5 Paycheck Advance Apps to Help You Get Paid Early

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Key takeaways

Paycheck advance apps get you your pay early without high interest rates, fees, or credit checks.
There are a variety of paycheck advance apps. Certain ones specialize in overdraft protection whereas others do automatic advances.
Compare the different apps’ benefits such as the amount advanced, fee structure, and extra features like automated withdrawals to find the best one for you.

Life would be so easy if everything went according to plan. You work, earn money, pay for what you need, and maybe even put a little away for savings. But of course that’s not how it works. If you’re living paycheck to paycheck and unexpected expenses arise, what can you do?

You can always turn to a payday loan or take out a credit card cash advance as a quick fix. The problem is, these options are expensive and may end up being more trouble than they’re worth.

Thankfully, several new apps let you get your pay early. Paycheck advance apps or early payday apps can help you get the cash you need when you need it usually without high interest rates, fees, or credit checks.

Let’s go over our 5 favorite paycheck advance apps and what makes them stand out.

What is a cash advance app?
How do cash advance apps work?
How to select a cash advance app
Pros and cons of using paycheck advance apps
Paycheck advance apps vs. payday loans
What is earned wage access?
How do I best use cash advance apps?
Are cash advance apps safe?
Is a cash advance app right for me?
Alternatives to cash advance apps
Bottom line

What is a cash advance app?

A cash advance app is a mobile application that allows you to borrow a small amount of money before your next paycheck. These apps are designed to provide quick financial relief for unexpected expenses, such as medical bills, car repairs, or other emergencies. Unlike traditional payday loans, cash advance apps offer lower fees and interest rates, making them a more attractive option for short-term borrowing.

You simply link your bank account to the app, which analyzes your income and spending patterns to determine eligibility and loan amount. There is no credit check. Once approved, the advance is deposited directly into your bank account, often within minutes. Repayment is usually automatic and scheduled for your next payday, though some apps offer flexible repayment options.

Cash advance apps also often come with additional features, such as budgeting tools, financial insights, and credit score monitoring, which can help you manage your finances more effectively. However, it’s essential to read the terms and conditions carefully, as some apps may have hidden fees or strict repayment terms that could lead to further financial strain.

How do cash advance apps work?

Cash advance apps function by providing short-term loans to anyone who needs quick access to cash before their next paycheck. The process typically begins with downloading the app and setting up an account, which involves linking your bank account and verifying your identity. The app analyzes your income, spending habits, and financial history to determine your eligibility and the amount you can borrow. Many apps require you to link your direct deposits before you can borrow.

Once approved, you can request a cash advance, which is usually deposited directly into your linked bank account within minutes to a few business days. Many apps charge a fee for instant transfers, while standard transfers that take a few days are free. The advance amount is often based on a percentage of your upcoming paycheck, ensuring you don’t borrow more than you can repay.

Repayment is typically automatic and occurs on your next payday. The app withdraws the borrowed amount, plus any applicable fees or tips, directly from your bank account. Some apps offer flexible repayment options, allowing you to extend the repayment period or adjust the withdrawal date.

Many cash advance apps have few to no mandatory fees. Some require a subscription while others charge a fast funding fee or ask for an optional tip. Most do not charge any interest.

How to select a cash advance app

There are so many cash advance apps available it can be tough to know which one to go with. We’ve put together a list of key features to look at to to ensure you select the best option for your financial needs.

Fees and Interest Rate
Start by examining the fees associated with each app. Most cash advance apps do not charge interest, which is a relief. They do however charge fees that can add up quickly. Some apps charge a flat fee, a percentage of the advance, or offer optional tips, while others might operate on a subscription basis. Understanding these costs is crucial to avoid unexpected expenses.

If the app has a subscription fee, consider the other features. Usually, they will include budgeting tools, spending insights, credit score monitoring, and the like. If you use the features, the fee may be worth it.

Other apps ask for an optional tip. Do not feel obligated to tip that much, or you may end up paying a high APR (annual percentage rate). For instance, a $14 tip on a $250 advance with a 14-day repayment period is equal to an APR of approximately 146%.

If you need to cash right away, almost every app will charge you a fast funding fee. To avoid this fee, plan ahead so that you can wait one to three business days to get your money for free.

