What are Chime Instant Loans and how do they work?
Chime Instant Loans provide an easy way to access money when you need it to cover an expense that is important. When you accept the loan offer, the money is available in your Chime Banking Account. Access your application to view your balance, and to schedule automatic repayments to repay the loan.
What can I do to get a loan?
At present, loans are available only to eligible members. An email notification will let you know if you are qualified for the loan. You will also see a message on your Chime mobile app. We’ll notify you if you’ve recently repaid an outstanding loan.
If you want to qualify for a loan, here are a few things you need to be aware of:
A Chime account that is in good standing
Consistent Direct Deposits to Your Chime Checking Account
Chime does not have any outstanding loans
What is the maximum amount I can borrow?
Chime Instant Payday Loans That Accept Chime [http://kupiti-dveri.ru] start at $100 and could be higher depending on the eligibility requirements.
I’m eligible to borrow more than the amount I’ve taken out. What can I do to increase my loan?
A loan you’ve already borrowed but are still repaying cannot be increased, regardless of whether the loan is larger. You must pay off the loan first, and then you’ll have to wait for Chime’s approval before you allow for a new loan.
Does a loan carry an interest rate?
Yes. $5 is the total interest on a $100 loan. Your interest rate will increase when you make a smaller loan. Your interest rate will be lower if the loan is paid off early. Furthermore, you will not be required to pay application fees and also for early or later payment.
How does loan repayment work?
Lending is available in three (3) monthly increments*. Autopay is the most efficient method of repaying your loan. We will notify you prior to each transaction being completed. The Chime Checking Account will be able to automatically debit your monthly installments. If autopay isn’t selected then payments are made by hand through your application.
You are able to make an additional payment on your loan even if autopay is turned off. This way you’ll reduce interest costs!
What happens if I’m late on a payment
If you don’t make a payment in full, you will not be assessed a late fee or any additional interest over what you signed up to when you accepted the loan. You might not be able to increase the amount of your SpotMe limit when you have accounts that are in default.
I paid off my debt. What do I have to do?
Another loan opportunity won’t become available until after you’ve paid off your loan. If you are able to qualify for a loan again you’ll receive an email notification, and receive an alert in your application.