Cash apps are mobile payment systems that allow people to transfer money to and from individuals and companies. Meanwhile, Chime is a financial technical company offering banking services, such as a free checking account and debit card, a free high-interest savings account, and credit cards.
Known for having no monthly fees and minimum security deposit requirements, Chime is very popular—which is why many people want to know: which cash apps work with Chime? The answer, as it turns out, is quite a few. Here’s a closer look.
| App | Limits | Fees? |
| Empower | $250/advance | $8/mo. |
| Brigit | $250/advance | $9.99/mo. |
| MoneyLion | $1,000/advance* | $19.99/mo. (req’d to access higher limits & add’l. features) |
| Current | $200/advance | $4.99/mo. |
| EarnIn | $100/day; $500/pay period | None (“tips” optional) |
Ideally, you’ll always have money put away and not need your paycheck early. But as we all know, life happens. Sometimes, the car breaks down, the rent is due or your dog needs surgery. Maybe all of this happens in the same week, and suddenly you need to borrow money—now.
If you have a Chime checking account and do find yourself in a financial pickle, there are cash advance apps that you can use that work with Chime. If that sounds like a route you may want to take, here are some of the most popular cash advance apps, and what you can expect from them.
Empower will instantly give you anywhere from $10 to $350 in cash. There are no interest or late fees. The catch? After a 14-day free trial, you’ll be charged an $8-a-month subscription fee, automatically deducted from your checking account every month. This monthly fee allows you to get cash advances whenever needed.
Empower also provides a $200 to $400 line of credit and other services, such as tools to help you save more and track your spending and credit monitoring.
| Fees | $8 a month subscription fee; no late fees |
| Limits | $300 cash advance; regular customers may get $350 |
| Requirements | You’ll need a checking account; Empower looks at your transaction history to determine whether it will give you a cash advance. |
| Compatibility with Chime | Empower and Chime are compatible. You’ll simply set up your Empower account and then follow the instructions to link the two apps. |
Brigit is a cash app with three pricing tiers, including a free version. The free version allows you to get your cash advance in one to three business days. The other two tiers are subscriptions that offer customers other services, such as identity theft monitoring.
Worth noting: The Federal Trade Commission put out a consumer alert on Brigit last year after the federal government agency settled a lawsuit with the company. Hopefully, the issues have been resolved. Brigit ended up returning $18 million to customers.
| Fees | $0, $8.99 a month and $14.99 a month |
| Limits | Up to $250 |
| Requirements | You’ll need a checking account that has been active for at least 60 days, has a balance over $0 and has had three recurring deposits from the same source. |
| Compatibility with Chime | Brigit is compatible with Chime in theory, but many customers have reported having trouble connecting the two apps. That said, many customers have also reported that the problems have been fixed. |
MoneyLion is a cash advance app, but it’s more than that. It’s kind of a money app that offers cash advances, banking services, credit-building services, and personal loans.
Cash advances are free and have no fees, but you may have to wait one, two, or even up to five business days. If you need your cash immediately, you can get it instantly, but you will pay a fee.
| Fees | $1 monthly administrative fee for banking services; $1.99 to $8.99 for instant cash advances, depending how much you need. |
| Limits | $500 |
| Requirements | You’ll need a checking account that has been open for 60 days and at least three direct deposits. |
| Compatibility with Chime | MoneyLion and Chime are compatible. Go to “transfers” on the MoneyLion app, and then you’ll tap “add account.” After that, look for, and add, Chime. Or you can use your Chime app and add MoneyLion. |
Current is a cash advance app that will give you up to $500 of a paycheck advance. As with many cash advance apps, you can get your money for free, if you don’t mind waiting one to three business days.
Need your money faster? The fee for an instant advance varies depending on the amount of money you request (you won’t know until you apply for an advance).
| Fees | No monthly or overdraft fees |
| Limits | Up to $500 |
| Requirements | The main requirements to get a paycheck advance: You’ll need a checking account and be doing direct deposits from your employer. |
| Compatibility with Chime | Chime and Current both can be synced up and work well together. Simply link your Chime account with Current, or visa versa. If you’re interested in the technology that makes this compatibility possible, they are compatible because both companies use Plaid, which specializes in allowing banking customers to connect their financial accounts to apps and services securely. |
EarnIn allows you to access up to $100 a day and up to $750 in a pay period. What makes the cash advance app especially unique is that there are no fees or interest that you’ll pay when you get your money. You will be encouraged to tip, but it’s optional: you can type in $0.
