Why Almost Everything You’ve Learned About Payday Loans That Accept Chime Is Wrong And What You Should Know

What are Chime Instant loans?

Chime Instant Loans permit you to get money quickly to cover an important expense. When you accept the loan proposal, the cash is accessible in your Chime Banking Account. You can view your current balance with your app, or schedule monthly payments to pay back the loan.

What is the best way to get a loan?

In the moment, loans aren’t accessible to everyone. An email notification will let you know that you’re eligible to receive a loan and you will receive a notification on your Chime mobile application. If you’ve already paid an outstanding loan, we’ll let you know when you become eligible for another.

You must know some things to be eligible for an loan.

A Chime account that is in good standing

Regular direct deposits to your Chime Checking Account

Chime does not have any outstanding loans

What is the maximum amount I can borrow?

Chime Instant loans begin at $100, however they may be higher depending upon our eligibility requirements.

I am eligible for more than what I have borrowed. Do I have the ability to increase my loan amount?

Even if you qualify for a bigger loan, you cannot increase the amount you’ve borrowed or are currently repaying. You’ll have to pay back your existing loan, and Chime will let you know when a new loan is available.

Are Payday Loans That Accept Chime subject to the charge of interest?

Yes. The total amount of interest for an average loan of $100 is $5*. You’ll pay more in interest if your loan amount is greater. The interest rate is lower if your loan is paid back early. Additionally, you don’t be required to pay application fees and also for early or later repayment.

What is the process for loan repayment?

The loan is available in three (3) monthly increments*. The best way to repay your loan is to enable autopay in the app’s settings. Automated deductions from your Chime Checking Fund will occur. You’ll be informed before each transaction is completed. If you do not want to use automated payments, you are able to manually process payments using your app.

Even if autopay is enabled however, you are able to make additional payments on your loan or even be able to pay it off earlier. Making these payments will save you money on interest.

What happens if I forget to make a payment?

If you do not make a payment in full, you will not be assessed a late fee or additional interest beyond what you agreed to when you accepted the loan. SpotMe limits won’t be raised if your accounts aren’t running smoothly.

I have paid off the loan. Can I apply for another one?

After you’ve paid off your loan, a new loan offer won’t be available. If you’re eligible to receive another loan, a push notification will be sent to your mobile and a message will be added to your application.

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