What loan app works with chime? If you bank with Chime, you may be looking for compatible cash advance apps. Cash advance apps allow you to bridge the payday advance gap without turning to predatory lenders.
Which cash advance apps work with your Chime account? Let’s see pay advance apps that work with Chime.
What is Chime and how does it work?
Chime is not a bank. Its banking products are offered through Bancorp Bank or Stride Bank. Both banks are FDIC members, which is why Chime accounts are insured.
Chime offers a checking account with a Chime Visa debit card. The checking account is designed to receive direct deposit paychecks. Chime also offers a savings account and a secured credit card designed for building credit. You must have a Chime spending account to use these products.
Some benefits of Chime:
- Get prepaid: Instant deposits are available up to two days before the payday.
- Low rates. There are no monthly fees, minimum balance fees, or overdraft fees.
- Large ATM network. Chime has 60,000 ATMs across the country.
- Easy payment without costs. You can transfer money to anyone with a bank account for free.
- There are some drawbacks: cash deposits can be difficult and online transfers are limited to $200 per day. You can only use a mobile check deposit if you have signed up for an instant check deposit.
What is an Cash Advanced App?
Cash Advance apps, also known as cash apps, offer short-term loans when you run out of cash before your payday. You borrow money and the repayment is automatic. The app will withdraw it when your paycheck is deposited.
Cash advance apps generally don’t charge interest. Some apps have fees and others encourage volunteer tips. A standard tip may be charged unless you select a smaller amount.
Here are some advanced apps that work with Chime
what loan app works with chime? If you’re looking for cash advance apps that work with Chime, Dave stands out the most.
For a flat fee of $1 per month, Dave offers interest-free cash advances up to $100. Payment is due on the next payday or the following Friday, depending on the amount. You need a steady income, but there is no credit check.
If you are a Dave member, search the bank list, select Chime, and use your credentials. If you’ve already linked a bank to your Dave app, go to the Profile tab, select Linked Banks & Cards, tap Change and go to Find Bank.
Other Cash Advance Apps That Work With Chime
Besides Dave, there are a few other apps that work with Chime as well. Here are some options:
Cleo is an app that not only tracks expenses but also acts as a budget app and helps you save. The app gives you a free cash advance to help out until payday. Like Dave, Cleo can access your bank account and get the money back on payday. Many Cleo features are free, but the advance is part of the Cleo+ package, which costs $5.99 per month.
To link your Chime account to Cleo, simply search for Chime from the bar at the top of the app. You must provide your login details.
Albert is also a money management app, which analyzes your income and spending habits, makes savings and budget recommendations, and transfers the savings to a linked digital wallet.
Albert is free but offers a premium service, Albert Genius, for $4/month. Genius features include personalized financial tips and live expert advice, a 1% reward on your savings, and a micro-investment account.
Albert gives you early access to $100 and removes the money on your next payday. The advance is free if you deliver standard, this can take up to three days. For instant delivery, you’ll pay $3.99 if you’re a Genius subscriber and $4.99 if you’re not.
You can receive advances from Albert on your Chime account. Go to the “Budget” tab, tap +, select Chime, and add your account.
Empower tracks your expenses, helps you budget, and automatically separates your savings. You’ll also get the Empower Card, which can be used at select merchants, and receive a cashback reward of up to 10%. There are no overdraft fees, fees for insufficient funds, or minimum balances.
Empower costs $8/month but offers a free deposit of up to $250. To link Empower to your Chime account, search for Chime, and select and fill in your account information.
Varo is a complete online financial platform with features very similar to Chimes. You get a debit card with access to a network of ATMs and a variety of other products, including high-yield savings accounts that pay up to 3% interest.
Varo will give you a cash advance of up to $100 if your account is active and at least 30 days old. You must also have received at least $1,000 in direct deposits in the past 31 days. You have 15 to 30 days to return the money.
Most account holders who receive a Varo advance simply withdraw the money from their Varo account and use their Varo debit card to withdraw it. To use Chime, go to Accounts in your Varo app, choose Link an account, search for Chime and log in to your Chime account.
Like Varo, MoneyLion is a mobile banking platform. Part of the package is an advance program they call Instacash. The cash advance limit is based on the size of your direct deposit and can be up to $250. If you sign up for other MoneyLion products, you can prepay up to $1,000.
MoneyLion has its debit card and most of the users receive the deposit through their MoneyLion card. If you use both services and want to receive the deposit from MoneyLion to your Chime account, just go to “Transfers”, click “Add Account”, select Chime, and add your account.
What is SpotMe Chime?
