How Does Payday Loans That Accept Chime Work?

What are Chime Instant Loans and how do they function?

Chime Instant Loans make it easy to get money whenever you need it. After you have accepted the loan, the loan will be available in the Chime account of your checking account. You can check your balance through your app and then set up an automatic payment to pay back your loan.

How do I obtain loan approval?

The loan program is currently accessible to those who meet the eligibility criteria. If you are approved for a loan you will be notified by notifications via push. You’ll also be notified via your Chime App. We’ll inform you when you’ve recently repaid an outstanding loan.

To be approved, you will be required to meet the following requirements:

A Chime account that is in good standing

Regularly scheduled payments to your Chime Checking Account

Chime has no outstanding loans

What is the maximum amount you can take out?

Chime Instant Loans begin at $100. The eligibility requirements may increase it.

I’m eligible to borrow more than what I borrowed. What can I do to increase my loan?

No matter how large the loan is it isn’t possible to increase the amount that you borrowed. The first step is to pay off your existing loan. Chime will notify you that a new loan approval is granted.

Do Payday Loans That Accept Chime ( have to pay interest?

Yes. A $100 loan will have an interest rate of $5*. Higher interest rates will apply to loans larger than $100. If you pay off your loan early, you’ll actually save money on interest! There are no fees for late or application.

What is the process of the repayment of a loan?

Repayment of loans is possible in three (3) monthly installments*. The best way to repay your loan is to activate autopay in the app’s settings. Automatically your Chime checking account at Chime will debit the amount of your loan. We will inform you about each transaction before it’s processed. If you do not want to make automatic payments, you may manually process payments using your application.

Even if you have autopay enabled, you are able to make additional payments to the loan at any point and even make it a point to pay off the loan before the due date. You will save money on interest by doing this.

What if I fail to pay my bill?

We will not charge you any additional interest or a late fee if you miss your payment. SpotMe could limit your ability to add more limit to accounts that are in delinquency.

I paid off my mortgage. What do I need to do?

After you have completed the repayment of your loan, an offer for a loan will no longer be available. As soon as you qualify for a loan again you’ll receive an alert via push and an email in your app.

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