Frequently Asked Questions

Chippit is a first of its kind peer-to-peer app transforming how Aussies manage their money.

Written by Eli Muse
Updated over a week ago

Chippit's peer-to-peer financing approach is transforming how Aussies manage their money. Shed the weight of debt and reach your financial goals with a thriving community. With Chippit, smoothly handle finances, enjoy the perks of accessing interest free credit from money pools with verified members, and ensure your details stay private.

Main Points

  1. Download & Control: Download Chippit from your app store and take charge of your personal finance goals.

  2. Join a Mob: Connect with mates or verified members to hit your financial goals together.

  3. Keep It Private: Your financial information stays private to you.

  4. Reap Group Benefits: Tap into the power of money pools to boost your finances while staying independent.

What Extra Does Chippit Offer?

  • Smart Tools: Elevate your financial know-how and make solid decisions with our budgeting, saving, and goal-setting tools (In progress).

  • Boost Your Credit (Coming Soon): Use Chippit responsibly to pave the way for better financial deals down the track, like top-notch loans and ripper interest rates.

What can I do on Chippit?

Whether you're saving for a deposit, launching a business, clearing debt, planning a getaway, or just avoiding high-interest loans, Chippit's got your back.

Why is Chippit different from a bank account?

It's as simple as! Just a few taps to kick off, join or manage a digital money pool with your mates or verified members and borrow interest-free on a turn by turn basis.

Who can use Chippit?

Currently Chippit is only available to Australian residents. However we are working on making our app available to overseas users. Please let us know what countries you would like us to add first at [email protected].

How does it work?

  1. Choose Your Plan: We've got a range of options. Pick one that matches your budget.

  2. Join a Group or Rally Your Own: Link up with a verified bunch, or take the lead and create your own money pool.

  3. Contribute Monthly: Each month, everyone chips in a set amount.

  4. Rotate: Members take turns to borrow from the pool on scheduled dates. It's interest free. Everyone gets their fair share in an orderly manner.

  5. Utilise Your Funds: Enjoy getaways, boost your savings, pay off your credit card debt, manage bills or use for any aspirational goal. It's your money.

Where is my money held?

Chippit employs a 'pay in, pay out' system. When you add your money, it's briefly held in a settlement account provided by our banking partner before being distributed to the group. It's a swift and efficient process to ensure everyone gets their share.

Are there limits on group size?

You have the option to participate in multiple groups that have at least five verified members, or you can request to set your own group size limit.

How does the order of payouts work?

We've set up an algorithm that sorts out the payout order, keeping in mind the preferences and contributions of everyone in the group.

What are the pay-in methods?

You can easily link your bank account for automatic contributions to the pool.

What are the payout methods?

Any funds you're due will be transferred straight to your nominated bank account. Easy as!

How can I get support for the app?

You can receive support via the Help Centre page on this website or in app.

How safe is Chippit?

Chippit is an Australian based company with a high regard for ensuring the
maximum security of your money and your data. Please visit our security and
privacy policy
to learn more.

Why should I trust that other users are going to pay?

We are working to ensure that our members who consistently pay on time are supported, even if some in the group might be a bit delayed with their contributions.

Our process thoroughly verify each member's details and assess their ability to contribute their share. However, it's essential to be aware that if someone doesn't meet their commitment, you may not retrieve the full amount you pitched in. Unfortunately, Chippit can't cover such discrepancies. When you join a group, it's an agreement to contribute and receive funds responsibly, and we aim to maintain a trustworthy and efficient environment for all members.

How much does Chippit cost?

We're committed to enhancing the services offered by our app. To support this, we charge a 2.5% administration fee on the amounts borrowed.

How are fees calculated?

The fee is determined by 2.5% of the amount you borrow.

How do I get started?

Chippit is available on the Apple and Google Play Stores. Simply download the app and follow the instructions to get started.

Why Chippit needs to connect with my bank?

  • To confirm your identity.

  • Verify your income and estimate your repayment capacity.

  • Smoothly handle automatic payments.

  • And, of course, to seamlessly transfer your funds to your bank when it's your turn for a payout.

Why can't I find my Bank?

Our goal is to make Chippit accessible to as many individuals as possible. To realize this vision, we are continuously collaborating with our service providers to integrate with a growing number of banks. While we've made significant progress, there might be some banks we haven't connected with yet. Rest assured, it's a work in progress. If your bank isn't listed with us, please email [email protected]

How do I start a group?

You can start a group in the app by requesting a custom plan in-app.

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