Repayment Schedule
Consider the app’s repayment terms and flexibility. Some apps offer more lenient repayment schedules or allow you to adjust the repayment date. Look for apps with repayment flexibility so that you can reschedule payments without having to take out a new loan.

Advance Amount
Look into how much you can advance at a given time. Some apps cap their advance amount at $250, while others go up to $500. Note that even if you choose an app with a high advance amount you may only be approved for a small advance – $50 – at first.

Customer Reviews and Support
Look for apps with good customer reviews and ratings, as these can provide insights into the reliability and effectiveness of the service. You certainly want an app that will send you your money as agreed. Reliable support can be crucial if you encounter issues or have questions about your advance.

Security
Ensure the app uses robust encryption and has a solid privacy policy to protect your personal and financial information. Finally, evaluate the app’s customer support.

By carefully reviewing these aspects, you can select a cash advance app that provides a convenient and secure financial solution tailored to your needs.

Pros and cons of using paycheck advance apps

Pros

Conveniently access your funds in minutes to cover emergency expenses.

Low fees – or none at all – compared to payday loans and credit card cash advances.

A lot of apps also include budgeting tools and additional benefits.

Helps you avoid overdraft fees by spotting you or automatically funding your account if it’s low.

You can access cash instantly in an emergency (most will charge you a small fee).

There’s usually no credit check, making them easy to qualify for with a low credit score and they won’t hurt your credit if you don’t pay the advance back.

Cons

Paycheck advance apps can lead to a cycle of debt if you can’t pay back the loan with your next paycheck.

They can encourage bad spending habits and tempt you to rely on advances to cover regular expenses and not only emergencies.

Fees and tips can add up: subscription fees, fast-funding fees, and optional tips.

You are sharing your personal data and potentially putting it at risk.

Repaying the advance may cause an overdraft if you don’t have enough money in your account to cover it when it’s due. Some paycheck advance apps will try to avoid triggering an overdraft, but not all.

Paycheck advance apps vs. payday loans

Paycheck advance apps and payday loans both offer quick access to funds, but they differ significantly in terms of cost, convenience, and user impact.

Paycheck advance apps allow users to borrow small amounts of money against their upcoming paycheck with minimal or no fees and often no interest. These apps typically offer flexible repayment options aligned with the user’s payday, reducing the risk of falling into a debt cycle. Additionally, many paycheck advance apps provide financial tools, such as budgeting assistance and spending insights, to help users manage their finances more effectively.

In contrast, payday loans are often characterized by high interest rates and substantial fees, which can lead to a cycle of debt if borrowers are unable to repay the loan on time. Payday lenders typically require borrowers to provide a post-dated check or authorize automatic withdrawals from their bank account, which can result in overdraft fees if funds are insufficient. This can exacerbate financial strain and make it difficult for borrowers to escape the debt trap.

While both options provide immediate financial relief, paycheck advance apps generally offer a more consumer-friendly approach with lower costs and better support for financial health. However, it’s essential to use either option responsibly and understand the terms and potential risks involved.

What is earned wage access?

Earned Wage Access (EWA) is a financial service that allows employees to access a portion of their earned wages before their official payday. This service is particularly beneficial for those who may encounter unexpected expenses or need immediate funds without waiting for their regular paycheck. Unlike traditional loans, EWA simply provides access to money that the employee has already earned, reducing the need for borrowing and incurring interest or fees associated with loans.

EWA services are typically offered through employers who partner with third-party providers. Employees can request a portion of their earned wages through an app or platform, and the funds are usually transferred directly to their bank account or provided via a pay card. The accessed amount is then deducted from the employee’s next paycheck, ensuring a seamless and straightforward repayment process.

This service promotes financial flexibility and helps employees manage their cash flow more effectively, reducing the reliance on high-interest loans or credit cards. By providing early access to earned wages, EWA can improve financial well-being and reduce stress associated with financial emergencies, making it a valuable tool for many workers.

How do I best use cash advance apps?

To make the most of cash advance apps, use them sparingly and only for genuine emergencies, such as unexpected medical bills or urgent car repairs. Before borrowing, evaluate your budget to ensure you can repay the advance on time without compromising your financial stability. Set a borrowing limit that aligns with your income to avoid overextending yourself.

Take advantage of the financial tools many apps offer, such as budgeting assistance and spending insights, to improve your overall financial management. Always read the terms and conditions carefully to understand any fees or repayment requirements, and consider optional tips or subscription fees only if they fit within your budget.

