What are Chime Instant Loans and how do they work?
Chime Instant Loans provide easy access to money when you require it to pay for an important expense. The money will be available in your Chime checking account the moment you take the loan. You can view your current balance with your app, or set up automatic monthly payments to pay back the loan.
How do I obtain an approval for a loan?
At present, loans are available only to eligible members. If you’re eligible for Payday Loans That Accept Chime (http://a8audi.ru/), you’ll receive an email notification as well as an email in your Chime application. If you just repaid an outstanding loan, we’ll tell you when you’re eligible for another one.
There are some things you need to be aware of in order to be thought of for a loan
A Chime account in good standing
Continuously making deposits to your Chime Checking Account
Chime has no outstanding loans
How much can I borrow?
Chime Instant Loans begin at $100 and may be higher in accordance with our eligibility requirements.
I’m eligible to receive more than what I borrowed. Can I get an amount that is higher than my original amount?
Whatever the size of the loan is, you can’t increase the amount you borrowed. You’ll be required to pay back the amount you’ve already taken out and be patient for Chime notification to let you know if you’re approved for a new loan.
What is the rate of interest on loans?
Yes. For a $100 loan, you will pay $5* interest. If you borrow more, your interest amount will be higher. The interest rate will be lower when you pay off the loan in advance. Additionally, there aren’t charges for application or early or late repayment fees.
What is the process for loan payments?
The loan can be repaid in three (3) monthly installments*. Autopay is the most effective method to repay your loan. Automatic deduction from the Chime Checking Fund will occur. You’ll be informed before the transaction is complete. If you prefer not to make automatic payments, you can manually process payments using your app.
Even if autopay is enabled, you can make additional payments on the loan at any point and even make it a point to pay off the loan early. You will save money in interest rates by doing this.
What happens if I’m in the middle in a payment
We don’t charge you additional interest or late fee in the event that you do not make your payment. Delinquent accounts may, however hinder you from increasing the amount of your SpotMe limit.
I have paid the loan. Do I have the right to apply for another loan?
Another loan offer won’t become available until after you pay off a loan. After you’ve been accepted for a new loan you will get a message via push. Additionally, you can receive an email through your application.