You’re on the go, and suddenly you realize you’re low on cash. It could be an unexpected car repair, medical bills, or just the fact that you forgot to cash your paycheck before heading out the door.
You could use your credit card, but you don’t want to accrue any more debt than necessary until your next paycheck comes in. If this sounds like a familiar situation, plenty of cash advance apps that work with Chime that can get you out of a bind when no other options are available.
What Are Cash Advance Apps?
Cash advance apps, or installment loan apps, are digital storefronts where people can apply for small loans. Compared with traditional loans, these are usually short-term and have higher interest rates. However, they tend to be faster, more accessible, and easier to obtain.
If you’re looking for a short-term loan but have been denied by traditional banks or other lenders, these applications may provide a viable alternative. However, if you aren’t careful about how much money you borrow and how often, cash advance apps could lead to long-term financial trouble.
How does Chime Work With Cash Loan Apps?
A lot of people can quickly get themselves into trouble by not knowing how to deal with their finances. If you need a little extra cash and worry about taking out a loan, then perhaps you should consider an alternative form of financing that doesn’t require collateral.
Online banking options such as Chime can help provide short-term loans for more than just financial emergencies. You can also use it to pay bills or make purchases online without worrying about paying interest on your balance.
List of 5 Cash Advance Apps That Work with Chime
However, before applying for a loan from Chime, be sure to read through our list of recommended cash advance apps that work with Chime, so you know what your options are when it comes time to borrow money online.
Kabbage
Kabbage, which is based in Durham, North Carolina, is an online lender that provides financing to small businesses. It offers loans up to $500,000 and takes a 3 percent fee.
For example, if you borrow $10,000 from Kabbage at an annual interest rate of 14 percent over 36 months, your monthly payment would be about $1,047 every six months until you pay it off. Those payments include both principal and interest.
You can apply for a loan directly on Kabbage’s website or through its app. It also partners with many other financial institutions like PayPal, Chase, and Wells Fargo. The longer it takes to repay your loan, the more interest you will pay.
MoneyLion
For consumers who are too overwhelmed by financial debt to make good decisions, MoneyLion offers a solution. The company’s no-fee cash advances allow people to break out of cycles of debt and become financially healthy.
After consolidating high-interest debts into one low-rate loan and then making an initial payment, MoneyLion helps customers reach their financial goals. There are no hidden fees or penalties—customers have access to all their money and can pay it back in a way that works for them.
Chime SpotMe
SpotMe is a cash advance app that can help users gain instant access to their money by sending requests through Facebook, LinkedIn, Twitter, and email. After sending your request, you will be prompted to fill out a form detailing your specific funding needs.
Once your information has been received, you will receive an approval notification within 24 hours. If approved, you will then have up to 72 hours to accept or decline your loan offer. Typically, your account is credited within 1-2 business days if your application is accepted.
As a bonus, if you refer friends or family members who sign up for SpotMe as well, they’ll give you $5 for each person who completes their application! You’ll also get $5 if they pay off their loan on time! Best of all?
Avant
Avant does something few other microloan companies can claim: They make their application process fast and straightforward without sacrificing credit standards. The Avant approval process takes less than 30 minutes. If you’re approved for a loan, funding will arrive within two business days.
You can withdraw up to $30,000 over one year or $2,500 per month at a 7% fixed interest rate and have no prepayment penalty fee. Late fees cost 5% of your payment amount. There are no annual fees, origination fees, or hidden costs. Repayments are made automatically by direct debit from your bank account every month.
Earnin
With Earnin, you can get paid to do things you’re already doing, like shopping, watching videos, and even spending time at home. Some Earnin retailers will immediately credit your Earnin account when you shop online.
After your first cash-out request is approved, Earnin may also offer you an instant loan based on your available funds (availability varies by user). Approval is instant, and funding generally takes 1–2 business days (excluding weekends) once requested. If your application is denied, your credit report will not be hard to inquire about.
If you are approved for a loan, it will be charged directly to your selected payment method or added as a line item in your following statement. You can choose from two repayment options: pay off a percentage of what you owe each month or pay back a fixed amount each month until it’s paid off.