Lastly, explore alternative solutions, such as building an emergency fund or negotiating payment plans with creditors, to reduce reliance on borrowing. By using cash advance apps responsibly, you can avoid the pitfalls of debt and maintain better control over your finances.

Are cash advance apps safe?

Cash advance apps can be safe, but it is essential to choose reputable ones and use them wisely. When selecting an app, look for those with strong security measures, such as encryption and secure data storage, to protect your personal and financial information. Check user reviews and ratings to gauge the app’s reliability and customer satisfaction.

Ensure the app is transparent about fees, repayment terms, and any potential impacts on your bank account. Some apps may charge hidden fees or automatically withdraw funds, leading to overdrafts if you’re not prepared. Reading the terms and conditions thoroughly can help you avoid these pitfalls.

Moreover, opt for apps that are clear about their privacy policies and how they handle your data. By doing thorough research and choosing a trustworthy app, you can use cash advance apps safely and effectively, while minimizing financial risks.

Is a cash advance app right for me?

Deciding whether a cash advance app is right for you depends on your financial situation and needs. Cash advance apps can be beneficial if you need quick access to funds for unexpected expenses and have a clear plan to repay the advance on time. They offer a convenient and often cheaper alternative to payday loans, with lower fees and no interest in many cases.

However, these apps are best used sparingly and not as a long-term financial solution. If you find yourself relying on cash advances frequently, it might indicate underlying budget issues that need addressing. Consider your ability to repay the advance without compromising your financial stability.

If you have access to other financial resources, such as an emergency savings fund, low-interest credit options, or assistance from family and friends, these might be better choices. Evaluate all your options and use cash advance apps judiciously to avoid potential financial pitfalls.

Alternatives to cash advance apps

While cash advance apps can offer quick and convenient access to funds, they are not always the best solution for everyone. Here are several alternatives to consider, each with its own set of advantages and considerations:

Small Personal Loans

Small personal loans can be a good alternative if you need to borrow a larger sum of money. Most start at $1,000, have longer repayment terms, and interest rates don’t go above 36%. This can make them easier to manage financially than short-term cash advances. Personal loans can be used for various purposes, including consolidating debt, covering unexpected expenses, or making significant purchases. However, they often require a credit check and can take longer to process compared to the instant access provided by cash advance apps.

Credit Unions

Credit unions are member-owned financial institutions that often provide more favorable terms for borrowers. They tend to offer lower interest rates and fees on loans compared to traditional banks. Many credit unions also provide small-dollar loans specifically designed to help members avoid payday loans and high-interest borrowing. Additionally, credit unions often offer financial education and counseling services to help members manage their finances more effectively. The main drawback is that you need to be a member of the credit union to access these benefits, which may require meeting certain eligibility criteria.

Borrowing from Friends and Family

Borrowing money from friends or family can be an effective way to avoid the high costs associated with cash advances and payday loans. This option typically comes with no interest or very low interest and flexible repayment terms. However, it is crucial to approach this option with caution. Clear communication and formalizing the loan terms in writing can help prevent misunderstandings and preserve relationships. It’s essential to treat these loans with the same seriousness as any other financial obligation to maintain trust and goodwill.

Buy Now, Pay Later Apps

Buy Now, Pay Later (BNPL) apps have gained popularity as a flexible alternative for managing expenses. These apps allow you to purchase goods and services immediately and pay for them in installments over time. BNPL services often come with no interest if you repay the installments on time, making them an attractive option for spreading out the cost of larger purchases. However, it’s important to read the terms and conditions carefully, as missed or late payments can result in high fees and negatively impact your credit score. Additionally, relying too heavily on BNPL services can lead to overspending and financial strain if not managed responsibly.

Choosing the Right Alternative

When considering alternatives to cash advance apps, it’s essential to evaluate your financial situation and needs. Small personal loans and credit union services can provide more sustainable borrowing options with lower costs, but they may require more time and eligibility criteria. Borrowing from friends and family offers flexibility and low cost but requires careful handling to avoid relationship strain. BNPL apps can help manage larger purchases, but it’s crucial to use them responsibly to avoid debt.

