What Is Chime? What Are the Pros & Cons?
Chime is a financial technology company that offers mobile and online banking services. Chime works like any other bank, in that users can deposit money into their accounts and then use that money to make purchases or withdrawals. However, Chime does not have physical branches, so all transactions must be done online or through the mobile app.
Chime also offers a cash advance feature, which allows users to withdraw cash from their accounts at participating retailers. You can get up to $200 without any overdraft fees for your debit card purchases. This is a great way to avoid costly overdraft fees when you need small amounts of cash immediately for your urgent needs.
There are no monthly service fees, and you can link your Chime account to your other bank accounts so that you can easily transfer money back and forth. Chime also offers a number of other features, such as the ability to set up direct deposit, send money to friends and family, and track your spending.
- Free account options.
- The Annual Percentage Yield or APY is competitive. A chime savings account has a 0.50% APY.
- No monthly fees, overdraft fees, or foreign transaction fees.
- You can receive a direct deposit up to two days early.
- Automatic saving feature to help you save money.
- No physical branches.
- You must have a mobile device to use Chime.
Cash Advance Apps That Work With Chime
There are a number of cash advance apps that work with Chime. These apps allow users to take out a small, short-term loan and then repay the loan on their next payday. Many of these apps also offer an extension on the repayment date if needed. Some of the most popular cash advance apps that work with Chime include:
Dave is an app that offers users up to a $250 interest-free advance on their paycheck. There are no fees for using Dave, and the money can be deposited directly into your Chime account. The team prides itself on being able to help people avoid overdraft fees and late payments. The best part is that every account has banking-level security with 256-bit SSL encryption and is FDIC-insured for up to $250,000.
MoneyLion is a financial services company that offers a number of different products, including payday loans. MoneyLion offers loans of up to $250 in cash advances with 0% APY. This all-in-one app has a feature to help you stay on top of your finances by borrowing, saving, and investing all in one place. You can even get your paycheck up to 2 days early without any trouble. MoneyLion works with Chime to offer a seamless experience.
Empower is a financial wellness app that offers loans of up to $100 without any fees or interest. You can get cash advances of $25, $50, $75, or $100 almost instantly. They have options to open debit card accounts, which you can use to get cash advances easily and get paid 2 days earlier without any interest.
You can also score up to 10% cash back at selected stores. Empower works with Chime and is considered an affordable option to get instant cash even if you have a bad credit score. However, Empower charges a fee for signing up, with a free trial option for you to get to know the app better.
Cleo is one other app offering payday loans that accept chime. With Cleo, you can get an advance of $100 with 0% interest. However, the cash advance option is available for subscribers of Cleo, which comes with a monthly fee.
They offer cash advances without any hard credit checks and interest. Other than cash advance options, the app offers various other perks and features which are even more accessible to its subscribers. From budgeting and saving to credit building, Cleo excels in financial management.
Earnin is an app that allows users to access their earned wages before their scheduled payday. There are no fees for using Earnin, and users can choose to have the money deposited directly into their Chime account. With Earnin, there is the option to cash out with a debit card. Users can also create a personalized tipping page to allow others to support their financial journey.
Is a Credit Check Required for Cash Advance Apps?
While a majority of the cash advance apps mentioned do not require a credit check, there are some that may require one. It is important to note that even if an app does not require a credit check for approval, it may still perform a soft credit pull. This means that you can get a cash advance without affecting your credit score. This type of credit check will not impact your credit score.
Nevertheless, all the apps will perform an affordability check by looking at your current income and expenditure to make sure you can afford the loan. Without this check, people could easily get into debt by taking out payday loans they could not afford to repay.
Can I Get a Loan Online Without Using Cash Advance Apps?
Yes, you can apply for loans online without using cash advance apps. Here at iPaydayLoans, we build our website to fit almost any internet-abled device, allowing you to get the financial help you need in the comfort of your home. To obtain the fast and easy instant cash solutions through iPaydayLoans, all you need to do is the following simple 4 steps:
Step 1: Apply online - You need to fill out the online application. In this, you may need to provide various basic information, like personal and financial details.
Step 2: Select the online lenders - When you fill out and submit the application, our system will generate a list of online loan service providers that can provide you with cash advance loans. Compare options and select the one that suits your needs.
Step 3: Get approved - Once you select a loan company, your details will be reviewed by them. They may do a soft credit check or a simple affordability check before approving your loan.
Step 4: Get the cash advance - If you are approved for the loan, you can get the cash advance loan within 24 hours.
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Alternatives to Cash Advance Apps
If you are not interested in using a cash advance app or if you would like to explore other options, there are several alternatives available. Here are a few:
Personal loans are the type of loan most people think of when they need extra cash. They are mostly unsecured, which means you don’t have to put up any collateral, like your home or car, to qualify. Personal loans can be used for a variety of purposes, including consolidating debt, paying for an unexpected expense, or making a large purchase.
With personal loans, you usually get a fixed interest rate, which can make it easier to budget for your monthly payments. And, if you have good credit, you may be able to qualify for a lower interest rate, which can save you money over the life of the loan.
If you need cash fast, a short-term loan might be the right option for you. Short-term loans are typically due in full within a few weeks or months, so they’re not ideal for long-term expenses.
But, if you have a one-time emergency expense, like a medical bill or car repair, a short-term loan can help you get the cash you need quickly. Short-term loans typically have higher interest rates than personal loans, so it’s important to compare your options and find the most affordable loan for your needs.
Loans for Bad Credit
When your credit score is low, getting a loan can be difficult. But, many online lenders offer loans that are specifically for people with bad credit. These loans are typically referred to as “bad credit loans,” and they can be used for a variety of purposes, including consolidating debt, paying for an unexpected expense, or making a large purchase.
Bad credit loans often have higher interest rates than personal loans and short-term loans, so it’s important to compare your options and find the most affordable loan for your needs.