Chime is an increasingly popular online bank that offers a free checking account and debit card. It has grown in popularity due to its lack of fees, early direct deposit, and easy mobile app. However, one downside of Chime is that it does not currently offer personal loans or lines of credit. This can make it difficult for Chime customers to access emergency funds or bridge a cash flow gap between paychecks.
Fortunately, there are now several payday loan companies and apps that accept Chime as a funding source. Payday loans allow you to borrow a small amount of money, usually $100 to $1,000, that is repaid on your next payday. These short-term loans can provide instant cash when you need it.
In this article, we will explore the top 10 payday loans that accept Chime in August 2023. We will review key features, loan amounts, fees, repayment terms, and more. Read on to find the best payday loan for your needs if you have a Chime account.
What Are Payday Loans?
Before diving into the top payday loans for Chime, let’s briefly overview what payday loans are. Payday loans are a type of short-term, small-dollar personal loan. They are designed to provide quick cash before your next paycheck arrives.
Here are some key features of payday loans:
- Loan amounts – Payday loans typically range from $100 to $1,000. The loan amount may depend on your income, expenses, and state laws.
- Term length – Payday loans are designed as a short-term cash advance. The repayment term is usually 2 to 4 weeks or your next pay date.
- Interest and fees – Payday lenders charge interest and fees rather than traditional interest. Fees are usually $15 to $30 per $100 borrowed.
- Payment – The loan principal and fees are usually repaid in one lump sum payment on your next pay date. This payment automatically withdrawn from your checking account.
- Requirements – Requirements are minimal with no credit check. You need ID, income source, checking account, and to be 18+ years old.
- Availability – Payday loans are available through online lenders, storefront locations, and apps. Funds can be deposited quickly upon approval.
Now that we’ve explained the basics of payday loans, let’s look at the top payday lenders that accept Chime!
10 Best Payday Loans That Accept Chime
Here are 10 great options for payday loans that accept Chime:
1. MoneyLion – Best Overall
MoneyLion is our top pick for payday loans with Chime. This online financial platform offers Instacash advances up to $250 with no credit check. Here are the key details:
- Loan amount: Up to $250
- Fee: $3.99 for loans under $100, $4.99 for loans over $100
- Term: Due on next payday
- Time to funding: As soon as next business day
MoneyLion also has no origination fee. You simply pay the flat service fee which comes out of your advance. You can tip up to 15% but it’s optional.
To qualify for MoneyLion, you need:
- Chime account
- Regular direct deposits of $500+ per month
- Valid ID
MoneyLion allows you to build credit and earn cashback rewards with their RoarMoney account. Instacash advances can help cover gaps between paychecks when using Chime.
2. Dave – Best Late Fee Coverage
Dave is a popular cash advance app. It offers up to $100 payday advances with special features for Chime users. Here’s an overview:
- Loan amount: Up to $100
- Fee: $1.99 monthly subscription only
- Term: Interest-free advance due on next payday
- Time to funding: Next business day
Dave offers instant advances without interest or credit checks. There are no origination fees for the advances. Users only pay the monthly subscription fee for access to the advances.
Unique features include:
- Fee-free overdraft up to $250 through Dave’s Credit Building feature
- Late fee reimbursements up to $50 per year
So Dave can help cover you if you overdraft or miss a Chime loan payment.
3. Earnin – Best for Early Wage Access
The Earnin app lets Chime users access wages early, with limits up to $500 per pay cycle. Here are the key Earnin payday advance features:
- Advance amount: Up to $500 per period
- Fee: Custom tip encouraged but not required
- Term: Advance reconciles automatically on payday
- Time to funding: As soon as the same day
Earnin does not charge fees or interest on the cash advances. They do not run hard credit checks or require origination fees. Users pay a custom tip up to $14 on each advance. But the tip is voluntary, even $0 tips are allowed.
With Earnin, early wage access lets you advance a portion of your next direct deposit. It integrates with Chime to withdraw the advance automatically when you get paid.
