What are Chime Instant loans?
Chime Instant Loans are fast and easy to access whenever you require cash to pay for essential expenses. When you accept the loan offer the loan will be in your Chime Checking Account. You can check your balance through your app or schedule automatic monthly payments to pay off the loan.
How do I obtain loan approval?
Currently, loans are only available to those who are eligible. If you have been approved for a loan, you will be notified via push. If you just repaid the loan, we’ll inform that you’re now eligible for a new loan.
In order to be eligible for a loan, here are certain things you must know:
A Chime account which is good standing
Regularly scheduled transfers to your Chime Account
Chime does not have any outstanding Payday Loans That Accept Chime (mosartagency.ru)
What’s the minimum amount I can borrow?
Chime Instant Loans begin at just $100. Our eligibility criteria could increase it.
I’m eligible to receive more than the amount I have borrowed. What can I do to increase my loan?
If you are eligible to receive a bigger loan, you can’t increase the amount of a loan you’ve borrowed or are currently repaying. You’ll have to pay back the loan you have already taken out and be patient for Chime notification to inform you if you are approved for another.
What is the rate of interest on loans?
Yes. The total interest amount on an average loan of $100 is $5*. More expensive interest rates apply to loans larger than $100. If you repay your loan on time, you’ll be charged less interest. There aren’t any fees for application or late repayment.
How does loan repayment work?
The loan is repayable in three (3) monthly installments*. To repay your loan, you can set autopay in your app’s settings. Automatically the Chime Checking Bank account will debit the amount of the loan. We will notify you of each transaction prior to when it is completed. If you do not want to use automatic payments, you can manually pay your bills using your application.
There is the option of making additional payments to your loan, even when autopay is turned on. You can save money on interest costs by making these payments.
What happens if I don’t pay my payment in time?
If you default on a payment in full, we will not charge you a penalty or increase your rate of interest beyond what you originally agreed to when the loan was first approved. SpotMe limits may not be increased if your accounts aren’t in order.
I’ve paid back the loan. Do I have a chance to get another?
After you’ve paid off your loan, the loan you were offered will not be offered. As soon as you qualify for another loan you’ll get an email notification, and receive a message in your app.