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The Good, The Bad and Payday Loans That Accept Chime

What are Chime Instant Loans ? And how do they work?

Chime Instant Loans allow you to get money whenever you require it. Once you have accepted the loan, funds will appear in the Chime account. You can check your balance through your app or set up automatic monthly payments to repay your loan.

What are the best ways to get a business loan?

The loans currently are available only to eligible members. If you’re eligible for the loan, you’ll get an alert via push and a message in your Chime application. If you just repaid the loan, we’ll inform that you’re now eligible for a new loan.

You need to know a few things in order to be able to get the loan.

A Chime account that is in good standing

Regular direct deposits to your Chime Checking Account

No outstanding loans from Chime

What is the maximum amount you can borrow?

Chime Instant Loans begin at $100 and may be higher in accordance with our eligibility requirements.

I’m eligible for more than the amount I have borrowed. Can I obtain an amount that is higher than my original amount?

A loan you’ve borrowed before and you are still paying back cannot be increased, regardless of whether the loan is larger. The first step is to pay off your current loan. Chime will notify you when another loan approval is granted.

Do loans have interest?

Yes. A $100 loan comes with an interest rate of $5*. Higher interest rates will apply to Payday Loans That Accept Chime –, greater than $100. If you pay off your loan earlier, it will actually lead to lower interest rates. There aren’t any fees for late or application.

How do you make loan repayment work?

The loan can be paid back in three (3) monthly installments*. To repay your loan you can set autopay in your app’s settings. The payments will be automatically deducted from your Chime Checking Account, and we’ll inform you prior to every transaction is processed. If autopay isn’t enabled, payments will be made by hand through your app.

There is the option of making additional installments on your loan if autopay is enabled. This will help you save money on interest.

What happens if I do not pay my bill?

We will not charge you additional fees or charges if you miss an installment. It may be difficult to increase your SpotMe limit in the event that you have accounts with outstanding balances.

I have paid off the loan. What do I have to do?

A loan payment can make it difficult to receive a loan offer. When you’re eligible for another loan you will receive a push notification.