to aid customers, and consumers widely may seek the safety of more established institutions.
However, laying down its own money without strong leverage to guarantee repayment is a big risk for the neobank. With 100,000 customers capable of receiving an advance of up to $200, Chime is putting up to $20 million of its own capital on the line. Furthermore, those $200 advances don't count as loans, and Chime doesn't report delinquencies to credit bureaus, leaving it very little leverage if the advances aren't paid back.
That said, its eligibility requirements will help elevate the chances that, when customers get their actual stimulus checks, they will funnel them into their Chime accounts, paying off any advance they may have used.
What a time to be a chime!
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Fauci says US could see a 'rolling' reopen beginning next month - Business InsiderThere are some indications that the outbreak was 'starting to turn the corner,' but reopening normal life would be 'gradual,' Dr. Fauci said Sunday. Well duh The quicker we reopen, the longer the net 'shelter in place' will run. Dr Fauci is the only doctor that I know of that keep politics separately from his job as a doctor. Much respect!
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