How to Borrow Money From Chime 2024 [Guides]

Updated: March 19, 2024
borrow money from chime

Chime not only offers a checking and savings account, but it also offers a cash advance to avoid overdrafts. Unlike other traditional banks, it doesn’t check your credit or charge an overdraft or monthly fee. However, you can only borrow up to $200 with Chime, which might not sound so impressive for many users.

Still, it’s quite helpful for people living paycheck to paycheck. So how do you borrow money from Chime? In this article, we’ve rounded up all the steps that can take you one step closer to receiving a cash advance.

Can you borrow money from Chime?

Yes, you can borrow money from Chime with SpotMe, a free optional service for users who made a direct deposit payment of $200 or more over 45 days of enrolling.

What is Chime SpotMe

Chime SpotMe is an optional free service that offers an initial $20 base amount to cover an expense or to protect an account from overdrawing. If you have an active debit card, you can be eligible for SpotMe.

The total amount of money you can borrow with SpotMe is capped at $200, but all members start with $20. The service allows only certain types of transactions, in which peer-to-peer money transfer is not allowed, including other transactions.

To get SpotMe, you must receive a recurring direct deposit of at least $200 or more in your Chime checking for 45 days. And your deposits won’t be counted if they are not made by Automated Clearing House (ACH) or Original Credit Transaction (OCT). You’ll remain a SpotMe user as long as you receive at least $200 in qualifying deposits every month.

Chime SpotMe requirements.

Getting started with SpotMe is easy, as you only require a direct deposit set up with at least $200 in preceding deposits over the last 45 days. And you need to activate your debit card before enrolling in this feature.

Once your required direct deposit hits your savings or checking account, you can apply and, if eligible, should see the SpotMe balance right in your app.

However, many users who don’t see an option to enable SpotMe might be receiving cash from non-ACH or OCT-supported institutions. Ensure you meet all the criteria before enrolling for the Chime cash advance.

How to get started with SpotMe.

  • Launch your Chime app and navigate to the settings.
  • In the settings, find out if you’re qualified for the SpotMe feature.
  • Agree to the SpotMe terms and conditions (You have to activate your debit card), and you are all set to go.
  • Once enrolled, you can borrow cash up to your limit and pay it back in your next paycheck.

How much money can you borrow from Chime?

Like any other cash advance apps, Chime Spotme does not unlock all cash at once; it offers a $20 base limit initially, which can go as higher as $200 over time. So it is certain that new members have to wait at least a couple of weeks or months to see any boost in their Chime SpotMe.

If you’re money-tight, Spotme may not be for you to cover big expenses, nor does it support all types of transactions to fit your needs. However, it is helpful when you’re a little short of money on debit card purchases.

How to use or withdraw your SpotMe?

If you’re qualified, you can easily get your SpotMe money off your Chime card via any ATM, over-the-counter (OTC), or cash-back transactions at any retail store. However, you cannot transfer to friends or make an AHC or Chime Checkbook.

And if your limit is exceeded while making a debit card purchase or withdrawal, your transaction will be declined.

Here’s what it covers –

  • Debit card purchases & ATM withdrawals.
  • Cash-back transactions.
  • Over-the-Counter Withdrawal (Waives a $2.50 per transaction fee.)

What types of purchases does SpotMe not cover?

The program is built to protect your bank account from overdrawing, not transfers or automatic bill payments. It doesn’t cover any sort of Chime Checkbook transactions or pays anyone transfers.

Akin to any other cash advance apps, it applies to your next paycheck as a negative balance every time you use it.

Here’s what SpotMe doesn’t cover –

  • Chime to Chime transfers or any pay friends transfers.
  • Automatic bill payments, e.g., Subscriptions, utilities.
  • Send money to the apps like Cash App, Zelle, e.t.c.
  • Chime Checkbook Transfers.

How to increase SpotMe limit

Your overdraft limit is based on various factors, such as your account activities, debit card transactions, and direct deposits. Based on these factors, Chime may determine your limit and can also reduce your limit.