Your money will typically arrive in 1 to 2 business days. If you need it faster from Earnin, you can receive it immediately, but you will pay a fee.
| Fees | Technically there are no fees with Earnin, but you will be encouraged to tip; if you use the Lightning Speed program, you’ll pay $2.99 to $3.99, depending on how you get your cash. |
| Limits | $100 a day; $750 per pay period |
| Requirements | You’ll need to have a checking account that accepts direct deposits. |
| Compatibility with Chime | Unfortunately, compatibility with Chime is not ideal, and it will probably be a hit-and-miss situation for borrowers. Earnin states on its website, “EarnIn is continually testing new ways to support our Chime users. Currently, this means we are allowing a small test group of people who bank with Chime to use EarnIn.” |
Generally, you can often use cash advance apps for free with Chime—if you’re willing to wait one and maybe two or three business days to get your advance. Of course, if you need an advance on your paycheck, you probably need it now and not in a few days. If that’s the case, you’ll likely pay some fee.
Read the terms and conditions carefully before accepting cash advances from an app. Cash advances sound great, but you have to pay them back, and if you’re paying fees on top of that, that can get expensive.
Ask the expert
As a financial planner, I encourage and help my clients accumulate an emergency savings bucket of funds equal to at least 6 months of expenditures, and possibly up to 18 months depending on your industry and how well the economy is performing. Accessing cash early is a slippery slope—and I don’t encourage it. However, some of the above options do appear to be relatively low cost if they must be used in a one-off bind.
If you need money, you may want to consider a personal loan instead of a cash advance. Make no mistake: a cash advance is a personal loan. Still, if you work with a lender that markets itself as a company that gives out personal loans, they will typically give you much more money than a cash advance, and you’ll have much more time to pay it off.
Generally, though, personal loans work a bit differently. A cash advance is paid off by the next pay period or at least within a month; personal loans are paid back in monthly installments, and they may take months or years to pay off.
Some cash apps that work with Chime offer personal loans. For instance, MoneyLion, compatible with Chime, offers up to $50,000 personal loans. SoFi, an online bank compatible with Chime, offers up to $100,000 personal loans.
So that might be an option for those who want or need to borrow more than the cash advance apps allow—you could get a personal loan. But just as you should with cash advances, carefully review the terms and conditions before taking out any personal loans.
As is the case whenever you borrow money, there are pluses and minuses to consider.
Pros
You can receive money quickly
Obvious, but it has to be said.
You may save money.
While you may pay fees to borrow money, the money you borrow could help you avoid late fees tied to bills you have.
No credit check.
If you have money regularly deposited in your account, that matters to cash advance apps.
Cons
There are usually fees
You may avoid fees if you don’t need the money instantly. Otherwise, you will likely pay some sort of fee.
You could create a cycle of debt
While the fees to these cash advance apps are often pretty low, you do have to pay the cash advance back—plus a fee. If you continue to struggle financially, you may need to take out another cash advance as soon as you get paid.
You may not get as much as you think
Sometimes, cash advance apps say that you can get “up to” a certain amount, so you might think you’re going to get a $500 cash advance, but instead, you’ll get one for $100.
Chime is not a cash app. It is an online bank offering various financial services, including spending accounts, savings accounts, and credit-building tools. While it does not provide direct cash advance services, it can be linked to cash advance apps that do.
Fees for using cash advance apps with Chime vary by app. Some apps may charge a flat fee, a percentage of the advance amount, or subscription fees. It’s important to review each app’s fee structure before using it.
The speed of receiving funds depends on the cash advance app you use. Many apps offer instant transfers, while others may take one to three business days. Check the specific app’s funding times for accurate information.
Reputable cash advance apps use encryption and other security measures to protect your personal and financial information. However, it’s essential to research and choose well-reviewed and trusted apps to ensure your data’s safety.
Yes, you can link multiple cash advance apps to your Chime account simultaneously. However, managing multiple advances and repayments can be challenging, so keeping track of your obligations is crucial to avoid financial difficulties.
If you cannot repay a cash advance on time, the specific consequences depend on the terms of the cash advance app. Common repercussions include additional fees, higher interest rates, and potential negative impacts on your credit score.
It’s important to contact the app’s customer service to discuss your options if you foresee repayment difficulties.
| App | Limits |
| Empower | $250/advance |
| Brigit | $250/advance |
| MoneyLion | $1,000/advance* |
| Current | $200/advance |
| EarnIn | $100/day; $500/pay period |
The post Cash Advance Apps That Work With Chime appeared first on LendEDU.
