A payday loan is a quick non-bank loan that is taken for a short period – for a while. Unlike a usual loan, payday loans are not repaid in installments, but only once – immediately in the entire amount. The name payday loan comes from the short repayment time and was started as the name of a popular company providing this type of loan “online payday loans“, which wanted to mark the short period of the obligation and their immediate payment with their name. Payday loans via the Internet also have these features – you can have money in your account just 15 minutes after submitting the loan application. You can also find lenders that provide payday loans with a Chime bank account. It is important to immediately find such an option since not all lenders provide loans through online accounts with banks.
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Amounts and terms of online payday loans with Chime
Payday loans are low-value loan offers. The minimum financing for such liabilities is usually $100. Lenders usually set a maximum amount of several hundred dollars – often $1,000.
As the name suggests, the payday loan is characterized by a short repayment period – most often it is up to 30 days. Financing for 45 or 60 days is slightly less common. This type of loan is repaid at one time in full.
On the one hand, payday loans that accept Chime allow you to quickly get money over the Internet, on the other, however, the requirement to return the entire sum of money at once along with the costs may be a problem for some people. It should be remembered that exceeding the payment deadline results in penalty interest, and in the worst case it leads to the initiation of debt collection proceedings.
If you use several online loans at the same time, problems may arise with the timely repayment of many liabilities. This is not a no-win situation – to protect yourself from unpleasant consequences, it is worth using the consolidation of payday loans.
What conditions must be met to receive a Chime payday loan online?
It is the small requirements necessary to receive a quick online payday loan that attract most customers to them. The only document necessary to receive a payday loan is an ID card.
The basic requirements are:
- Legal age – companies may require a higher age.
- ID card.
- Chime bank account.
- Mobile phone.
- E-mail account.
- Living in the US.
In addition to these requirements, the most important thing for financial institutions is creditworthiness, i.e. whether a given person will be able to pay off their debts. Therefore, lenders require their clients to have a steady source of income. The income requirements of payday loans are much lower than those necessary to obtain a bank loan. Of course, ultimately the income criteria vary from one lender to another.
Generally speaking, the lower the cost of the payday loan, the higher the requirements for the borrower. Those comparable in price to the banking ones will be similarly strict with regard to the creditworthiness of customers. The factors affecting the cost of the loan with a Chime account include:
- The form of employment – the more stable the better.
- Profession – people in stable positions (e.g. teachers, officials) will get better conditions.
- The number of dependents.
- Education – the higher the better.
- Age – the optimal age of the borrower is around 30-35 years. Older and younger people will get slightly worse conditions, although you can even find loans from 18 years.
Accepted forms of employment
Non-bank institutions do not discriminate against anyone due to the source of income – provided that it is legal and verifiable. Therefore, we will not get a loan if we work illegally. Among the accepted sources of income are:
- Employment contract – for a definite and indefinite period
- Contract work
- Contract of mandate
- B2B, own business
- Retirement, disability pension
- Agricultural activity
- Various benefits, as long as they are permanent
What is the step-by-step process of receiving a loan that accepts Chime
The easiest and fastest way is to receive a quick payday loan via the Internet. By transferring their business to the network, lenders are able to reduce costs and grant loans very quickly. We present how to take a typical payday loan via the Internet step by step:
- Select the loan amount and repayment period on the loan calculator and click submit an application.
- Provide the basic information required by the lender and select the required consent (most companies do not require marketing consent, so it is worth unchecking this point).
- You will be registered on the lender’s website – activate the account via a link sent to the e-mail address or by entering the code from the phone sent via SMS.
- Describe your financial situation by filling out the form and completing the income statement.
- Confirm your identity.
- Now you have to wait a while for the application to be assessed. It takes from several to several minutes.
- Wait for a while for the lender’s decision. The fastest of them will take it in just a few minutes.
- In case of a positive decision, you will get the transfer with money up to 15 minutes.
