We all have been in a situation where we need cash urgently but we do not have much in our bank account. However, nowadays if you are having a cash crunch for a short time you can get it easily through Chime App. today in this post you will learn about How to Get a Loan from Chime App | Borrow Money from Chime?
You can consider Chime App as the best alternative to a payday loan. Getting a payday loan can keep you in a cycle of debt, and payday loans come with hefty fees and interest rates.
We will dig more about this interesting app in detail in a while but before let’s start with the basics.
What is Chime Banking App?
Chime is a financial technology company that is found to make basic banking services easy and free. It uses the latest digital technology in its services.
It is a new kind of online bank account that helps members get ahead by making managing money easy.
The best thing is that the Chime Online model doesn’t rely on an overdraft, monthly service, minimum balance, or other consumer fees.
Chime is in partnership with regional banks to design member first financial products. Banking Services provided by The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
NOTE: Chime is a financial technology company, not a bank. Banking services provided by, and debit card issued by, The Bancorp Bank or Stride Bank, N.A.; Members FDIC.
Chime is having more than 8 million members enjoying its services.
Features of Chime Loan Banking App
- No hidden Bank fees. It has no monthly maintenance fees, minimum balance fees, or foreign transaction fees. Plus, access 60k+ fee-free ATMs.
- Save money without even thinking about as It can help you to grow your savings automatically with its automatic saving features.
- Get your paycheck up to two days early with direct deposit.
- Eligible members on Chime can overdraft up to $200 on debit card purchases with no fees.
- It can help you to build your credit score when you pay the credits on regular intervals.
- Send money to friends, family, or roommates with no transfer fees.
Eligibility Criteria to borrow money from the Chime Banking App
- You must be 18 years old to open a Spending Account.
- Applicant should be a permanent residents of the United States or the District of Columbia.
- You must have regular source of income.
Documents Required to Get the Loan from Chime Banking App
- Your Social security number.
- Bank account information.
- Recent salary slip.
- Your identity proof.
Chime can overdraft up to $ 200 on debit card purchases with no fees through its SpotMe facility. we will discuss this in a second…
What is SpotMe in Chime Banking App
SpotMe allows you to make debit card purchases that overdraw your account with no overdraft fees. Limits start at $20 and can be increased up to $200.
To get access to SpotMe, you need to have received a single direct deposit of at least $200. To keep using SpotMe after that, you need cumulative direct deposits of at least $200 every month.
These deposits can come from an employer or payroll provider, or government benefits payer, and must be deposited into your Spending Account as an automated clearing house (ACH) transfer or Original Credit Transaction (OCT).
SpotMe only covers debit card purchases and cash withdrawals. It does not cover Pay Friends transfers, ACH transfers (including direct debits), or Chime Checkbook transactions.
NOTE: Chime SpotMe is an optional, no-fee service. All qualifying members will be allowed to overdraw their account up to $20 on debit card purchases initially but maybe later eligible for a higher limit of up to $200 or more based on the member’s Chime Account history, direct deposit frequency, and amount, spending activity and other factors.
How does a Chime App Works?
The operating method of Chime is simple: each one that signs up will have access to a checking account (Chime calls it a Spending Account), a savings account, and a debit card.
All the money that you deposit into your Chime account will initially go to your checking account. You can use that money to make everyday purchases using your debit card, use it online like as a standard checking account (to send money).
Money from your checking account can be transferred to your savings account. Then, you can choose to keep it there or can transfer it to other accounts as there is no charge to transfer cash.
What is Chime Early Direct Deposit?
Chime also offers a Direct Deposit facility in which you can access your funds up to two days early. No waiting for your money, and no paper check.
This facility is for the members who receive direct deposits from their employer or benefits provider.
How to get paid early with direct deposit?
To set up direct deposit, you need to provide your bank routing number and your Chime account number to your payroll or benefits provider.
You can get this information details in the Chime mobile app under the Move Money tab.
Or, When you open an account through Chime, you can email yourself a pre-filled direct deposit form that you can hand over to your employer or benefits provider.
