Payday loans provide a good soft landing for people who run into unexpected financial emergencies. However, the extortionate interest rates associated with these loans make it a last resort for many. To be eligible for one, you must also have a checking account with a US bank. Through payday loans apps that accept Chime, you can access no-interest loans with only a Chime account.
Here are some of the best payday loan apps that accept Chime available today.
6 Top Payday Loans Apps That Accept Chime
Dave
Dave is one of the best payday loan apps that accept Chime. In addition to providing small payday loans, it helps its users budget better, find side hustles, and build credit over time. It’s very versatile, and so, not surprisingly, Dave has amassed a teeming user base of more than 10 million members.
- Best For
- Low membership fee of $1.
- Features
- Dave has a budget feature that helps track your spending against your income and also alerts you once you are in danger of overdrawing. It also has a side hustle feature that helps you find flexible jobs like remote work, ride-hailing, and grocery delivery gigs.
- Cost
- Although Dave charges no interest on the cash advance, users are required to pay a membership fee of $1.
- Pros
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- Missed payment does not affect credit score.
- Zero-interest rates.
- The membership fee is very affordable.
- Protects users against overdraft fees.
- Low balance adverts.
- Cons
- Mobile access only.
Brigit
The ability to get a cash advance in an emergency is good. Equally important is reducing the need for regular cash advances. Brigit gives you both on a platter. Chime users have access to payday loans of up to $250, get insights into their spending habits, and can harness its side hustle tools to find opportunities to earn extra cash.
- Best For
-
- Providing users with free financial health updates and extra cash earning opportunities.
- It’s also the best cash advance app for in-built budgeting tips.
- Features
- It has a credit builder tool, identity theft protection, credit monitoring, and financial insight tools.
- Cost
- To access its full suite of features, one must subscribe to a monthly plan of $9.99.
- Pros
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- Quick funding.
- Zero-interest.
- No late fees.
- Sends alert when the user is in danger of overdrawing their account.
- Cons
-
- The membership fee is a little pricey compared to an alternative like Dave.
- Customer support is only available via email.
Albert
Albert, like Brigit, provides its users a payday loan of up to $250 at zero interest and zero hidden fees. Albert users enjoy banking, budgeting, savings, investing, and cash advances, all in one place.
- Best For
- Zero membership fee.
- Features
- Some of its most popular features are Albert Savings features and Albert Cash. Albert Cash is a free checking account with zero minimum balance requirements. At the same time, Albert Savings helps you build some savings by automatically setting aside small amounts of money each week.
- Cost
- There are no monthly fees. Loan deposits are usually processed for free and within three days. However, you will be charged $4.99 if you want to get this advance instantly instead.
- Pros
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- No good credit score requirement.
- Approval is done within 24 hours.
- Zero-interest.
- Zero membership fee.
- No credit check.
- Cons
- The cash advance limit is small.
Empower
Empower provides its users with a cash advance, a debit card you can use with your Empower account, and cashback rewards for using the debit card.
- Best For
- People who are looking for an all-purpose app with bank services, cashback offers, savings, and budgeting tools.
- Features
- It has an automatic savings feature that helps you reach your weekly savings by automatically transferring small amounts to your AutoSave account. It also has a budgeting app that helps you budget properly by suggesting a spending limit based on your income, then produces a monthly report to show how you spend and on what. It also has free checking and savings accounts.
- Cost
- It is free for the first two weeks of use. After this trial period, you are to pay a monthly fee of $8 to continue enjoying its features. A flat fee of 1% is charged on all transactions in a currency other than USD or going through a foreign bank.
- Pros
-
- No interest fees.
- Cashback rewards.
- Zero late fees.
- Missing a payment doesn’t affect the borrower’s credit score.
- Cons
- Users are charged an extra fee for late payments.
MoneyLion
MoneyLion should be your go-to payday loan resource if you need more than the basic $250 most payday loan apps that accept Chime give you. However, to unlock higher amounts, you need to sign up for its Credit Builder Plus membership or complete some tasks in the app. Whichever route you take, the maximum advance you can access per time is $1000.
- Best For
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- People who’d like to integrate their investment and installment local accounts.
- People who want to boost their credit ratings.
- Multiple financial products.
- Features
- MoneyLion Plus subscribers can enjoy up to $500 cash advance at only 4.99% APR.
- Cost
- The Credit Builder Plus membership plan costs $19.99 a month.
- Pros
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- No hard credit check is run on the user.
- Funding is processed within 48 hours.
- Users can access up to a $1000 cash advance.
- 0% APR is charged on the credit.
- Cons
- The account has to have been opened for at least two months.
Cleo
Cleo, a payday loan app that accepts Chime provides its subscribers with small payday loans between $25 and $100 and 0% APR. You can also connect your Cleo account to your bank card or checking account.
- Best For
- Building credit.
- Features
- It has savings and budgeting tools to help users stay on top of their finances. It can also help with building credit.
- Cost
- The membership fee costs $6. Customers may be charged $4 for express transfers.
- Pros
-
- Quick application process.
- 0% APR.
- No hard credit checks are involved.
- The app is feature-loaded.
- Supports all major US banks including Chime.
- Cons
- The membership fee is a little expensive compared to a few alternatives.
Alternatives to Payday Loans Apps That Accept Chime
- Credit Card Cash Advances
- Credit cards aren’t for making purchases only. They can be used for even more! You can also get some emergency funding (credit card advance) with a credit card. Think of a credit card cash advance as a cash loan, against your credit limit, from your credit card issuer. Usually, cash advances have no grace period. Therefore it’s pertinent to have a repayment plan before obtaining one.
- Government Hardship Grants
- Do you struggle to cover food, medical, and housing expenses? A government hardship grant can help through this financially rough patch. There’s a caveat, though. Government hardship grants are not given directly to individuals. Instead, they are given to colleges and universities, research labs, state, and local governments, businesses, and non-governmental organizations (NGOs). You may then seek help from a beneficiary, for example, NGOs, to help with these needs.
- Payday Alternative Loans (PAL)
- They are small loans offered by federal credit unions to their members. These credit unions, regulated by the National Credit Union Administration (NCUA), were set up to help their members financially. They charge lower interest rates than many unconventional funding sources and are therefore a well-explored credit option. For instance, the NCUA pegs the max interest rate at 28%. Also, no credit union can charge more than $20 for processing a loan.
- Online Payday Loans
- A small online payday loan with no hard credit checks is one good credit option to consider if you need a short-term loan to cover some emergency expenses ahead of your next payday.
- Payday lenders do not require high credit scores and are a better option than PAL and cash advance apps like Dave if you need higher loan amounts. Some payday lenders can loan you up to $2k, and even more. iPaydayLoans, a popular loan broker can in fact connect you to lenders who can fund you with up to $5k. All you’re required to do is fill out a loan request form here.
Online Loans