Payday Loans That Accept Chime

In recent years, online banking has become more popular, especially with the widespread use of smartphones and their apps. Many people are no longer going to banks to manage their money and are using less cash and more online spending. Chime is an example of a digital banking system without a bank. Read on to find out more.

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Understanding Payday Loans That Accept Chime

A payday loan is a short-term loan usually for a small amount of money that you repay on your next payday. These types of loans usually have a high-interest rate and are popular with people who need money fast with quick approval, even with bad credit.

Chime is an app allowing anyone to have a fees-free check and savings account online with a direct deposit facility and a debit card. It is just as safe and legal as a traditional bank account.

Not all payday loans work with Chime, but there are a number of payday loans that accept Chime, and some are banking apps that provide instant payday loans for small amounts, up to $250, at low or no interest.

Pros & Cons of Payday Loans That Accept Chime

There are many benefits to using Chime for a payday loan, and there are also some disadvantages you need to consider:

Advantages

  • Quick Payout Process: If you apply for a payday loan through Chime, it will likely be because you need cash urgently. You will find many payday loans that accept Chime pay out quickly, direct to your Chime account within hours.
  • 100% Online Application Process: When you apply for online payday loans that accept Chime, you can do it from your home or office. Just fill out the application form online to get fast approval, digitally sign the loan agreement, and wait for the cash to be paid to you.
  • Improve Your FICO Score: If you have a poor credit score, repaying a payday loan through Chime helps to rebuild your credit. The credit builder loans are up to $5,000 and can be repaid in up to 24 months, with the repayments reported to the credit bureaus to help your credit score.
  • Repay Your Loan with Flexibility: When you arrange a payday loan through Chime you can discuss the payment terms with the lender, and set up a repayment plan of 2 to 24 months using direct debit. This is much better than the usual payday loan terms.

Disadvantages

  • Daily Limit: There is a $200 daily limit for online transfers with Chime
  • Limited Availability: There is a limited number of lenders who offer payday loans online with Chime, although this will change in the future
  • High-Interest Costs: Payday loans that accept Chime charge high-interest rates ranging from 5.99% to 35.99%, mostly towards the higher end.

How Can I Know Whether My Loan App Works With Chime?

Not all loan apps work with Chime but there are a number of websites that list the available loan apps that accept Chime. A simple way to find a loan app is to use SpotMe, which is Chime’s own free overdraft service. If you have a Chime account and you have received $500 in direct deposits in the last 31 days you are eligible to use SpotMe.

Loan Apps That Work With Chime

Dave

This is recognized as the best app to use with Chime. For a fee of $1 a month, Dave provides a cash advance up to $250 with 0% interest to be repaid on your next payday, which you can have paid directly into your Chime account. There is no credit check needed but you must have a regular income. However, Dave does not report repayments to credit bureaus so there is no effect on your credit score.

Cleo

You can link your Chime account to the Cleo app and get an interest-free payday cash advance, which is repaid by direct debit. Cleo tracks your spending and helps you budget, and although the payday loan is interest-free, it is only available on the Cleo+ package for which there is a monthly charge of $5.99.

Albert

Albert is a payday loan app that you can link to your Chime account, providing a payday loan of up to $250. You can get the loan the same day you apply for a fee of $4.99, but if you can wait 3 days there is no charge. Albert will analyze your spending patterns, work out how much you can save each month, and automatically transfer that amount to your saving account.

Empower

The Empower app also keeps track of your spending and automatically transfers money from your checking account to your savings account. There are no overdraft fees and you can get a no-interest cash advance up to $250, but Empower costs $8 a month. You can link Empower to your Chime account.

Varo

Varo is an online banking app similar to Chime and it can be linked to your Chime account. The maximum cash advance through Varo is $100 with no interest but Varo charges a fee of $5 for the loan, which you can transfer to your Chime account at no charge.

MoneyLion

MoneyLion is another mobile banking app that can give you a cash advance up to $250 which you can receive in your Chime account, although MoneyLion has its own debit card and many users prefer to take the cash advance on their MoneyLion card. MoneyLion also helps people with investments and provides financial advice.

More Questions? We’ve Got You Covered

Can I Get a Loan With a Chime Account?

There are a number of online direct lenders who accept Chime, and the easiest way to find them is to use an online broker.

What Apps Work Like Chime?

There are several banking apps similar to Chime with the same loan facilities such as Empower, MoneyLion, and Dave. They all offer low-dollar payday cash advances with low fees and no interest.

What is a Cash Advance App?

Cash advance apps usually run through an online banking platform and they provide short-term, small-dollar loans which are repaid by automatic debit from your next paycheck. Most of the apps do not charge interest on the loan but there is often a small monthly flat fee.

Can I Get a Cash Advance With Chime?

Yes, you can. When you first open a Chime account, the cash advance is limited to $20 but after you have built up some history with the app you can get an advance up to $200.

How Does a Payday Advance Differ From a Payday Loan?

With a payday advance through a banking app such as Chime, there is usually no interest charged although the advance amount may be small, up to $250 and it will be automatically deducted from your account on the next payday. Some apps have a monthly flat fee.

A payday loan through a direct lender will have a high-interest rate and the amount you can borrow will be higher depending on your income and ability to repay.

Do Payday Advance Apps Affect My Credit Score?

Most banking apps that provide payday cash advances do not do any credit checks and do not report repayments to the credit agencies so your credit score is not affected either way.

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