How to Get $50 loan from chime App
If you have received a single direct deposit of at least $200 from an employer or payroll provider, or government benefits payer (including Child Tax Credit payments), and must be deposited into your Spending Account Chime will increase early deposit up to $200 in your spending account.
How to Set Up Direct Deposit through Chime Mobile App?
- Download and Install Chime Mobile App on your Phone.
- Once you log in successfully, Under Settings, tap Set Up Direct Deposit. You can also find this on the Move Money tab.
- Click on the option Tap Complete direct deposit form.
- Enter the name of your employer or payroll provider, payer, or government benefits provider, and click on the Continue button.
- Sign your name with your finger on the screen and click on Add signature.
- To share your completed direct deposit form from the app, click on the Share form option and choose how you want to send the form.
Chime Additional Features and Benefits
Apart from SpotMe features, Chime provides a few other features & benefits as well. you can find them below.
Chime Automatic Saving
Every time you use your Chime debit card to purchase anything, the chime will automatically round up the spending to the nearest $1 that will deposit in your Chime savings account.
For Example. if you make a purchase of anything at the retail store for $31.27, Chime will charge your debit card $32. The difference of $0.73 will be transferred into your savings account automatically. This is done for every single purchase you make.
Chime High Rate of Interest on Savings
Chime pays an APY (Annual Percentage Yield) of 0.50%, which is one of the best interest rates on the savings account available online.
Networks of ATMs
Chime has access to over 60,000+ fee-free ATMs. You can also use the map in your Chime app to find the closest fee-free ATM near you.
To be eligible to apply for Credit Builder, you need to have received a qualifying direct deposit of $200 or more to your Spending Account within 365 days of your Credit Builder application.
Chime App allows you to do international transactions as well. you need to turn on this feature under Chime Debit Card settings.
How to turn Automatic Savings on or off in Chime Mobile App?
- Open the Chime app and log in.
- On the Android phone, in the upper-left, tap the three (3) horizontal lines and then tap Settings.
- On the iOS phone, in the upper left, tap the gear.
- Scroll down the page until you see a Savings heading.
- Look for the toggle for Automatic Savings.
- If it’s grey, Automatic Savings is off. If it’s green, Automatic Savings is on.
How to Use Pay Friends to Send Money in Chime App
- Log in to your Chime mobile app using your credentials.
- Select the Friends tab.
- Search for your friend’s name or $ChimeSign, or enter the email or phone number of someone who isnot using chime.
- Enter the amount to send to the recipient and the reason that you’re sending the money.
- Confirm the amount and the recipient.
- Choose Pay now to send the money.
Chime Fee & Charges
- Transfer Fees: you can send money to your friends & family without paying any extra charge.
- Hidden Cost: Chime has no monthly maintenance fees, minimum balance fees, or foreign transaction fees.
- ATM Cash Wihdrawal: you may be charged out-of-network ATM cash withdrawal fees when you use SpotMe at out-of-network ATMs. Third-party fees may apply to certain types of debit card transactions. There is a $2.50 fee every time you make a withdrawal from an out-of-network ATM.
How to Contact Chime Banking App Customer Care Service Department
- Contact Number = 844 244 6363
- Email = email@example.com
- Service Team – Any question related to your account you can ask in the Services team in the Chile app or check out the Help Center.
Security is one of the most important aspects that the Chime Banking App can not ignore at all.
For this to maintain Chime uses secure processes to protect your information and help prevent unauthorized use.
Also, Your funds are FDIC insured up to $250,000 through The Bancorp Bank or Stride Bank, N.A., Members FDIC.
In this article, we have learned How to Get a Loan from Chime Banking App | Borrow Money from Chime. I hope the information will be useful to you.
Chime Banking App is a new and innovative way for banking solutions. Along with the early payment, you get an interest on the savings as well.
Chime App is very easy and user-friendly for any newbie also.
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Yes, Chime has a Mobile banking app.
Chime’s customer care number = 844-244-6363
Log into your online account at www.chime.com.
Go to the top right-hand corner of the page, and in the dropdown menu, select Settings.
Make your changes to the web page.
You can withdraw up to $500 per day at any ATM. Be aware of that $2.50 you have to pay every time you make a withdrawal from an out-of-network ATM.