Moneylion is a financial technology company that is known for its lending, investment, and financial advisory services.
The company was founded in 2013 and is headquartered in New York, United States. The company gets income through their loan business and monthly subscription service.
The fintech company also gives cash advances to its customers. And have their own debit card.
Chime is an online (digital) financial institution that offers the same financial service you get from a traditional bank.
This financial institution offers great services to its users. To own a Chime account you have to download the Chime mobile app as it doesn’t have a physical branch, all financial transactions are carried out online using the Chime mobile app.
In today’s article I will be answering the question, does moneylion work with Chime, and will also be giving out information about the two financial institutions that I’m sure would be beneficial to you.
Does moneylion works with Chime
Yes, moneylion works with Chime, the only thing you have to do is to link your Chime account to moneylion.
How to link your Chime account to moneylion.
Linking your Chime account to moneylion is a very simple and straightforward procedure:
- Launch the moneylion app on you mobile device
- Go to transfer
- Click on “add account”
- Choose Chime bank
- Input your Chime bank account details and confirm.
Does Chime give cash advances?
Chime has lot of interesting and very beneficial features to offer its users, but it is not possible to get cash advances on Chime.
Instead, Chime offers it customers overdraft fees on their Chime account through the Chime SpotMe feature, with this feature you can spend even when there is no money in your Chime account, and the good thing about this feature is that you do not have to worry about paying any extra fees attached to the overdraft fee, because Chime offers the SpotMe feature to its users with no interest fee attached.
All you have to do is to tip chime every now and then, although it isn’t compulsory to do so.
Does moneylion charge fees for cash advance?
The straightforward answer is No, moneylion do not have any fees attached to their cash advance, it is totally free, no interest fee is attached when using this feature on moneylion.
All you have to do to get the moneylion cash advance is to qualify for it, to qualify for the Chime cash advance feature, keep reading.
How to qualify for cash advance on moneylion
You don’t just qualify for cash advances because you opened a moneylion account.
There are certain requirements that are supposed to be met. And if you do not meet these requirements, you won’t qualify for the moneylion cash advance feature. The requirements are listed below.
- Your moneylion account must be more than two months. If you have not owned an account with moneylion for at least 2 months, you won’t qualify to get cash advances from the financial company.
- Your account must be a regular receiver of paychecks from a particular employer. In other words, to get cash advances on moneylion, you have to make it your salary account.
- Your account must always have a positive balance, it must never enter the negative. In simpler terms, your account must never be less than 0. You must always have cash in your moneylion account.
Other financial services Chime work with
Chime also partners with other financial institutions.. eg
- Empower app
- Albert app
- Cleo app
- Klover app etc
Moneylion accepts the addition of other financial institutions to their mobile app, and unlike Chime you can get cash advances from moneylion.
I hope today’s post has answered your question, please share your thoughts on the post in the comments section.