4. Varo – Best Line of Credit Option
Varo Bank offers both payday loan-style advances and revolving lines of credit up to $100. Here are the quick facts:
- Payday advance amount: Up to $100
- Line of credit: Up to $100 credit limit
- Fees: $0 for a payday advance, $0 for a line of credit
- Term: Advance due on payday, revolving line of credit
- Time to funding: Next business day
Varo charges no interest, origination fees, or late fees for their payday advances or credit lines. You need to be a Varo Bank account holder to qualify which has direct deposit requirements. But they offer flexible options for Chime users in a pinch.
5. Albert – Best for Budgeting and Saving
Albert is a financial services app that offers payday advances alongside other money tools. Details include:
- Advance amount: Up to $100
- Fee: $1 for advances under $100, $1.99 for full $100
- Term: Advance auto-repaid on payday
- Time to funding: As soon as the next day
Albert focuses on building healthy financial habits. Their app includes budgeting, saving tools, credit building, and educational resources. The payday advances integrate with these tools to promote responsible use.
Albert also has a community support feature. You can get encouragement and advice from the Albert community during financial challenges.
6. MoneyMutual – Top Marketplace Lender
MoneyMutual is a leading online lending marketplace for short-term loans. It provides fast access to over 60 lenders offering payday loans, bad credit loans, and cash advances.
Here are some MoneyMutual payday loan features:
- Loan amounts: $200 to $5,000
- Terms: Vary by lender, often 14-31 days
- Fees: Vary by the lender, around $10-$30 per $100
- Time to funding: As soon as 24 hours
MoneyMutual does not issue loans directly. But its marketplace makes it easy to compare many lenders fast. Short application form, accept terms from lenders, and funds deposit quickly.
MoneyMutual only works with lenders following legal requirements. But be sure to carefully review loan terms as offers vary.
7. CashUSA – Popular Matching Service
CashUSA is another top lending network connecting borrowers to payday lenders. Benefits include:
- Loan amounts: $500 to $10,000
- Terms: 90 days to 72 months
- Fees: Around $15 per $100 borrowed
- Time to funding: As fast as 1 business day
Like MoneyMutual, CashUSA is not a direct lender. But they provide fast detailed loan offers after a single application. You can compare offers from multiple lenders and select the best loan for your needs.
Cash advance offers range from $500 to $10,000. So you can find a payday advance even with lower income.
8. Credit Karma Cash – Best from a Credit App
Credit Karma is known for free credit scores, monitoring, and resources. Now they offer payday advances through Credit Karma Cash.
Benefits include:
- Loan amount: Up to $500
- Fee: No interest, up to 15% tip requested
- Term: 3 equal payments over 60 days
- Time to funding: As soon as same day
Credit Karma Cash allows members to access up to $500 for 60 days. The balance and tip are repaid in 3 equal installments drafted from your Chime account.
Like Earnin, there are no set fees or interest. But members are prompted to leave a tip on repayments. You can still tip $0 if needed.
9. PayActiv – Best Employee Benefit
PayActiv partners with employers to offer payday advances as an employee benefit. With PayActiv, you can access earned wages early through direct deposit advances.
Here’s an overview of their cash advance features:
- Advance amount: Up to $500
- Fee: Flat $5 per advance
- Term: Advance reconciled on payday
- Time to funding: Same business day
Employees repay advances and the $5 fee on their next direct deposit. PayActiv integrates with payroll to deduct the advance automatically.
If your employer uses PayActiv, you can sign up for fee-free access to earned wage advances. It’s a great option that integrates directly with Chime accounts.
10. US Wage Advance – Small Loan Provider
US Wage Advance is an online direct lender offering cash advances and payday loans. Benefits include:
- Loan amount: $100 to $1000
- Fee: Around $15 per $100 borrowed
- Term: 4 to 26 weeks
- Time to funding: As fast as tomorrow
This lender offers both short-term payday loans and longer installment loans. Installment loans have extended repayment terms over multiple pay periods.
They advertise flexible credit requirements and lending decisions within minutes. So they may approve Chime customers denied by other lenders.
US Wage Advance is a direct lender licensed in the states where they issue loans. Make sure to review the rates and terms closely before accepting an offer.
