If you’re wondering how to borrow money from Chime, a loan feature called SpotMe lets you get cash in minutes. However, before that, let us introduce you to Chime SpotMe.
What is Chime SpotMe?
Chime SpotMe is a unique loan feature that allows you to get small amounts of cash in minutes. This service is available to Chime members who have an active direct deposit account with the company.
Once approved for a SpotMe loan, the funds will be deposited into your account within minutes, giving you immediate cash access when needed.
How To Borrow Money From Chime – Step By Step Guide
If you’re a Chime member, you can easily borrow money from your account using the Chime app. Here’s a step-by-step guide on how to do it:
1. Open the Chime app and tap on the ‘Borrow’ tab.
2. Fill out the form with the amount you wish to borrow and your repayment schedule.
3. Tap on ‘Submit’ and wait for your loan approval.
4. Once approved, the money will be deposited into your account within 1-2 business days.
That’s all there is to it! Borrowing money from Chime is a quick and easy process that can be done entirely from the comfort of your own home.
What Are The Requirements For Chime SpotMe?
To be eligible for a Chime SpotMe loan, you must be a current member of the company with an active direct deposit account.
Additionally, you must have made at least five qualifying direct deposits into your account within the last month.
What Are The Terms Of A Chime SpotMe Loan?
Chime SpotMe loans are short-term loans that typically range from $20 to $500. The terms of your loan will depend on the amount borrowed, but all loans must be repaid within 30 days.
There is no interest charged on these loans, but a flat fee will be deducted from your account when the loan is repaid.
How Do I Repay A Chime SpotMe Loan?
Repaying your Chime SpotMe loan is easy – the funds will be automatically deducted from your account on your next payday.
You can also choose to repay your loan early if you have the funds available, saving you money on the flat fee.
What Happens If I Can’t Repay My Chime SpotMe Loan?
If you cannot repay your Chime SpotMe loan on time, you may be charged a late fee. Additionally, if you do not repay your loan within 60 days, it will be reported to the credit bureau and impact your credit score.
What is Chime Early Direct Deposit?
With Chime Early Direct Deposit, you can get your paycheck up to two days early! This service is available to all Chime members with an active direct deposit account.
Simply log into your account and navigate to the ‘Settings’ tab to enroll. Next, select the ‘Early Direct Deposit’ option and enter your direct deposit information.
Once approved, your paycheck will be deposited into your account as soon as Chime receives it.
Documents Required to Get the Loan from Chime Banking App
To get a loan for business or personal from Chime, you will need to provide the following information:
- Date of birth
- Social security number
- Current address
- Email address
- Phone number
- Employer’s name and contact information
- Bank account information
Feature of SpotMe Chime Loan
- You can get a small amount of cash in minutes
- No interest is charged on the loan
- The loan is paid within 30 days
- Late fees may be applied if you cannot repay the loan on time
- Your loan will be reported to the credit bureau if you do not repay it within 60 days.
Chime Fee & Charges
Chime does not charge any fees for its SpotMe feature. However, a flat fee will be deducted from your account when the loan is repaid.
This fee will depend on the amount borrowed, but it typically ranges from $5 to $15. There is also a late fee that may be applied if you cannot repay your loan on time. This fee is typical $15.
How to Turn Automatic Savings On or Off in Chime Mobile App?
- Login to the Chime mobile app
- Tap the ‘Menu’ icon in the top left corner
- Click on ‘Settings’
- Now click on ‘Automatic Savings.’
- Toggle the switch to ‘On’ or ‘Off’ depending on your preference.
Chime Payday Loan – Alternatives
If you are not eligible for a Chime SpotMe loan or need a larger amount of money, other short term loan options are available. Some of these include:
- SunTrust Short-Term Loans: SunTrust offers short-term loans of up to $500 for qualified borrowers. These loans have a repayment term of 90 days and an APR of 25.49%.
- Check into Cash Payday Loan: Check into Cash offers payday loans of up to $1,000 for qualified borrowers. These loans have a repayment term of 14 days and an APR of 399%.
- ACE Cash Express Payday Loan: ACE Cash Express offers payday loans of up to $2,500 for qualified borrowers. These loans have a repayment term of 30 days and an APR of 782.14%.
Chime SpotMe is a fantastic platform to receive a small amount of cash in minutes. I hope this guide has helped you know how to borrow money from the Chime. Happy reading!
Frequently Asked Questions About How To Borrow Money From Chime
Q. Can I borrow money from Chime?
A. Yes, Chime offers a unique loan feature called ‘SpotMe’ that allows you to get a small amount of cash in minutes.
Q. Does Chime allow users to overdraft?
A. Chime does not allow users to overdraft their accounts.
Q. Can you get instant cash from chime?
A. Yes, if you are eligible for a Chime SpotMe loan, you can get instant cash from the company.
Q. Does float me work with Chime?
A. Yes, FloatMe works with Chime to provide you with a cash advance of up to $100.
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