By exploring these alternatives, you can find a solution that better aligns with your financial goals and helps you avoid the potential pitfalls associated with high-interest, short-term borrowing. Each option comes with its own set of pros and cons, so careful consideration and planning are key to making the best choice for your financial health.

Frequently asked questions

1. Are there any fees associated with cash advance apps?

Yes, many cash advance apps charge fees, which can be a flat fee, a percentage of the advance, or optional tips. Some apps may also offer subscription models. It’s essential to read the terms and conditions to understand the total cost of borrowing.

2. How quickly can I receive funds from a cash advance app?

Funds from a cash advance app are typically deposited into your bank account within minutes to a few business days. The exact time can vary depending on the app and your bank’s processing times.

3. Will using a cash advance app affect my credit score?

Most cash advance apps do not perform a credit check when you apply for an advance, so using them generally does not affect your credit score. However, if an app reports your activity to credit bureaus, it could impact your score.

4. What happens if I can’t repay the advance on time?

If you can’t repay the advance on time, the app may charge late fees, interest, or additional fees. It’s crucial to understand the app’s repayment terms and any potential penalties for late payments to avoid further financial strain.

Bottom line

Everyone needs extra cash from time to time. Paycheck advance apps can be the perfect fix to cover emergencies between paydays without high-interest rates, mandatory fees, or credit checks. But remember, they are a short-term solution and it’s best not to become reliant on borrowing your own money.

Borrowing money from future paychecks means when your paycheck arrives it will be for a smaller amount. This can lead to a vicious cycle where you have less and less money to work with over time.

Use paycheck advance apps when you need them but focus on making extra cash and budgeting effectively so you don’t become dependent on these apps. They are to be a helping hand in an emergency and not an additional financial stress.

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions. Current is a financial technology company, not an FDIC-insured bank. FDIC insurance up to $250,000 only covers the failure of an FDIC-insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card issued by Choice Financial Group, and the Current Visa® secured charge card issued by Cross River Bank, are both pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

2. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group, Member FDIC, and Cross River Bank, Member FDIC. The Current Visa® Debit Card is issued by Choice Financial Group pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Current Visa® secured charge card is issued by Cross River Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see the back of your Card for its issuing bank. Current Individual Account required to apply for the Current Visa® secured charge card. Independent approval required.

3. Individual results may vary. Using your credit card responsibly may allow you to improve your credit score. Credit building depends on various factors, including your payment history, credit utilization, length of credit history, and other financial activities.

4. Faster access to funds is based on comparison of traditional banking policies and deposit of paper checks from employers and government agencies versus deposits made electronically. Direct deposit and earlier availability of funds is subject to timing of payer’s submission of deposits.

5. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Funds held in Savings Pods are FDIC-insured on a pass-through basis up to $250,000 at our partner bank Choice Financial Group, member FDIC

6. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.

7. Actual overdraft amount may vary and is subject to change at any time, at Current’s sole discretion. In order to qualify and enroll in the Fee-Free Overdraft feature, you must receive $500 or more in Qualifying Deposits into your Current Account over the preceding 30-day period. For more information, please refer to Fee-free Overdraft Terms and Conditions.

8. You may earn Points in connection with your everyday spending and by completing other actions that Current designates as subject to the Current Points Program. The amount of Points granted for different actions as well as the purchase requirements necessary to earn Points will vary, and is subject to Current’s sole discretion. After qualifying, please allow 3-5 business days for points to post to your Current account. The Current Points program is not available to Teen Account holders. See Current Points Terms and Conditions.

9. Some fees may apply, including out of network ATM fees of $2.50 per transaction, late payment fees of 3% of any total due balance outstanding and past due for two or more billing cycles, foreign transaction fees of 3% of the full transaction amount (minimum $0.50), card replacement fees per card of $5 for regular delivery and $30 for expedited delivery, cash deposit fees of $3.50 per deposit, and third party processing fees.

10. Boost Bonuses are credited to your Savings Pods within 48 hours of enabling the Boost feature and on a daily basis thereafter, provided that the Savings Pod has accrued a Boost Bonus of at least $0.01. The Boost rate on Savings Pods is variable and may change at any time. The disclosed rate is effective as of August 1, 2023. Must have $0.01 in Savings Pods to earn a Boost rate of either 0.25% or 4.00% annually on the portion of balances up to $2000 per Savings Pod, up to $6000 total. The remaining balance earns 0.00%. A qualifying direct deposit of $200 or more is required for 4.00%. No minimum balance required. For more information, please refer to Current Boost Terms and Conditions.