What to Look for in Payday Loans for Chime
When evaluating payday loans for your Chime account, here are some important considerations:
- Loan amount – Make sure the lender offers advances high enough to meet your needs. Loan amounts range from $100 to over $1,000.
- Funding time – Many lenders deposit funds within one business day. Same-day and next day funding allows the fastest access to cash.
- Fees – Compare origination fees which range from $1 to $30 per $100 borrowed. Also, look for extra fees.
- Credit checks – Many payday lenders do not do hard credit checks or require minimum scores. But some may review your credit history.
- Repayment terms – Most advances must be repaid in 14-30 days or by your next paycheck. Consider if the term works with your budget.
- Direct lender vs marketplace – Marketplaces process fast but you choose the actual lender. Direct lenders may have more customized options.
- Reviews and ratings – Select lenders with high app store ratings and positive customer reviews online.
By keeping these factors in mind, you can find the right payday lender offering the loan amounts, rates, and terms that fit your needs.
Requirements to Qualify for Payday Loans With Chime
Here are the typical requirements needed to qualify for instant payday loans when using Chime:
- Active Chime Spending Account – Most lenders require an open, active account. Some may require a minimum time to use Chime.
- Direct deposit history – Proof of recurring payroll deposits demonstrates you have income to repay. Many lenders require regular direct deposits.
- Government-issued photo ID – Provide a driver’s license, state ID, passport, or military ID to verify your identity.
- Social Security number – Your SSN confirms your identity and allows the lender to review your information.
- Age minimum of 18 years – All legal payday lenders require you to be at least 18 years old to apply for a loan. Some require 19+ or 21+ years old.
- Minimum income threshold – Lenders often require monthly income over $500 or $1,000+ from employment, benefits, or other sources.
- Valid contact information – You need to provide your current phone number and email address for communications.
- Not active in bankruptcy – If you have an active bankruptcy case, you may be disqualified from payday loan approval.
Providing the above qualifying information allows lenders to verify your identity, income, and repayment ability. Approval decisions are usually very fast after submitting an application.
Pros and Cons of Payday Loans for Chime Users
Payday loans provide easy access to cash for Chime customers in need. But there are some pros and cons to consider with these short-term lending options.
Pros
- Fast funding as soon as the next business day
- Minimal eligibility requirements, no long application
- Direct deposit to Chime account, no need to provide bank details
- No collateral required – loans are unsecured
- Can help avoid over-drafting or bouncing checks
Cons
- Very high APR interest rates equivalent to 300-400%
- Short repayment terms with due date often 2-4 weeks away
- Large lump sum payment due at once, can be hard to budget
- Costly fees, usually $15+ per $100 borrowed
- Can be easy to become dependent on payday loans month to month
Payday loans provide quick access to cash when you have no other option. But the downside is short repayment terms, very high rates, and large repayment amount. Use carefully and take steps to improve your financial situation to avoid dependency.
Now let’s look at some tips for finding the best payday loans when you use Chime.
Expert Tips for Finding the Best Payday Loans With Chime
Follow these tips from finance and lending experts when searching for reputable payday loans that work with Chime:
- Check lender licenses – Only work with state-licensed direct lenders following legal lending and collection practices.
- Review company history and reputation – Select established lenders with a solid track record over many years.
- Compare rates and terms – Weigh factors like fees, loan limits, credit checks, and repayment timelines.
- Read all loan documents carefully – Never e-sign a loan contract until you understand all the terms.
- Avoid rollovers or back-to-back borrowing – These extended loan terms lead to very high-interest costs.
- Consider alternatives like local charities or employer hardship programs that can provide assistance.
- Only borrow what you can realistically repay – Keep the loan amount as low as possible to avoid spiraling debt.
- Have a repayment plan – Factor the lump sum payment into your budget so you can repay on time.
Following these tips will help ensure you select a reputable lender and use payday loans as responsibly as possible. Avoid letting the loans become a long-term financial burden.
