 2,000 with repayment between 9 to 14 weeks. Like the SpotMe loan, it also carried a 20% establishment fee and 4% monthly charges.
- Safe Financial Small Loan
This loan program allows you to borrow up to $ 5,000, which should be paid back within a year. The monthly fee and interest depend on the amount that you borrow.
- Fair Go Finance Small Loan
Fair Go Loan lets you borrow up to $2,000 and payback within three months or up to a year. There is no establishment fee, although the program has 4% monthly charges.
The Bottom Line
Chime loan is a better option as compared to traditional bank loans. Remember that the latter cost as much as $35 to overdraft.
- Although SpotMe also charges some fees and the loan amount is limited, the perks are pretty catchy.
You can learn more about how to borrow money from Chime by visiting the official website.
Frequently Asked Questions About How To Borrow Money From Chime
How to borrow $100 from Chime?
Yes. You can borrow money from Chime using its signature feature, SpotMe. It allows you to overdraft $200+ with no additional fees.
Does Chime allow users to overdraft?
You can overdraft $200 from your Chime account. However, you need to build history with Chime beforehand.
How can I get a loan from my Chime bank account?
You can borrow money from a Chime bank account if the account has been active for more than 3 months. You also need to maintain a good credit standing. After that, you are eligible for a $250 payday loan sent directly to your account.
What are some other $50 loan instant apps like Chime?
Some of the best $50 instant loan apps include Dave, Brigit, and DailyPay.
Jamie Johnson is very enthusiastic Kansas City – based freelance writer, and her core expertise are finance and insurance. She has been endorsed on several personal finance, insurance & business website to share her thoughts. Her publications can be found on famous sites like Bankrate, The Balance, Business Insider, Chamber of Commerce and many others.
From many years, she served more than 10,000 hours of research and writing to more than 2000 articles related to personal finance, credit building, mortgages, and personal and student loans.