11. Cryptocurrency services are powered by Zero Hash LLC and Zero Hash Liquidity Services LLC, and may not be available in all states. Terms and conditions apply. When you buy or sell cryptocurrency, a difference between the current market price and the price you buy or sell that asset for is called a spread. However, unlike most other exchanges Current does not charge an additional trading fee. Cryptocurrency transactions are a form of investment, and all investments are subject to investment risks, including possible loss of the principal amount invested. Cryptocurrency is not insured by the FDIC or any other government-backed or third-party insurance. Your purchase of cryptocurrency is not a deposit or other obligation of, or guaranteed by, Choice Financial Group or Cross River Bank. The cryptocurrency assets in your Zero Hash account are not held at Current, Choice Financial Group, or Cross River Bank. Current, Choice Financial Group, and Cross River Bank are not responsible for the cryptocurrency assets held in any Zero Hash account. Neither Current, Choice, nor Cross River Bank is involved in the purchase, sale, exchange of fiat funds for cryptocurrency, or custody of the cryptocurrencies. Terms and Conditions apply (platform and user agreements). Crypto on Current is not currently available in HI. Licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. This does not constitute investment advice.

12. Current is a financial technology company, not a bank. Banking services provided by Choice Financial Group. Your money is FDIC-insured on a pass-through basis up to $250,000 at each of our partner banks, Choice Financial Group and Cross River Bank, members FDIC.

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16. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

17. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.

18. Coverage for a Stolen or damaged Eligible Cellular Wireless Telephone is subject to the terms, conditions, exclusions, and limits of liability of this benefit. The maximum liability is $800, per claim, per Eligible Card Account. Each claim is subject to a $50 deductible. Coverage is limited to two (2) claims per Eligible Card Account per 12 month period. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

19. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

20. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.

21. Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC.

22. The secured Chime Credit Builder Visa® Card is issued by Stride Bank, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted.

23. Banking services and debit card provided by The Bancorp Bank N.A. or Stride Bank, N.A., Members FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.

24. The Annual Percentage Yield (“APY”) for the Chime Savings Account is variable and may change at any time. The disclosed APY is effective as of September 20, 2023. No minimum balance required. Must have $0.01 in savings to earn interest.

25. There’s no fee for the Chime Savings Account. Cash withdrawal and Third-party fees may apply to Chime Checking Accounts. You must have a Chime Checking Account to open a Chime Savings Account.

26. To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

27. Money added to Credit Builder will be held in a secured account as collateral for your Credit Builder Visa card, which means you can spend up to this amount on your card. This is money you can use to pay off your charges at the end of every month.

28. Based on a representative study conducted by Experian®, members who made their first purchase with Credit Builder between June 2020 and October 2020 observed an average FICO® Score 8 increase of 30 points after approximately 8 months. On-time payment history can have a positive impact on your credit score. Late payment may negatively impact your credit score.

29. On-time payment history may have a positive impact on your credit score. Late payment may negatively impact your credit score. Chime will report your activities to Transunion®, Experian®, and Equifax®. Impact on your credit may vary, as Credit scores are independently determined by credit bureaus based on a number of factors including the financial decisions you make with other financial services organizations.

30. Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

31. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.

32. Tipping or not tipping has no impact on your eligibility for SpotMe®.

33. Out-of-network ATM withdrawal fees may apply except at MoneyPass ATMs in a 7-Eleven, or any Allpoint or Visa Plus Alliance ATM.

34. Save When I Get Paid automatically transfers 10% of your direct deposits of $500 or more from your Checking Account into your savings account.

35. Round Ups automatically round up debit card purchases to the nearest dollar and transfer the round up from your Chime Checking Account to your savings account.

36. Mobile Check Deposit eligibility is determined by Chime in its sole discretion and may be granted based on various factors including, but not limited to, a member’s direct deposit enrollment status.

37. Funds are automatically debited from your Checking Account and typically deposited into the recipient’s Checking Account within seconds. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed.

38. Pay Anyone transactions will be monitored and may be held, delayed or blocked if the transfer could result in fraud or another form of financial harm. Sometimes instant transfers can be delayed. Non-Chime members must use a valid debit card to claim funds.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.