Note: We’re currently working on making Instant Loans accessible to more members. For now, this feature is available to select Chime members only.
Chime Instant Loans provide easy access to funds when you need to cover an important expense. As soon as you accept your loan offer, you’ll receive the money in your Chime Checking Account.
You can use the Chime app to check your current balance and set up automatic payments to pay back your loan.
How do I get a loan?
Instant loans are currently available to eligible members only. If eligible, you'll receive a push notification and a message in the app. If you just repaid a loan, we'll let you know once you’re approved for a new one.
To qualify for a loan, you must meet all of the following requirements:
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- You are 18 years of age or older.
- You live in an eligible state.
- You are a member of Chime with a Chime Checking Account in good standing.
- You received one qualifying direct deposit of $200 or more in the previous month.
- You’ve received at least a total of $500 from qualifying direct deposits every calendar month for the last six consecutive months.
- You don’t have any outstanding loans.
- 30 days should have passed since your last outstanding loan.
- You meet other internal financial health and account activity requirements and non-credit checks.
How much can I borrow?
Chime Instant Loans start at $100 and may increase depending on your eligibility.
I’m eligible for more than what I borrowed. Can I increase my loan?
You can’t increase the amount you already borrowed and are currently repaying, even if you’re eligible for a larger loan. You need to pay off your existing loan first.
Do loans have interest?
Yes. We apply a maximum finance charge of 5% of the principal loan amount. For example, for a three month loan, Chime members are charged $5 for every $100 borrowed. Pay it back in three (3) monthly payments of $35.00 [29.76% annual percentage rate].
If you pay off your loan early, you'll pay less in interest. Also, there are no additional fees, no late payment fees, or early repayment fees. Keep in mind late payments may be reported to Credit Bureaus.
How does loan repayment work?
Loans are repayable in monthly increments. To easily pay your loan, we recommend turning on autopay in the Loans section of the app. We’ll automatically deduct your payment from your Chime Checking Account and notify you of the transaction before the due date.
Even with autopay enabled, you can make additional payments to your loan at any time.
If you choose not to use autopay, you can make manual payments in the app:
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- Go to the Loans section.
- Find the payment schedule to view loan repayment details.
- Tap Make a payment.
- Choose an amount to pay from the list or tap Other to pay a different amount.
Paying off your loan early reduces the interest you owe. However, if you've missed a payment on your current loan, even paying early for future payments won't reduce the interest for that missed payment, so you might still need to pay the full interest amount.
What happens if I miss a payment?
If you miss a loan payment, Chime won’t charge you additional fees or interest beyond what you agreed to when you first accepted your loan. We’ll add the missed payment amount to the next scheduled payment, which means you have to pay the next payment due plus the missed payment.
However, payments that are over 30 days late may impact your credit score and keep you from increasing your SpotMe limit. Late or missed payments may also affect your eligibility for other line of credit products.
Will loans impact my credit score?
Chime doesn’t perform a credit check when you access Instant Loans. However, Chime reports payment activity on Instant Loans to credit bureaus, so missed payments will appear on your credit reports.
I paid off my loan. Can I get another one?
A new loan offer won't be available immediately after you pay off a loan. As soon as you qualify for a new one, you’ll receive a push notification and a message in the app.
How quickly can I get my Instant Loan?
Instantly! After accepting your Instant Loan agreement, the money will be deposited into your Chime Checking Account immediately.
Loans are made by The Bancorp Bank, N.A.