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Chime offers paycheck advances to existing customers who receive direct deposits in their Chime checking account, among other requirements. Chime has no mandatory fees. You’ll repay the advance automatically on your next payday.
In this review, I cover how the Chime app works, what it costs, who qualifies and how it compares to similar cash advance apps.
⚠️ Before you borrow
Cash advance apps can seem like a quick and easy way to get money. But since most apps charge fees, you’ll likely end up owing more than you originally borrowed. This can trap you in a cycle of repeat borrowing that’s hard to break.
At a glance: Chime app cash advance
Amounts available
$20 to $500
Free delivery
Within 24 hours to your Chime checking account
Express delivery timing and fees
Instantly to your Chime checking account: $2 to $5
Mandatory fees
No mandatory fees
Eligibility requirements
Repayment
Automatically withdrawn from your Chime checking account on the date of your next direct deposit
State availability
Not available in: Colorado, Connecticut, Illinois, Maine, Massachusetts, Minnesota, Montana, New Jersey, New Mexico, South Dakota, Washington and Wyoming
How does Chime MyPay work?
Chime works by giving you an advance on your paycheck up to $500. This feature is known as Chime MyPay and is only available to existing Chime users.
If you’re eligible for MyPay, you’ll receive an email from Chime or get a notification in the Chime mobile app to enroll. You can also look for “MyPay” in the app.
Once approved, you’ll receive the advance funds in your Chime checking account in 24 hours for free.
You can choose to receive the money instantly, but you’ll pay a fee up to $5.
Chime will then auto-withdraw the advance amount, plus any fees, from your Chime checking account on the date of your next direct deposit.
Chime doesn’t offer the option to extend your payment due date, but it only withdraws what you have available, so there’s no risk of overdrafts.
If it makes four unsuccessful repayment attempts in a row, you’ll no longer have access to MyPay until you’ve paid in full.
How much does Chime MyPay cost?
Chime MyPay doesn’t have any mandatory fees.
For users who want cash advance funds immediately, you’ll pay an instant transfer fee of 3% of the advance amount. This fee has a $2 minimum and a $5 maximum.
Chime doesn’t charge subscription fees, membership fees or late fees, and it doesn’t request tips.
🤔 What does that really cost?
Chime is a legitimate financial services company. Here’s what we know:
Chime is accredited by the Better Business Bureau with an A+ rating.
The Chime app is rated 4.7 stars on Google Play (1.03 million reviews) and 4.8 stars on the App Store (1.4 million reviews).
[1]
. At the time, Chime said the delays were because of a configuration error with a third-party vendor.
Chime has significantly more app store reviews than any competitor we looked at, and most reviews are positive. However, users should keep an eye on any additional regulatory issues.
To qualify for a Chime MyPay advance, you’ll need to meet the following requirements:
Be 18 years or older.
Live in an eligible state (see full list below).
Have a Chime Checking account in good standing.
Have an open and activated physical Chime card, such as a Chime debit card, Chime credit builder credit card or Chime rewards card.
You’ll also need to show one of the following:
Two direct deposits of $200 or more (per deposit) in the last 36 days.
One direct deposit of $200 or more in the last 36 days and your work email or work address.
One qualifying direct deposit of $200 or more in the last 36 days from a known government benefits payer, like Social Security.
New MyPay users may have an initial credit limit of $50 to $100.
Chime MyPay is available in Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Hawaii, Indiana, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin and Washington, D.C.
🤓 Nerdy Tip
At the start of each pay period (meaning right after you get paid), Chime resets how much you can borrow. As your pay period progresses, this amount will increase up to your overall credit limit. That means if you need a larger advance, you may be better off waiting a few days, versus trying to request an advance as soon as your paycheck hits your account.
Pros and cons of using Chime MyPay
No tipping: Unlike other apps, Chime doesn’t ask for tips. While tipping other apps is optional, many users still choose to do so, which increases the cost of the advance. Chime eliminates this temptation to pay extra for access to your paycheck.
Special perks: By receiving direct deposits to your Chime checking account, you’ll automatically be eligible for Chime Plus, a free premium membership that includes perks like Chime’s SpotMe, which lets you overdraft your Chime checking account without incurring fees.
Must have a Chime bank account: You’ll need to be an existing Chime customer with a Chime checking account to enroll in MyPay. Other cash advance apps let you connect an external bank account to receive a paycheck advance.
Limited repayment flexibility: Chime doesn’t allow customers to extend their payment due date. This feature can help you better manage your budget. For example, if you’re short on cash to cover other expenses, other apps let you push your advance repayment date back until you have more funds available in your bank account.
Chime vs. EarnIn vs. Dave
Compare Chime to other cash advance apps like EarnIn and Dave.
Chime
EarnIn
Dave
Max advance
Mandatory fees
Free delivery
Express delivery
Alternatives to using Chime
There are other ways to get quick cash besides taking out a cash advance.
Explore other ways to make money: Instead of borrowing money, consider a temporary gig to cover small gaps in your budget. You can make money at home or online by selling things you don’t need, taking surveys and testing websites, among other options.
Download a BNPL app: If you need cash to purchase an essential item, like a laptop or mattress, “buy now, pay later” apps like Affirm and Klarna may be a good option. These apps split your purchase into smaller installments, usually with no interest and no fees if you pay on time, and you don’t need good credit to qualify.
Take out a friend or family loan: Friends and family are often an untapped resource for small loans. Though it may be difficult to ask for help, you can make it easier by drawing up a contract that clearly lists when you’ll repay the loan and if you’ll pay interest.
Consider a pawnshop loan: A pawnshop loan lets you borrow money by using a valuable item, like jewelry or electronics, as collateral. You leave the item with the pawnshop and receive a loan based on the item’s value. If you repay the loan, including fees, by the due date, you get your item back. If you don’t repay, the shop keeps the item.
Frequently Asked Questions
MyPay is a cash advance product offered by the mobile app Chime. It lets you borrow up to $500 on your next paycheck for free, as long as you choose standard delivery (within 24 hours). If you want faster funding, you’ll need to pay a fee of $2 to $5. To be eligible for MyPay, you’ll need a Chime checking account that shows a history of direct deposits from your employer.
Chime MyPay offers cash advances. Chime SpotMe offers overdraft protection. This protection covers overdraws on your Chime checking account, ranging from $20 to $200. Neither service has mandatory fees, so Chime users can access them for free as long as they’re eligible.
No. Chime doesn’t conduct a credit check when you apply for a MyPay advance, and it also doesn’t report repayment to the credit bureaus. That means there’s no effect on your credit score.
To qualify for MyPay, you’ll need a Chime checking account that has been open for at least 36 days, an activated physical Chime card and qualifying direct deposits of $200 or more. You can meet the deposit requirement with two qualifying deposits in the last 36 days or by showing one qualifying deposit and providing a work email or work address. You can also show one qualifying deposit from a government benefits payer.
Chime imposes a $500 maximum for all MyPay users. To get to $500, you’ll likely need to show more income, lower expenses or a combination of the two. Paying back your MyPay advances in full and on time can also help increase your limit.
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