Chime and its SpotMe service have earned considerable attention over the past few years. Previously, Chime was is spotlight for its impeccable mobile check deposit service. Now, you can learn how to borrow money from Chime but also do it with lesser establishment fee and monthly charges as compared to other online loan providing services.
Any user of Chime can create his account and start using its SpotMe loan service right away.
How To Borrow Money From Chime?
If you are stuck in a situation where you need money to resolve any emergency issue then Chime is a great solution. This app allows you to borrow money as per your requirements but the maximum limit is set. For borrowing money from Chime, the following is the procedure that you need to follow.
- The first thing is to create your account and sign up its SpotMe service.
- Once you complete the sign up process, then open the loan application form and complete it.
- In the loan application form, correctly enter the amount you want to borrow from it.
- There are different packages available on SpotMe, so you have to pick the most suitable one for yourself.
- Once you have selected a certain plan for yourself then complete the registration form and do its online submission.
- After successful submission you have to wait for its approval.
- Once they approved your application, your loan amount will be transferred to you within one business day.
- On the loan amount, they have fixed an establishment fee of 20% and 4% monthly fee.
What Are The Perks Of Spot Me Chime Loan?
There are many features of SpotMe Chime Loan due to which it is famous among the users. That is why they prefer it over other loan services that work instantly. Some of the major features worth noting here include:
- Once you apply for a loan from SpotMe, then they will provide you with a prepaid card. These cards basically increase your chances to avail more loans and services.
- The whole procedure of applying for a loan from SpotMe is totally online. You have to simply open the application form then they will approve it. And you will be able to get the amount within one hour.
- As a user, you can select certain time duration of repayment. The time is adjusted according to your feasibility and ease.
- A user can pay back the loan amount without any penalty fee.
- Once you use SpotMe service then next time you will be able to get access many other features too.
Additionally, you can also look into payday loan apps and cash advance apps that accept Chime to broaden the options of loan services available to you as a Chime user.
Are There Eligibility Requirements For Spot Me Loan?
The only requirement to use SpotMe service is to keep your account active for at least 3 months. In order to get loan from one major branch of Chime which is Spot Me Loan is customer’s age and his account status. Some of the major requirements are listed below.
- For receiving loan form Spot Me Loan, customer should be more than 18 years. If a customer is more than 18 years then he will automatically be able to use major features of Chime like Chime debit card, Chime credit builder card and many others.
- Whenever a customer wants to create account with his basic details like name, address, social security number, all these things will be verified if he is more than 18 years of age.
- Another important requirement to make a customer eligible for getting loan from Spot Me Loan is his account status. Balance issues of your account such as negative balance may get in the way of obtaining loan.
- You should first clear your negative balance to make you eligible for loan. You can do so by loading your Chime card or asking someone to send money on your Chime account. However, if you have a bad credit then it is not a big issue but you have to work on it to maintain your previous position.
- Last but not the least, from your Chime account you have to receive at least $200 in last 30 days. For loan, always check if your deposits are qualified or non-qualified.
Alternatives To Chime Payday Loan
Generally Chime does not have many drawbacks but still if you are you think it keep you think as backup or alternative methods. Following alternatives are mostly used if you are facing some issue while using Chime loan
- Safe Financial Small Loan: This type of loan is used to get certain amount of loan that should be return within a year. Mostly they provide you up to $5000 and charge their monthly fee and interest from you.
- Sunshine Short Term Loans: The Sunshine Short Term Loans provide you $2000 loan mount that should be paid back within 9 to 14 weeks. They have also set 20% establishment fee and 4% monthly charges on your loan amount.
- Fair Go Finance Small Loan: The help of Fair Go Finance Small Loan you will get $2000 that you have to return within 3 months to one year. Luckily they do not demand establishment fee but they have 4% monthly charges at your loan.
Before You Go!
Chime and its SpotMe loan service has tremendously improved as online loan service over the years. The few basic things, which are customer’s age and credit card balance, are necessary for achieving the loan from it.
Due to its less tax charges on loan amount and easy pay back options, it has changed the whole concept of online application and loan acquirement. So simply try to achieve the basic eligibility criteria of SpotMe of Chime and enjoy the amazing loan packages according to your suitability.
Miriam Caldwell is a dedicated & expert freelance writer to educate people about personal finance management and budgeting. She shared her knowledge and published the articles at TheBalance.com, GOBankingRates, and BlissfullyDomestic.com. Many financial institutes pick Caldwell as the brilliant source for educational personal finance content.