Are you someone who wants to borrow money from Chime?
Do you want to know more about Chime’s SpotMe feature?
And if you are ready to know more about borrowing money from Chime SpotMe, you have reached the right place.
Here, we will include a guide to borrow money from Chime. And if you are ready to go, let us start without further ado.
Table of Contents
What is Chime SpotMe
Chime is probably the popular neo bank in the USA, making it easier for the citizens to access banking features on the tips of their fingers. From depositing checks from mobile devices to ordering metallic credit builder card at their home address, Chime does it all.
There are many more features that Chime has to offer. Like the SpotMe feature, which is nothing but Chime’s cash advance feature with which Chime spots up to $200 to its users.
The amount serves as a boost to the user who might need just a few dollars to make the final payment. With Chime SpotMe, users can request any amount with a maximum amount of $200. And the best part is, there are no additional interest rates for the requested amount.
If you are a Chime user who needs to borrow money from Chime, you just need to be eligible as per Chime’s terms. Nothing else is required. Chime doesn’t even require your credit score check before granting you the amount.
Chime SpotMe is a great option if you are sure you will receive your paycheck soon and want to borrow a small amount of money without paying any interest on it. SpotMe asks its users to return the amount in a specific period. That’s the only condition.
Well, in this post, we will include a guide to borrow money from Chime with all the required information.
ALSO READ: Why is my Chime Spot Me not working
How to borrow money from Chime
Chime is one of the renowned platforms out there that offers the services like borrowing money with their services like Chime SpotMe. It is a great option for someone who needs a boost in their funds for making a purchase.
You just need to return the money back in a particular time period, and you will be good to go.
Here, you will be providing a detailed guide on how to borrow money from Chime.
1 – Eligiblility for Chime Spotme
Way before you can borrow money from Chime using the SpotMe feature, you will have to be eligible to enjoy the Chime SpotMe feature. And if you are not aware, here we will discuss everything you need to know about the Chime Spotme eligibility criteria.
- a. Account user must be 18 years of age
First things first, the age of the Chime user must be 18 years or more than that. Chime doesn’t allow minors to access major Chime features like Chime credit builder card, Chime debit card, and others.
If you are a new Chime user, you will be asked to verify your account. And only after you represent your personal details like name, address, and SSN (Social Security Number) you will be given access to the Chime Spotme feature.
That’s why your age must be 18 years or more to borrow money from Chime.
- b. Chime account must be in good standing
To borrow any amount from Chime, you must have a Chime account in good standing. This simply means your Chime account must not have a negative balance.
If you have any earlier borrowed money from Chime SpotMe, you will have to clear it before you can request Chime to spot you again.
- c. Chime account must receive Direct Deposit
To be eligible to access the Chime SpotMe feature, your Chime account must receive at least a direct deposit of $200 or more in the previous 34 days period.
Direct deposits from your gig economy payer, benefits payer, and the employer will be considered as ‘Qualified Direct Deposits’. There can be multiple direct deposits, but the total worth of all deposits must be $200 or more.
If you wonder which type of transactions are not considered ‘Qualified Direct Deposits,’ here we will include all of them.
P2P transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, Bank ACH transfers, Pay Friends transfers, verification or trial deposits from financial institutions are not considered ‘Qualified Direct Deposits.’
2 – Open the Chime App
After you are done making sure about your eligibility from your end, you can continue with the next step. And if you are not sure about the criteria, you will be able to check them in the next step as well. So, don’t worry about it.
Open your Chime app on your mobile device. You can continue with any Android or iOS device. The procedure is just the same. You can even proceed on your PC using any web browser like Google Chrome.
Updating your Chime app before implementing any step will be a good choice. This will ensure you do not face any issues with the app features.
3 – Open the Settings tab
On opening the Chime app, you will find yourself on the home page of the app.
On the same page, you will see more menu options. Select it.
You will see a list of different options there, and you need to select ‘Settings’ to continue.
In the Settings tab, you will be able to see the SpotMe option. And in the same section, you will get to know if you are eligible for the SpotMe services or not.
If you are not eligible, you might have to consider the eligibility criterion again. And if you are eligible, you can continue with the next procedure.
4 – Agree to Terms and Conditions
Finally, you just need to agree to the terms and conditions for using the SpotMe feature.
And that’s pretty much it.
By agreeing to the terms and conditions, you will be enrolled on Chime SpotMe, and you will be able to borrow money.
Chime will be spotting you at most $200 with the SpotMe feature. The dollar boost Chime can be used to make payments using your Chime debit card, Chime credit builder card. You can even withdraw the amount at ATMs.
And that’s pretty much it, guys.
Here, we have included all the details you must know before you start borrowing money from Chime.
We first discussed the eligibility criteria for the Chime SpotMe feature. And later in this post, we provided a detailed post on how to borrow money from Chime.
If you have any doubts regarding the procedure, you can let us know in the comments section below, and we will be glad to help you out.
Ankit Karmokar is an Engineer by profession and a blogger by passion. Over the last several years, he has written tons of articles, solving queries on Quora. He also has years of experience in investing in Cryptocurrencies, Funds, and Stocks.