If you bank with Chime, you may be looking for suitable cash advance apps. Cash advance apps allow you to bridge the gap between paychecks without resorting to exploitative payday loans. However, there are a lot of cash advance apps available out there. So, which one to choose? And which Chime cash advance applications are compatible with your account? Let's take the list we have prepared for your convenience.
What Is Chime?
Chime is not a financial institution. Bancorp Bank or Stride Bank provides its banking services. Chime accounts are insured because both of these banks are FDIC members.
With a Chime Visa Debit Card, Chime offers a spending account. Paychecks are deposited directly into the spending account. Chime also has a savings account and a secured credit card for credit building. To utilize these products, you must have a Chime spending account.
How Does Chime Work?
Chime is a mobile application that allows users to open fee-free checking and savings accounts using direct deposit and a debit card. It makes money by collecting a cut of merchant transaction fees when customers use its debit card.
Chime allows direct deposits up to two days before payday. In fact, there are no monthly or minimum balance fees and no overdraft fees. You can use its extensive ATM network to make a withdrawal. Moreover, Chime has 60,000 ATMs around the country. You can send money for free to anyone who has a bank account.
What Is A Cash Advance App?
When you run out of money before payday, cash advance apps, often known as cash apps, give short-term loans. You take out a loan, and it is automatically repaid. Then, when your paycheck is deposited, the app withdraws it.
In most cases, cash advance applications do not charge interest. However, some apps charge a fee, while others encourage users to leave tips. Therefore, a default tip may be charged unless you specify a smaller amount.
10 Cash Advance Apps That Work With Chime
Here are ten cash advance apps work perfectly with Chime:
Dave offers interest-free cash advances up to $100 for a monthly charge of $1. Depending on the amount, payment is required on your next payday or the following Friday. You'll need a stable source of income, but no credit check is required.
If you're a Dave member, look for Chime in the list of banks and log in with your Dave credentials.
Cleo is a budgeting and saving tool that tracks your expenditure and helps you save. The program will provide a fee-free cash advance to tide you over until your next payday. Cleo, like Dave, has access to your bank account and will be reimbursed when you get paid.
Empower keeps track of your spending, assists with budgeting, and automatically saves for you. You'll also receive the Empower card, which you can use at certain stores to earn up to 10% cashback. Overdraft fees, insufficient funds fees, and minimum balances are not charged.
Empower is an $8-per-month service with an unrestricted cash advance of up to $250. To link Empower to your Chime account, go to the App Store, search for Chime, and then choose it and put in your account information.
Albert is also a money management tool that analyses your income and spending habits, recommends saves and budgets, and transfers savings to a linked digital wallet.
Albert is free, but there is a $4/month premium service called Albert Genius. Personal finance tips and advice from live experts, a 1% incentive on your savings, and a micro-investment account are just a few of the genius features.
Varo is a full-featured online banking platform with many of the same features as Chime. In addition, you'll receive a debit card with access to an ATM network and a selection of additional products, such as high-yield savings accounts with interest rates as high as 3%.
If you wish to use Chime, go to Accounts in your Varo app, select Link an Account, search for Chime, and log in.
MoneyLion, like Varo, is a mobile banking platform. Instacash, a cash advance facility, is included in the bundle. The maximum cash advance is $250 and is determined by the quantity of your direct deposit. You can get up to $1000 if you sign up for other MoneyLion products.
If you wish to utilize both services and want your MoneyLion advance deposited into your Chime account, go to "Transfers," click "Add Account," choose Chime, and enter your account information.
Earnin allows you to take money from your account that you've previously earned before your next payday. The app will request a tip, although there are no charges or interest. The initial limit is $100, possibly increasing it to $500.
Because Chime allows users to get their paychecks up to two days early, Earnin has been unable to service Chime users, making it challenging to create a fixed payday. However, Earnin is working on a solution and is now letting a small sample of Chime bank customers use the app as a test.
The Branch app is another popular software that allows you to get a cash advance on your next salary. The Branch app can be helpful for Chime users, but there is a catch. If you bank with Chime, you will be required to put your direct deposit in your Branch Wallet to qualify for an advance, according to the Branch Support Page.
Another app that works with Chime is Klover, which is a paycheck advance service. Klover does not charge you interest, does not charge you fees, and does not monitor your credit score. Instead, it makes money by giving you personalized adverts based on your preferences.
If you bank with Chime, Klover also has a rewards program for advance amount upgrades ($10-$30), with a lower maximum of $20.
Brigit is a budgeting tool that allows you to acquire a fee-free cash advance of up to $250. You must pay a $9.99 monthly membership fee to access the cash advance option. Your income, banking history, and spending habits determine the amount you can borrow.
Several banks, including Chime, Capital One, and Net Spend, are incompatible with Brigit. In addition, due to network difficulties, the app is unable to accommodate new Chime clients.
Why Do Some Cash Advance Apps Not Work with Chime?
Chime doesn't accept some ACH e-check payments, and some payment apps aren't compatible with Chime because they're sponsored by an enterprise. That means you can only utilize the service if your employer is a partner and offers it as a perk to employees.
Can I Get Cash Advances via Chime?
While Chime is not a cash advance app, it does offer small advances through its SpotMe program. While it isn't strictly a cash advance, it does allow you to spend more money than you have in your account.
Chime SpotMe is Chime's in-house overdraft protection solution, which covers overdrafts up to $200 for specific transactions with no penalty fees. Depending on your account history and risk evaluation, your limit can range from $20 to $200.
Cash advance applications are the way to go if you need a modest bit of money between paydays. Typically, the maximum loan amount is roughly $250. However, in most situations, new users are limited to borrowing no more than $50 at a time until they've been using the app for several months.
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