Updated on August 14, 2022
If you are wondering how to borrow money from Chime then it is time to talk about SpotMe feature and how you can loan a small amount from this online bank.
What Will We Talk About Here?
1. 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.
2. In order to borrow money from Chime you should visit SpotMe > Loan Applications > Amount > Repayment Plan > Submit > Wait For Approval > Receive Loan.
3. 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
Chime’s lending product, like its direct deposit service, is quick and open to everyone. You can join up for the service by following these instructions.
Join the SpotMe community.
Complete the loan application.
Loan calculator: Enter the amount of money you want to borrow.
Oversee the platform’s stated repayment strategy. Before moving forward, make certain that it is appropriate for your present financial situation.
Complete and submit the online registration form.
In the meantime, be patient.
Pay back the loan in full by the end of the next business day.
Attention! Direct debit accounts can be used to make e-payments. SMS and alert messages will serve as a nudge to remind you to make the payments on time.
The loan has an initial cost of 20% of the loan amount, as well as a monthly fee of 4%.
Applicants for SpotMe loans must meet the following requirements:
A Chime-authorized account and the age of majority are required for SpotMe use.
The status of an applicant’s employment should also be made known (full-time or part-time job). Individuals also have the option of working for themselves.
SpotMe accepts applicants with all kinds of credit histories.
SpotMe Chime Loan gives you a pre-paid card that makes it easier for you to obtain approved for additional loans in future.
When it comes to getting paid, it can take anything from 16 days up to three months. How long you have to pay back the loan depends heavily on your specific situation.
The process of submitting an application for a job can be accomplished totally online. After receiving the all-clear, you’ll be able to access your loan cash within an hour.
If you like, you can also choose to repay the loan in full sooner rather than later. If you pay your bill beyond the due date, you won’t be charged anything extra.
The SpotMe dashboard is where most of the additional features of your account can be accessed and controlled.
Chime Payday Loans are not the only choice for debtors.
The Chime lending programme has only a few drawbacks. After considering all of your available lending options, it is still a good idea to make an informed conclusion.
A short-term loan like a Sunshine loan.
Borrow up to $2,000 and repay it over 9 to 14 weeks with this loan programme. It had a 20% up-front fee and a 4% monthly fee, just like SpotMe’s loan.
From a Trustworthy Lender: Microloans
Loans under this programme have a $2,500 maximum and need repayment within a year of obtaining them. The amount of money you borrow from a lender determines your monthly payment and interest rate.
Small loans are available through Fair Go Finance.
Fair Go Loan offers short- and long-term financing options up to $2,000 in total. The service, which charges 4% a month, has no setup fee.
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.