Does Chime Do Loans?

Using Chime gives its members many benefits, such as a fee-free overdraft or an extensive fee-free ATM network. But does Chime do loans?

Chime is an online financial service that offers a cash advance of up to $200. The amount of money that you can get starts at only $20 as an advance or overdraft. So, while you work on your account to receive more funds, there are some financial apps that work with Chime and which offer cash advance a payday loan.

Chime is accepted by reliable payday loans and cash advance apps, and it’s easy to connect them together. The apps that stand out include Empower, Cleo, Albert, and several more.

Does Chime Do Loans? They Offer Some Cash Advance

Chime is known to many users of online financial services as a complete payment app. The app allows you to get a cash advance of up to $200. You can also withdraw this from your Chime card.

However, you can not receive this amount right away – instead, it starts small, at only $20. Larger amounts, up to the mentioned $200, will take some time and work on the account in order to receive them.

However, if you need a cash reimbursement ASAP and you are a Chime member, not all is lost. You can get a payday loan through apps that accept Chime, and you can transfer these funds to your account with ease.

Depending on the app you’re working with, you can get from $100 to $500.

Ways to Get a Payday Loan or Cash Advance to Your Chime Account From Other Apps

A payday loan is, in essence, a certain type of cash advance. It works simply – once you borrow the money from a lender, you are due to return it with the next paycheck, and that’s why it’s called the payday loan. Although it’s best to avoid entering the circle of debt (interest rates on these loans go up to 400%), it’s definitely a good way to overcome an emergency situation.

Allocate Funds Toward Credit with a Secured Card that Requires No Money as Deposit

Accepting to open an account with Chime allows you to own their secure card. You will receive it without any credit checks or interest. There is no required minimum deposit for receiving this card, and it will also allow you to administer funds toward your credit limit. This makes the card debt-proof, as you are only allowed to spend the funds you were able to preserve.

They Work With Different Payday Loan Apps

While you need to be careful while choosing online financial solutions, be especially careful where internet loans are concerned.

The table below shows which apps that offer cash advance work with Chime and the maximum amount of money you can receive from them and deposit it into your account.

App for cash advanceCan work with ChimeMaximum amount of cash advance
Chime SpotMeYes$200

Take Precautions When Getting a Payday or Any Other Loan Through the Internet

In most cases, it’s safe and secure to use online banking solutions to get a loan. But also keep in mind that being extra careful when making any form of transaction over the internet is wise.

Before you apply for a loan and give away any valuable information, make sure the company offering loans is known and reliable. You can check through the internet whether there have been any complaints from the clients.

Here are the precautions you can take:

  • Ensure the website is trustworthy and that it has a security certificate.
  • Run a thorough check on all available data and the reputation of the company.
  • Never pay any amount of money in advance because this is a sure sign of a scam.
  • Every agreement must be sealed with a contract, so always demand to read it and pay attention to every detail.
  • After you have confirmed the safety of a financial service, you can give away some of your personal data. However, never reveal any passwords to a third party.

A Word or Two About Chime

Chime works as a technological and financial company that was founded on the idea that people should get free essential banking services in an easy and helpful way.

And since they want to work with their members to create profit, they are not created to profit from them.

In essence, this means that by using Chime, you won’t have any overdraft fees or any other similar expenses, such as service and monthly fees or minimum balance requirements.

They have partnered up with many regional financial institutions to create financial products that serve members first.

This has led to the creation of a more competitive market that has better and lower-cost solutions for Americans not happy with what they get from banks.

The Benefits for Chime Members

Besides having an extensive network of over 60,000 fee-free ATMs, there are many other benefits to using Chime. The advantages of this online banking solution are:

Additionally, you won’t have to worry about the security of sensitive information. All deposits up to $250,000 are FDIC insured.

Chime Banking Solutions Will Help You Save Money

While you are rethinking the possibility of becoming a Chime member, you should pay attention to their savings account. It doesn’t require a minimum balance, so it’s an excellent opportunity for brand new members and those that want to start building their credit.

Besides having a low-interest rate, you can get an extra $500 annually, in rewards.

So while you won’t be able to get a significant payday loan right away, once you have been working with Chime for a certain period, you get access to more benefits.