What are Chime Instant Loans?

Chime Instant Loans provide easy access to money when you need it to cover an important expense. As soon as you accept your loan offer, the money will be available in your Chime Checking Account. You can use your app to check your current balance and set up automatic payments to pay back your loan.

How do I get a loan?

Currently, loans are only available to eligible members. If you qualify for a loan, you'll receive a push notification and see a message in your Chime app. If you just repaid a loan, we'll notify you when you are eligible for another one.

There are a few things you need to have in order to be considered for a loan:

    • A Chime account that is in good standing
    • Consistent direct deposits to your Chime Checking Account
    • No outstanding loans through Chime

How much can I borrow?

Chime Instant Loans start at $100 and may go higher depending on our eligibility requirements.

I’m eligible for more than what I borrowed. Can I increase my loan?

You cannot increase the amount of a loan you have already borrowed and are repaying, even if you are eligible for a larger loan. You'll have to pay off your existing loan and wait for Chime to let you know when you're approved for another.

Do loans have interest? 

Yes. The total interest amount on a $100 loan is $5*. If you borrow more, your interest amount will be higher. When you pay off your loan early, you'll actually pay less in interest! Additionally, you will not be charged any fees to apply, or for early or late repayment.

How does loan repayment work?

Loans are repayable in three (3) monthly increments*. Turning on autopay in your app settings is the best way to repay your loan. Your payments will be automatically deducted from your Chime Checking Account, and we'll notify you before each transaction is processed. If you choose not to use autopay, you'll have to make payments manually in your app.

Even if you have autopay enabled, you can make additional payments on your loan at any time and even pay it off early. By doing so, you can save money on interest!

What if I miss a payment?

If you miss a payment, we won’t charge you a late fee or more interest than you agreed to when you first accepted your loan. Delinquent accounts may, however, prevent you from increasing your SpotMe limit.

I paid off my loan. Can I get another one?

Another loan offer won't be available immediately after you pay off a loan. As soon as you qualify for another loan, you'll receive a push notification and get a message in your app.

* $100 is repayable in 3 monthly payments of $35.00 at 29.76% APR

Loans are made by The Bancorp Bank, Member FDIC.

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Banking services provided by The Bancorp Bank or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card is issued by The Bancorp Bank or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted. The Chime Visa® Credit Builder Card is issued by Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa credit cards are accepted. Please see back of your Card for its issuing bank.

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