When you’re looking at working with a payday loan company in general, you want to make sure that you start off by choosing a reputable one. It could mean the difference between getting left in the dust in terms of debt vs. being able to get ahead on your monthly bills. It really can be the start of a perpetual cycle, whether good or bad.
What is Chime?
Chime is a financial technology company that offers mobile banking services to individuals. It provides a user-friendly mobile app and a connected Visa debit card to its customers. Here are some key features and aspects of Chime:
- Fee-Free Banking: Chime emphasizes a fee-free banking experience, meaning they do not charge monthly maintenance fees, overdraft fees, or minimum balance requirements.
- Spending and Savings Accounts: Chime offers both a Spending Account and a Savings Account to its users. The Spending Account functions as a checking account for everyday transactions, while the Savings Account allows users to set aside money and earn interest.
- Early Direct Deposit: Chime allows users to receive their direct deposits up to two days earlier than traditional banks. This feature can be beneficial for individuals who rely on timely access to their paychecks.
- Automatic Savings: Chime provides an optional feature called “Save When I Get Paid.” With this feature, a portion of each paycheck can be automatically transferred to the Savings Account, promoting savings habits.
- Round-Up Savings: Chime’s Round-Up feature allows users to automatically round up their transactions to the nearest dollar and save the difference. For example, if a user makes a purchase of $3.75, Chime will round it up to $4 and transfer the extra $0.25 to the Savings Account.
- Mobile App and Notifications: Chime’s mobile app offers a user-friendly interface that allows customers to manage their accounts, track spending, make mobile payments, and perform various banking tasks. The app also provides real-time transaction notifications to keep users informed about their account activity.
- ATM Access: Chime users can withdraw cash fee-free from a network of over 38,000 ATMs nationwide through partnerships with MoneyPass and Visa Plus Alliance.
Do we recommend payday loans?
We understand that this question is a loaded question. There are a ton of nuances in everybody’s situations that make it impossible to have a one-for-all answer. However, if you can avoid payday loans, it’s probably best to avoid it like the plague. It rarely ever leads to a good outcome. Someone who can’t pay the loan back by the extremely short repayment term will have to take out another loan to pay back the initial loan, and this can be a never-ending cycle of debt.
Instead, it’s probably better to use payday loan apps, also known as cash advance apps. There are quite a few on the market that you would probably stand to benefit from. The advantages of going with these payday loans or cash advance apps are:
- Longer repayment periods
- More favorable or no interest rates charged
- Easy to apply for online instead of in-person
- Can work with Chime directly
- Most cash advances don’t affect your credit score
In this post, we’re looking specifically at using cash advance apps to fund your Chime account, so that you can better your situation and start building your credit faster. If used correctly, it can be an effective tool to increase your credit score when used in conjunction with Chime’s Credit Builder credit card as well. However, make sure you do your best to understand how exactly it works and what implications it can have on your credit score. Only choose cash advance options that you’re sure you can pay back when your paycheck comes in. If you’re unsure, it’s always best to speak to a financial advisor before jumping into any major financial decisions.
Without further ado, let’s get into it.
If you want to find out more about Chime, check it out here.
Payday loan & cash advance apps that work with Chime
Albert has stepped up their offering. They have an Instant feature, which allows them to spot you up to $250 with no repercussions. They just simply take the amount out of your next paycheck. However, if you want to integrate your Chime account into it, they have a cash advance option of up to $250 as well. 0% interest, no credit check. The cost it charges depends on how fast you need it and your subscription tier.
- If you need it in 2-3 days, it’s free.
- If you need it instantly and you’re a Genius tier subscriber, it’s $3.99.
- If you need it instantly and you’re not a Genius tier subscriber, it’s $4.99.
Offers up to $100 in cash advance, and that’s with 0% interest and without a credit check. The advance amount is on the lower side, but if it’s enough for you, really consider this cash advance app. For new customers, the limit starts at $70 until you show a good pattern of financial behavior. In order to be eligible for the cash advance feature offered by Cleo, you’ll need to be subscribed to their Cleo Plus tier which costs $5.99 per month. This is essentially a $5.99 charge for you to access up to $100 cash advance.
Simply link your Cleo account with Chime using the Link An Account option on the Chime app.
The Dave app can potentially get you up to $500 in cash advance through Dave’s ExtraCash account. That’s an industry record, especially for an app that doesn’t charge you interest or a credit check. They simply allow you to leave them a tip if you wish. You have a couple options here:
- With Dave’s $1 per month subscription, you can get your cash advanced in 1 to 3 days.
- You can also additionally pay an extra $4.99 if you want your cash advance to get sent to you within 8 hours.
4. Money Lion
Money Lion offers Instacash Advances, which have a 0% interest rate and no credit check. You can get up to $250 and still have it be compatible with Chime. There is no monthly membership required to access this feature, and it is fee-free for standard delivery. Additionally, you can choose to:
- Pay $3.99 for instant delivery to a Money Lion RoarMoney account.
- Pay $4.99 for instant delivery to an outside bank account, including a Chime account.
5. Chime SpotMe
This one is a great option if you simply need up to $200 in cash advance. You are allowed to overdraft up to $200 from your Chime account without any repercussions via the SpotMe feature. You just need to make sure you qualify for the SpotMe feature by making sure you have a direct deposit of at least $200 connected to your Chime account.
Chime SpotMe simply applies your next paycheck to the negative balance incurred. No interest, no overdraft fees, no late fees. It’s the most convenient option if you already have a Chime account as it is a feature within Chime.
Just be sure that you only will overdraft for up to $200, since the app will only cover you for that you will have to pay some fees if you do go over the limit. Watch out for auto charged transactions that occur monthly.
Payday loans & cash advance apps that don’t work with Chime
Unfortunately, the two below cash advance apps have not yet been integrated with the Chime app:
If this changes, we’ll be sure to update this post and let you know. We’d love to see them eventually become compatible because they are both great cash advance apps in their own right.