How to Borrow Money from Chime 2022 [Complete Guide]

If you are a user of Chime and looking to get the answer on how to borrow money from Chime, you are on the right post. In this guide, we will walk you through the steps on how to borrow money from Chime, what is the eligibility criteria to be able to borrow the money, how does the Chime borrow feature works, how much you can borrow, how you can make repayments and other important details.

Chime has a Spot Me Feature which allows you to borrow money up to an amount ranging from $20 up to $200, for eligible customers. This is essentially a cash advance against your payday deposit. You can borrow money by withdrawing cash from ATM or you can do transactions with Chime Debit Card

The great thing about borrowing money with Chime is that you don’t have to pay any interest or charges. It does not ask for a credit check and it’s a convenient feature within the mobile app. You can pay a voluntary tip only if you choose to.

Eligibility criteria to borrow money from Chime

To be able to borrow money from Chime, you should be meeting the following conditions:

  • Have a Chime Checking account and have activated the Chime Debit Card
  • Have set up a direct deposit with Chime and received a qualifying direct deposit of at least $200 or more in the preceding 34 days
  • Enrolled into the Chime Spot Me Program on the app, by accepting the terms and conditions

Signing up to borrow money using Chime SpotMe does not require a check of your credit score.

Here it is important to understand the meaning of qualifying direct deposit, as per Chime Terms.

Qualifying Direct Deposit” is a deposit by Automated Clearing House (ACH) that comes from your

  • employer, or
  • payroll provider, or
  • gig economy payer, or
  • benefits payer OR
  • a deposit by Original Credit Transaction (OCT) from your gig economy payer.

What is not included in Qualifying Direct Deposits?

  • Bank ACH transfers
  • Pay Friends transfers
  • Verification or trial deposits from financial institutions,
  • Peer to Peer transfers from services such as PayPal, Cash App, or Venmo,
  • Mobile check deposits
  • Cash loads or deposits
  • One-time direct deposits, such as tax refunds and other similar transactions are not Qualifying Direct Deposits

How to Borrow Money From Chime

  • Fulfil the basic eligibility criteria by getting Chime Debit Card and having received a qualifying deposit of $200 or more in your Chime account
  • Tap on the Settings tab in your Chime app to confirm you’re eligible for the SpotMe feature (make sure you have the latest version of the app).
  • Enroll into Chime Spot Me by accepting the SpotMe Terms and Conditions 
  • Once activated, it will show you the Spot Me limit. You can now overdraw your Chime Debit card for purchases exceeding your bank balance up to this limit. You can withdraw the money in the form of cash withdrawal from ATM or by doing a cashback transaction at a retail store like Walmart to get money using the self-service check out at the POS machine

Any amount that you borrow is deducted from your Chime Spot Me limit and the balance available for use is updated on the app.

The amount borrowed shows up as a negative balance in your Chime Checking account.

How Much Can You Borrow from Chime

You can borrow money up to your Spot Me Limit, which is displayed on your Chime Mobile App. This limit is auto-determined by Chime based on your account activity and history. The Spot Me limit ranges from $20 to a maximum of $200.

You don’t have any control over the amount you can borrow i.e. Chime Spot Me limit, as it is automatically determined by algorithms. But you can look at some tips to increase your Chime Spot Me Limit.

A lot depends on the direct deposit that you get from your employer since that is the key input for Chime to determine your eligibility and the amount that can be lent to you. But your overall usage of Chime products and a long history with a Chime account also helps.

You don’t have a set timeline as to when you can expect your Chime Spot Me to increase. So this is one of the cons when it comes to borrowing money you cannot borrow money beyond the limit set by the app.

Some Chime members do complain about not seeing an increase in their limits. But the plan here is Chime wants to drive responsible borrowing behavior using their own systems and minimize their risk.

On the other hand, the Spot Me limit can also be decreased from time to time for factors like the direct deposit is not steady, reduction in direct deposit amount, or late repayments. It is all data-driven.

One great feature with Chime Spot me is the ability to send and receive a Spot Me boost from other Chime members every month, which can temporarily raise your Chime Spot me limit by $5 per boost. It helps to have friends who are Chime users to exchange boosts, as it does not impact your own borrowing ability.

If the Chime Spot Me Limit does not give you comfort, you can check our post on other cash advance apps that work with Chime for a complete list.

How to Repay the Money Borrowed from Chime

One of the key benefits of borrowing money from Chime is the ease and convenience that it offers. You don’t have to worry about manually repaying the money on time. It’s all automated if you have a steady stream of payroll direct deposits

So when you receive a direct deposit, or when funds are otherwise deposited to your Chime Checking Account, whichever is sooner, any amount borrowed by you through Spot Me (resulting in negative balances on Chime bank account) will be automatically repaid before bringing your balance positive. 

Do note the Chime Spot Me terms i.e. if a Chime SpotMe negative balance is not repaid within 90 days of initially incurring a negative balance, Chime may suspend your Chime Checking Account. Chime will notify you of the steps required to avoid suspension.

It is always better to pay dues within the same month through a direct deposit so that it does not negatively impact your borrowing ability i.e. Spot Me limit.

Does Borrowing Money from Chime Affect your Credit Score

Signing up for Chime Spot Me to borrow money does not require a credit check.

One great thing if you read the Chime terms is that they don’t report failure to repay to reporting agencies. Although this does not stop them from taking legal action against you and will make you ineligible for Chime Spot Me service in the future.

Further, neither Bancorp or Chime will engage in any debt collection activities if the advance is not repaid on the scheduled date, place the amount advanced as a debt with or sell it to a third party, or report any failure to repay to a consumer reporting agency.

So ideally, it should not impact your credit score, and looks like Chime is on your side on this. But do keep a tab on the terms from time to time as they can be changed in the future.

How can you use the money borrowed from Chime

You can use Chime Spot Me borrow money feature –

  • Make day-to-day purchases with Chime Debit Card like grocery, online purchases, etc.
  • Withdraw in the form of cash from ATM
  • Withdraw in the form of cash using a cash-back transaction at a retail store like Walmart, Walgreens, etc.

What you cannot use Chime Spot Me for

1. Payments to friends transfer
2. Automatic bill payments using Direct Debit from Chime Spending Account
3. Transfers to other apps like Venmo and Cash App
4. Chime Checkbook transactions

You can follow this post for more guidance on Chime Spot Me rules.

How Chime compares to other borrowing options & Other Options

With Chime Spot Me, you can borrow money with no interest or late fees. It is convenient and built into the app. When you compare with the overdraft fees and loan products of traditional banks, Chime Spot Me is an easy winner.

But in terms of the amount you can borrow, you don’t have any control over it.

There are also other pay day apps that offer a similar product, but the convenience with Chime is that you don’t have to work with multiple services and is convenient to borrow right from the Chime App.

Other options available include:

  • Dave
  • Branch
  • Money Lion

You can check the complete list of payday advance apps that are compatible with Chime.

Wrap Up

So if you want to borrow a small amount of money for short term requirements, Chime Spot Me is definitely a great option. It can help tide over temporary situation without burning a hole in your pocket and does not impact your credit score.

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I am a blogger with a passion for finance and technology. On this website, I share helpful information mostly on products and services, that we use in our daily lives.

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