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How does loan repayment work?

Loans* are repaid in monthly installments. You can enable autopay in the Chime app's Loans section to have payments automatically deducted from your Chime Checking Account. Chime will notify you before each payment is due. Even with autopay, you can make extra payments anytime. 

If you prefer to make payments manually:

    1. Go to the Loans section in the app.
    2. View your payment schedule.
    3. Tap Make a payment.
    4. Choose or enter the payment amount. 

Paying off your loan early can reduce the total interest you owe. However, if you’ve already missed a payment, paying off future payments early won’t lower the interest on the missed payment. In that case, you may still need to pay the full interest amount originally charged.

Loans are made by The Bancorp Bank, N.A.

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Chime® is a financial technology company, not an FDIC-insured bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through deposit insurance coverage to apply.

The Chime Visa® Debit Card and the secured Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank, N.A., pursuant to licenses from Visa U.S.A. Inc. and may be used everywhere Visa debit or credit cards are accepted. Please see back of your Card for its issuing bank.

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