Payday Loan Alternatives to Consider
Payday loans should be used as a last resort when you have bad credit or no other borrowing options. If possible, consider these alternative options before getting a high-cost cash advance:
- Ask your employer for an advance – Many companies will advance a portion of your paycheck in a crisis.
- Apply for an emergency grant – Charities and non-profits like The Salvation Army offer emergency grants and vouchers.
- Reach out to family or friends – People close to you may be willing and able to provide a loan.
- Use a credit card or line of credit – Despite high interest, traditional credit may provide better terms.
- Try peer-to-peer borrowing – Sites like LendingClub connect borrowers and investors for personal loan options.
- Search for local community assistance – Cities, churches, and non-profits have crisis funding programs.
- Look into government assistance – Federal and state programs include unemployment benefits, food stamps, Medicaid, and temporary financial assistance.
While not always possible, exploring alternative borrowing sources is wise before resorting to payday loan terms. The high fees and short repayment timelines make them a last-choice option.
Answers to Frequently Asked Questions About Payday Loans for Chime
Here we answer some common questions consumers have about using payday loans with accounts from Chime.
Q: Are payday loans safe to use with Chime?
Payday loans do carry risks due to the high rates and fees. As long as you borrow responsibly and work with reputable lenders, they can be a workable short-term option for Chime users. Avoid shady lenders and only take advances you can repay on time.
Q: Where can I find payday lenders that work with Chime?
All of the lenders reviewed above accept Chime accounts for payday advances. Others can be found through marketplaces like MoneyMutual. Searching “payday loans for Chime” online also surfaces several leading options.
Q: How do payday lenders deposit money into my Chime account?
Most lenders integrate directly with the Chime API or require your account and routing number. Once approved, they have secure methods to directly deposit the loan funds into your Chime Spending Account.
Q: How quickly does the money from a payday loan appear in Chime?
Transfer times vary by lender. But in most cases, the loan amount appears in your Chime account on the next business day after approval. Some lenders can fund same day or within hours.
Q: Can I get a payday loan without a credit check on Chime?
Many top payday lenders do not perform hard credit checks from the major bureaus. They may do soft credit checks or alternative checks to estimate your repayment ability. But poor credit scores do not automatically disqualify you.
Q: Do all states allow payday loans for Chime accounts?
Each state regulates payday lending differently. Some prohibit or restrict extremely high-interest loans. Major national lenders only operate in states where payday loans are legal. Check if payday lending is allowed in your state.
Q: Can I get multiple payday loans at once with Chime?
It is not recommended to take out multiple payday loans simultaneously. Lenders will see your recent loan activity. Taking several advances at once also makes repayment extremely difficult. Avoid payday loan stacking.
Q: What happens if I can’t repay my payday loan on time?
If you cannot make the repayment on your due date, contact the lender immediately to discuss options. Defaulting leads to growing fees and potential collection actions. Some alternatives are a payment plan, an extended due date, or a rollover on the loan.
Q: How can I increase my chances of payday loan approval with Chime?
Having regular direct deposits over $500 per month, a long positive Chime history and an ID verifying your identity helps approval odds. Keeping your request at or under state maximum loan amounts also improves the likelihood of getting approved.
Q: Are there any guaranteed payday loan approvals for Chime accounts?
No lender can guarantee 100% approval. However, working with a lender known for high approval rates and meeting their minimum eligibility gives you the best chance. Multiple lender marketplaces also allow you to shop for the best approval odds.
Summary: Instant Payday Loans Are Short-Term Help for Chime Users
In conclusion, instant payday loans allow Chime users to access fast cash advances and overcome short-term budget gaps. Top online lenders like MoneyLion, Dave, and Earnin offer advances deposited as soon as the next business day.
While pricier than alternatives, payday loans require minimal eligibility and no long applications. Just be sure to compare multiple lenders to get the best rates and repayment terms you qualify for. Only borrow what you need until your next paycheck to avoid spiraling interest costs.
We hope this guide gives you the information needed to make smart decisions when using payday lending options with your Chime account. Always spend and borrow responsibly to keep your finances on track. Consider payday loans as a last resort option to get through a temporary cash crunch.