What are Chime Instant Loans ? And how do they function?
Chime Instant Payday Loans That Accept Chime are fast and simple to access when you need funds to pay for important expenses. When you accept the loan offer, the money is accessible in your Chime Banking Account. You will be able to access your account to check your current balance, and to create automatic payments to repay the loan.
How do I obtain a loan?
The loans currently are available only to those who are eligible. An email notification will inform you whether you’re eligible for loans and you’ll be notified via your Chime mobile application. If you’ve just paid off a loan you’ll be notified when you are eligible for another.
For a loan to be approved, you will need to have the following:
A Chime account in good standing
Regular deposits to your Chime Checking Account
No outstanding loans through Chime
What amount can I borrow?
Chime Instant loans start at $100, but may be more depending on our eligibility requirements.
I am eligible to receive more than the amount I borrowed. Do I qualify for a loan greater than the amount I borrowed?
However large the loan You can’t extend the amount you borrowed. You’ll need to pay back your current loan and then wait for Chime to let you know when you’re approved for another.
Do loans have interest?
Yes. $5* is the sum of amount of interest for 100 dollars. The interest rate on a $100 loan is likely to be greater if you borrow more. Your interest rate will be lower if you loan is paid in advance. Additionally, there aren’t application fees or early or late repayment charges.
What is the process of the repayment of a loan?
You are able to repay your loan by making three (3) monthly payments*. To repay your loan you can enable autopay in your app’s settings. We will notify you prior to each transaction being completed. The Chime Checking Account will be able to automatically debit your monthly payments. If you choose not to use autopay, you’ll have to make payments manually using your app.
Even if autopay has been set up, you can still make additional payments on your loan, and pay it off earlier. By doing so you will save money on interest!
What if I miss the payment?
We do not charge any additional interest or late fee if you miss your payment. It may be difficult to increase your SpotMe limit in the event that you have accounts with outstanding balances.
I have paid off my debt. Do I have the right to apply for another loan?
Once you’ve paid off the loan, a second loan offer will not become accessible. When you become eligible for another loan you will get a push notification.