If you’re looking for cash advance apps that work with Chime, SpotMe, Chime’s prepayment program, is the easiest place to start. SpotMe is a free overdraft service.
If you have a bank account with Chime and have received $500 in direct deposits in the past 31 days, you are eligible for SpotMe. You must continue to earn at least $500 every 31 days to qualify.
When you register, you will receive a SpotMe limit, usually starting at $20. Depending on your deposit history, you may be eligible for a limit of up to $200.
SpotMe covers all or part of the debit card purchases up to your limit. There is no limit to the number of transactions. Your overdraft will be deducted from your next direct deposit at no extra cost. You cannot withdraw funds or use SpotMe to fund a wire transfer.
Cash Advance Apps Don’t Work With Chime
There are many different Pay advance apps that work with chime with different functions, but not all of them are compatible with Chime. Here are a few that won’t work for a while.
Earnin allows you to withdraw money that you have already earned before your actual payday. There are no fees or interest, but the app will ask for a tip. The initial limit is $100, which can go up to $500.
Earnin offers several unique features, including Balance Shield alerts that notify customers via push notifications when their account balance falls below an amount they specify, ranging from $0 to $400.
Earnin was unable to support Chime users because Chime allows users to access their paychecks up to two days in advance, making it difficult to set a fixed payday. Earnin is working on a solution and has a group of test users who bank at Chime use the app.
To find out if you can be included in the test, search for Chime with the ‘Add Bank’ feature in Earnin. Try adding the account and you’ll get a message letting you know if the option is available.
Brigit is a budget tracking app that allows free cash advances up to $250. The amount you can advance is based on your income, banking history, and spending history.
Brigit is not compatible with many banks, including Chime, Capital One, and Net Spend. The app does not support new Chime clients due to connectivity issues.
Possible financing is a lender, nor a cash advance request. Your loans are repaid over several months, not deducted from your next deposit. Any payment notifications to credit bureaus and you pay an APR between 150% and 200%.
Possible’s website states that they cannot support Chime accounts.
What About “Earned Access to Salary” Apps?
Earned salary access apps allow you to access a portion of your salary as soon as you earn it. With them, you do not have to wait until the end of the payment period to receive your money. These include Branch, DailyPay, Even, PayActiv, and TapCheck. However, we excluded them from the list because they are employer-sponsored programs, so they are not open to everyone. You can only use them if your employer offers them as a business benefit.
Advantages and disadvantages of Cash Advance apps
Before looking for cash advance apps that work with chime, you should weigh the pros and cons of cash apps.
- You get money fast, so you can save on late fees.
- You can avoid overdrafts and high-interest payday loans.
- Qualifying is easy. There are no credit checks, so it doesn’t matter if your credit history is bad.
- There are no interest charges.
- Many apps have a monthly subscription fee.
- Some apps charge transfer fees, others ask for tips.
- The loan amount will come from your next paycheck, which could put you back into bankruptcy. This can lead to a cycle of borrowing every month.
Before signing up for any cash payment app, whether or not it works with Chime, think about why you’re doing it. If you want to be covered against a rare shortfall, these monthly fees can be expensive. If you are regularly short of money, you may need to review your spending habits and finances or consider credit advice.
Many cash advance apps also help you budget and save. Use these features regularly and keep the advanced feature as a backup. Cash advances are helpful, but some savings and an emergency fund are much better!
What Loan App Works With Chime – Frequently Asked Questions
How is a payday advance different from a payday loan?
Most prepayment apps typically don’t charge interest. There may be a monthly fee to use the app or a flat fee upfront. Payday loans charge very high-interest rates and are often carried over to another payday, which can cause interest rates to rise. Cash advance apps don’t accrue: they charge your account at the start of your next billing cycle.
Will Payday Advance Requests Affect My Credit Score?
Most payday advance apps don’t do a credit check, so there’s no hard question to hurt your credit. Most don’t report their payments either, so your payments won’t help your credit. However, it never hurts to get free credit reports from Jaarkredietreport.com and check them for errors so that you are ready when you need to apply for a larger personal loan.
What do I need to make a Payday Advance application?
Requirements vary, but you must be a US citizen or over 18 years of age. You need a checking account. Many apps require you to receive your paycheck via direct deposit into your checking account so that they can immediately deduct the paycheck.
What are the costs and fees for using a Cash Advance App?
Every app has its cost. Many apps charge a monthly fee but don’t charge for making a cash advance app. Others may charge a fee for an advance or an additional fee for an “immediate” cash advance app. Many apps ask for a tip every time you make a cash advance.