If you bank with Chime, you may be looking for cash advance apps that are compatible. Cash advance apps help you bridge the gap with a paycheck advance, without having to resort to predatory payday lenders.
What is Chime and How Does it Work?
Chime is not a bank. Its banking products are offered through the Bancorp Bank or Stride Bank. Both of these banks are FDIC members, so Chime accounts are insured.
Chime offers a spending account with a Chime Visa Debit Card. The spending account is designed to receive direct deposit paychecks. Chime also offers a savings account and a secured credit card designed for building credit. You need to have a Chime https://installmentloansgroup.com/installment-loans-vt/ spending account to use these products.
- Get paid early: direct deposits are available up to two days before payday.
- Low fees. There’s no monthly fee, minimum balance fee, or overdraft fee.
- Large ATM network. Chime has 60,000 ATMs nationwide.
- Easy fee-free payments. You can send money to anyone with a bank account with no fee.
There are some downsides: cash deposits may be difficult, and online transfers have a $200/day limit. You can only use mobile check deposit if you have signed up for direct paycheck deposit.
What is a Cash Advance App
Cash advance apps, also sometimes called cash apps, provide short-term loans when you run short of cash before payday. You borrow money and the repayment is automatic. The app withdraws it when your paycheck is deposited.
Cash advance apps generally do not charge interest. Some apps have fees and others encourage voluntary tips. There may be a default tip that will be charged unless you select a smaller amount.
Here are Some Cash Advance Apps That Work With Chime
For a flat fee of $1 a month, Dave gives interest-free cash advances up to $100. Payment is due on your next payday or on the next Friday, depending on the amount. You will need a steady income, but there’s no credit check.
If you’re a Dave member, search the list of banks, select Chime, and use your login details. If you already have a bank linked to your Dave app, go to the profile tab, select Linked Banks and Card, tap Change and go to the bank search.
Other cash advance apps like Dave that work with Chime
Cleo is an app that not only tracks spending, it also acts as a budgeting app and helps you save. The app will give you a fee-free cash advance to help out until payday. Like Dave, Cleo has access to your bank account and will get the sum back on payday. Many Cleo functions are free, but the cash advance is part of the Cleo+ package, which costs $5.99 a month.
To link your Chime account to Cleo just search for Chime using the bar at the top of the app. You’ll need to provide your login details.
Albert is also a money management app, analyzing your income and spending habits, making savings and budget recommendations, and moving savings into a linked digital wallet.
Albert is free but offers a premium service, Albert Genius, at $4/month. Genius features include personal finance tips and advice from live experts, a 1% reward on your savings, and a micro-investment account.
Albert will give you early access to $100 and remove the funds on your next payday. The advance is free if you take standard delivery, which can take up to three days. For instant delivery, you’ll pay $3.99 if you’re a Genius subscriber and $4.99 if you’re not.