Long term loans through banks and credit unions are still preferred means of obtaining cash when your savings are not enough. However, now different mobile apps like Cash App and Robinhood offer instant, short-term loans as well. Similarly, lets check out how to borrow money from Chime bank works.
- 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 – Step By Step Guide
Just 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.
- Fill out loan application.
- Mention the amount that you wish to borrow into the loan calculator.
- Oversee the repayment plan as mentioned by the platform. Make sure it suits your current budget and circumstances before proceeding.
- 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 SpotMe Loan
Anyone above the age of 18 and with authorized Chime account can sign-up to SpotMe feature.
Applicants also need to disclose their employment status (full-time or part-time job). Moreover, they may also be self-employed.
- Another thing to keep in mind is that SpotMe does run a credit check although you can still apply with a bad credit.
Feature of SpotMe Chime Loan
- You would get a prepaid card that lets you access more approved loans on easier 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 of other features using the dashboard.
Chime Payday Loan – Alternatives
Chime loan program does not have many disadvantages. However, it is still a better approach to be aware of loan alternatives when making a choice.
- Sunshine Short Term Loans
The loan program lets you borrow up to $2000 with repayment between 9 to 14 weeks. Similar to SpotMe loan, it also carried 20% establishment fee and 4% monthly charges.
- Safe Financial Small Loan
This loan program allows you to borrow up to $5000 that should be paid back within a year. The monthly fee and interest depends on the amount that you borrow.
- Fair Go Finance Small Loan
Fair Go Loan lets you borrow up to $2,000 and pay back within 3 months or up to a year. There is no establishment fee although the program has 4% monthly charges.
The Bottom Line
Chime loan is definitely a better option as compared to traditional bank loans. Let’s not forget that the later cost as much as $35 to overdraft.
- Although SpotMe also charges some fee and the loan amount is limited but the perks are quite 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
Can I borrow money 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 Chime account. However, you need to build history with Chime beforehand.
How can I get loan from my Chime bank account?
You can borrow money from 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 $250 payday loan that would be sent directly to your account.