How to Borrow Money from Chime | Complete Guide

If you are looking for a guide to borrow money from Chime, you are on the right post. In this guide, we will walk you through all the complete process including what is the eligibility criteria, how does the Chime borrow feature work, steps on how to borrow money from Chime, how much you can borrow, repayments and other important details.

Chime allows you to borrow money using Chime SpotMe® for a limit ranging from $20 up to $200, for eligible customers. This is essentially a cash advance against your payday deposit. Using Chime Spot Me, you are allowed to overdraw up to $200 on debit card purchases and cash withdrawals without charging a fee

The great thing about borrowing money with Chime is that you don’t have to pay interest and it is fee-free. 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:

  • Open a Chime Checking account and activate the Chime Debit Card
  • Set up a direct deposit with Chime
  • Receive a qualifying direct deposit of at least $200 or more in the preceding 34 days

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 [Steps]

1. Fulfill the eligibility criteria for Spot Me

Fulfil the basic eligibility criteria i.e. Set up a Chime Account, activate your Chime debit card, receive $200 or more in qualifying direct deposits over the preceding 34 days.

2. Enroll into Chime Spot Me on Chime App

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). Chime will also send you a notification informing you when you are eligible for Chime SpotMe.

Enroll into Chime Spot Me by accepting the SpotMe Terms and Conditions on Chime App.

3. Note your SpotMe Limits

Once you have activated Chime SpotMe on the app, it will show you the Spot Me limit. This limit is auto determined by Chime and can be in the range of $20 to $200.

This is the maximum amount you can borrow from Chime. Your SpotMe limit can be revised by Chime automatically taking into view your account activity and history.

You also have the option to send and receive Chime Spot Me Boosts from other Chime Members. Boosts allow you to temporarily increase your limit by $5 per boost.

4. Start Using Chime SpotMe

You can now overdraw your bank balance by using Chime Debit card for purchases up to your SpotMe limit. Alternatively, you can withdraw the money in the form of cash at an ATM or by doing a cashback transaction at a retail store like Walmart (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 reflected on the app.

4. Maintain the direct deposits for repayments

The amount borrowed shows up as a negative balance in your Chime Checking account. The amount is then auto-recovered

How Much Can You Borrow from Chime

SpotMe limits start at $20 and can be increased up to $200 by Chime based on factors such as account activity and history

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.

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.

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.

Photo of author


I have a passion for finance and technology. On this blog, I share helpful information on products and services that we use in our daily lives and simplify things I learned the hard way.

Leave a Comment