And there is no way for Chime users to increase or decrease their limit manually.

To increase your borrowing capacity with Chime, you need to be consistent with your account usage and do all it takes to bump up your limit.

Also, Chime gives you a four SpotMe boost monthly to send to your friends and family, and guess what? They can boost you back. Note: You can only send one boost to one friend every month and vice-versa.

Chime SpotMe alternatives

Chime is not the only single company that spots you money when in need. There are a host of fintech apps that offer overdraft protection, including other services similar to Chime. However, you may find Chime a better alternative because it doesn’t charge any late fee or monthly fee – nor does it check your credit score.

Other platforms do not incur any fee or check your credit score if you meet their requirements. Besides, few have a high borrowing limit and a chance of approval, which is not the case with Chime.

Spot me Alternatives –

  • Float me – floats you up to $50 instant advance cash.
  • Moneylion – get up to $250 instant advance.
  • Cleo – borrow up to $100 cash advance.
  • Dave – floats you up to $75.
  • Albert – get up to $250 cash advance.
  • Brigit – spots up to $250.
  • Klover – get up to $100 instant and up to $500 maximum advance.

Unlike Chime, many apps like Klover, Moneylion or Dave clamor for a monthly fee to give a cash advance or overdraft protection money. Apart from a monthly fee, they do not charge any late fee or check your credit.

Frequently Asked Questions (FAQs)

What is Spotme Boost?

It is a $5 pay-it-forward reward offered by Chime to boost your advance when your Chime friend pays it. You receive four monthly boosts that you can give your friends, or leave a tip, what you think is fair. You cannot transfer or collect your boosts as they’ll no longer be valid the next month.

You can ask your friends to pay your boosts back to increase your SpotMe balance.

Can I qualify for SpotMe without direct deposit?

No, you cannot enroll without a direct deposit. It is mandatory to set up a direct deposit and meet all the requirements to join the program.

Does Chime charge any fee for borrowing money?

No, Chime doesn’t incur any fee, whether it is a monthly or overdraft fee. It just requires you a qualifying direct deposit. You don’t have to pay anything extra for overdrawing your account balance up to your limit. In case you’ve failed to pay your advance, you will not be able to borrow any funds unless you pay it in full.

Why did my SpotMe limit go down?

Since your limit is based on different factors, it will likely go up and down. If your SpotMe limit has dropped, it could likely be your less usage of your account and debit card. Also, dropping in your direct deposits can reduce your limit. Review all the factors that determine your SpotMe limit to know exactly what has passively impacted the limit.

How does SpotMe work?

Chime SpotMe or cash advance is similar to any other paycheck advance app that spots you money in need and cuts it from your next paycheck. To receive your paycheck advance with Chime, you need to activate your debit card and qualify by making at least $200 direct deposits over the last 45 days.

It’s quite helpful to remove the cash gap when making certain transactions with your Chime debit card.

Can I transfer spot me to Cash App?

No, you cannot transfer your SpotMe balance to any P2P app like Venmo or Cash App. It only covers debit card transactions that overdraw a checking account balance.

Can you withdraw SpotMe on Chime?

Yes, you can withdraw your SpotMe at more than 60,000+ fee-free ATMs that you can locate on your Chime app. Note: There is a fee when you cash out via any out-of-network ATM.

Wrapping Up

Now you must have known how to borrow money from Chime using SpotMe. We’ve left you with workarounds to help you figure out everything you require to get a Chime cash advance.

However, there are certain limitations as to who can enroll for SpotMe. You must have an active Chime debit card and a steady cash flow of at least $200 from your payroll provider to qualify for an advance.

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By ankit raghuwanshi
He is an editor-in-chief, an admin, and the guy who kickstarted TheAppFlow. He often wraps his head around personal finance or fintech apps and never shies away from learning new things that he can share with people to streamline their wealth.