When you’re looking for a simple and fast way to get some funds, there’s no better solution than Chime. How to borrow money from Chime is one of the most important questions you need to answer as a Chime user. After all, the more details you know, the more effortless the entire process will be.
Borrowing money from Chime is a straightforward process. You need to install the app and follow a step-by-step guide, and the app will guide you through the SpotMe feature. When it comes to the amount you can borrow, it ranges from $20 to $200.
Check more info about borrowing features Chime has and how to do it effortlessly. Keep reading and learn some great things this app has for its clients.
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How to Borrow Money From Chime?
With Chime’s Spot Me feature, all eligible customers can effortlessly borrow money in amounts from $20 to $200. The process is quite simple – you can withdraw money from an ATM or perform the transaction with a Chime credit card. There won’t be any charges or interest to pay, and you won’t have to deal with credit checks. Here’s a simple guide on how to borrow money from Chime:
- Get the Chime Debit Card and receive a deposit of up to $200 in your account,
- Go to the Settings tab and the SpotMe feature (ensure your app is updated),
- Accept all SpotMe Terms and Conditions,
- Once everything is activated, you’ll be able to see your SpotMe limit,
- It’s now possible to overdraw the Chime debit card and begin with purchases,
- Withdraw the money, whether you prefer cash from an ATM or having cashback transactions at some retail stores.
What Requirements Should Users Be Aware Of?
- Social security number,
- Valid proof of identity,
- Recent salary slip,
- Bank account information.
Are There Some Limitations When It Comes to the Amount You Want to Borrow?
Borrowing funds with Chime means no late or interest fees. This is not only convenient, but it will be built up into the app and compared with loan products and overdraft fees traditional banks offer, Chime indeed is the right choice. But, when it comes to the amount a client can borrow, be aware you can’t control it. That’s why there are other payday apps that work directly with Chime and will offer higher maximum advance cash.
|Apps||Maximum advance cash|
How Much Money Can a Client Borrow From Chime Mobile Banking?
Since Chime isn’t a traditional bank, but a reliable fee-free mobile banking service, you need to be completely prepared for some regulations the traditional bank might not have. For example, check what time direct deposit hits and be aware that Chime can overdraft up to $200 on purchases with debit cards.
The borrowing process goes through SpotMe Limit, which you can find on your mobile app. Its auto-determined algorithms take into account your account history and activity and range from $20 to $200. However, the main input to Chime is the direct deposit from your employer.
What Is the Best Way to Repay the Borrowed Money?
From figuring out how to deposit cash and how to add money, many people forget to check how the repaying process goes. Luckily, this step is among all those benefits this innovative banking system provides its clients. The convenience and ease you will enjoy with automated repaying money is something to have in mind.
You won’t have to lose your precious time by repaying the money manually- with Chime; this is history. In other words, when funds are deposited to a Chime account or when you receive a direct deposit, know the borrowed amount will be automatically returned.
Will This Borrowing Affect Credit Score?
It may seem that every piece of information is essential when it comes to your finances. It’s because you really need to be aware of everything. That’s how you should know the borrowed amount will show up as a negative balance on your Chime account.
Be aware that borrowing from Chime will negatively affect your credit score only if you don’t repay the negative balance within 90 days. Not only that, but Chime could suspend the checking account as well. So, as you may know, it’s better to pay dues on time and not have any negative impact on the borrowing ability.
How Can Clients Use the Borrowed Money?
Chime SpotMe is an overdraft feature that is growing fast, and it’s available for all people who have Chime App. This means you can overdraw your account with a limit from $20 to $200. Also, you’ll need between three to five days for a check deposit. But where can you use the SpotMe feature and the borrowed money? Check the table below.
|Can Use It||Can’t Use It|
|Day-to-day purchases using Chime debit cards at physical outlets like grocery stores, restaurants, and gas stations||Automatic payments for bills while using Direct Debit|
|Getting cash withdrawals at ATM||Payment and transferring money to friends|
|Paying for Uber rides when you use a Chime debit card as one of the payment methods||Transfers to apps such as Cash App and Venmo|
|When paying for an online purchase||Chime Checkbook transactions|
|Using a cashback option for transactions at retail stores such as Walgreens, Walmart, and others|
Chime Is a Great Option for Those Who Want to Borrow a Smaller Amount of Money
If you’re looking for a reliable online banking solution for your borrowing funds needs, Chime might just be the platform you are looking for. This can be a particularly great option if you require only a small amount of money for short-term requirements. You won’t have to spend any extra cash on fees, and it will not impact your credit score if you manage to pay off the negative balance within a reasonable timeframe.