For many, early access to stimulus funds can be crucial for avoiding personal or business-related bankruptcy amid the COVID-19 pandemic. Fintech firm Chime recognized this pressure by launching a service that "offered 1,000 existing customers early access to their $1,200 in stimulus money from the government." One week of running this service and the demand suggested that the program should be expanded. As a result, Chime opened up the early access to stimulus funds to 100,000 clients, with a limit of advances to $200 per person.
Chime is considered to be the only fintech company to provide a service such as this. Individuals can access this money free of charge and through platforms like PayPal and Square.
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