Paying off your loan doesn’t guarantee a new offer immediately. Once your previous instant loan has been fully repaid, you will need to wait for your next qualifying direct deposit of $200 or more to post in your account. We will then re-evaluate eligibility after the deposit arrives. If you’re eligible, you may receive a notification of a new Instant Loan offer.
However, if you take three loans in a row without waiting 15 days between them, a 15-day waiting period is applied after the third loan is repaid. You will need to wait for your next qualifying direct deposit of $200 or more to arrive after the 15-day wait period before we re-evaluate eligibility, and you may receive a new offer.
Paying off your loan early
Paying off your instant loan early does not immediately qualify you for a new one. Even with early repayment, a new offer depends on your ongoing eligibility, 15-day wait period if applicable, and a qualifying direct deposit of $200 or more.
If you’re considering paying off your loan early, keep in mind that it can help reduce interest, but it won’t guarantee an immediate new loan offer. Paying a loan off early reduces the interest paid, because interest accrues on the unpaid principal balance until the loan is paid off. There is no penalty for paying a loan off early.
Want to avoid hitting the 15-day wait period after your third consecutive loan? You can reset your loan cycle by waiting at least 15 days between paying off your loan and accepting your next offer.
Instant Loan offers only appear if you’re still eligible. If eligibility changes, you may not see a new offer or your offer amount may be different.
Instant Loans provided by The Bancorp Bank, N.A. and serviced by Chime Capital, LLC (NMLS ID 2316451).