Several readers have been pondering over the question of “can I get my SBA loan on my Chime card “, and we’re here to answer it all for you!
Since Chime’s statement on Twitter last year, small business owners on Chime have been confused as to what to do about their SBA loans. If you’re one of those people hoping the answer to can I get my SBA loan on my Chime card is a yes, you’re lucky. You can, provided the loan lender is a partner of Chime.
Chime is still approving SBA loans if the lender is one of their partner outlets. SEDCO, Fountainhead, Harvest Small Business Finance, DreamSpring, and Benworth are some of the well-known figures in relation to Chime. If your loan application is approved by them, the loan amount can be sent to your Chime card.
How to Get Your SBA Loan on Your Chime Card?
Now, you know the answer to can I get my SBA loan on my Chime card. How to do it though? Look for Chime’s partner loan lender and get approval for your PPP loan application. Womply is a loan agent in partnership with Chime, whose portal you can use for filing your loan form.
How to get your SBA loan on your Chime card:
- Go to Womply.
- Enter the necessary personal details required.
- Recheck your information.
- Hit the Submit button.
- You can later log in to the website to check the state of your application.
- Once you get an approval message, all you have to do is wait for the loan to be deposited.
The process is similar for any other agent and lender partnered with Chime. The deposit will reach your bank via your Chime card.
What to Do if You Can’t Get an SBA Loan on Your Chime Card
Even if your application is completely valid, your loan deposit could be rejected due to Chime’s automatic system. There are a couple of ways you can try fixing the situation.
Contact Chime Support
Chime has an automated system for accepting or rejecting SBA loans. So, if your get rejected despite working with a partner lender of Chime, chances are, it’s because of their system. Contacting the customer service team is the best thing you can do in this scenario.
They will probably instruct you to raise a ticket on the issue. If the problem is on their end, they could check through the loans forwarded. While they probably can’t accept the previous one if it has already been sent to IRS, they can accept the incoming ones.
You will probably have to apply for a loan again in this case though.
It could also be that Chime still found some sort of inconsistency in your details, which led to them assuming you’re a fraud. Talking to their team is your best chance of proving the assumptions wrong.
Chime’s support team number is 1-844-244-6363. You can also leave an email at [email protected]. The email option is probably better as you can attach the details and picture of your application from the get-go.
Contact the Bank
Is it a problem with Chime at all? What if the lender rejected your loan application? Check the status of your application on the portal. Is it showing some kind of problem even though the application was accepted a few days prior?
It could be that they found some issues at the last moment and decided to reject your application. Call the lender’s support team and request them to give information as to why your application had been rejected. If you don’t have good luck with this lender, you can try contacting one of Chime’s other partners.
Make Your Application Stronger
If your SBA loan has been rejected, it’s typically because your business doesn’t meet up to the requirements.
What you need to do is make your application stronger and apply again. You need to build your personal and business credit score.
SBA also looks into your personal financial situation in addition to your business. So, even if your business is doing well but you are in deep debt personally, the SBA worries you won’t be able to repay the loan.
Clear any debt you have and try to bring up the revenue of your business as much as possible.
You have to wait it out for 90 days before you can reapply anyway. Use the time period to create an application that won’t be rejected.
Can I Get My SBA Loan on My Chime Card – FAQs
1. Can I get a loan with my Chime card?
Yes, you can get a loan with your Chime card. Chime allows you to borrow up to $200 in advance from them. However, you only get $20 initially. Your Chime account history has to be richer before you are allowed to borrow a higher amount.
2. Can I use my Chime account for an SBA loan?
The answer to this is the same as that can I get my SBA loan on my Chime card. You can get the SBA loan if the lending service is one in partnership with Chime.
3. How long does it take before an SBA loan is deposited?
Once your SBA application is approved, you should receive the deposit within 10 days from your lender.
Can I Get My SBA Loan on My Chime Card: Answered
Indeed, if you’re wondering can I get my SBA loan on my Chime card, the answer is yes. However, you have to be careful about the application process. Chime won’t accept any SBA application that isn’t forwarded from one of their partner lenders.
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