Chime's MyPay has taken cash advances to the next level for Chime checking users.
It lets you instantly borrow up to $500 from Chime, provided you meet the eligibility requirements for an instant loan.
In this guide, I'll show you how to qualify for Chime's MyPay instant loan and how to easily increase your credit limit to up to $500.
What States Are Eligible for a Chime Instant Loan?
Chime instant loans are not available in all states, and as of this writing, up to 48 states (including the District of Columbia) out of all 50 states can borrow money from Chime. Knowing what states this feature is available in will save you time from going through a guide that won't be of much use for you.
That said, eligible states that have access to Chime instant loans include; Alaska, Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Wyoming.
This means only Massachusetts and New Jersey are not eligible for instant loans with Chime's MyPay.
Chime Instant Loan Requirements
Chime instant loan requirements aren't that difficult to meet, and the most important of all these requirements is the direct deposit requirement because it determines how much credit limit Chime makes available for your account.
So simply put, Chime instant loan requirements include:
- Being 18 or older.
- Living in an eligible state (See the list below).
- Having a Chime Checking Account in good standing.
- You received a single qualifying direct deposit of at least $200 in the past 34 days.
- Receiving at least $400 in cumulative qualifying direct deposits in each calendar month.
- No outstanding Instant Loans.
If you are a Chime Prime member, no need to meet all these requirements. You can get access to a minimum of $100 instant loan on Chime.
How to Instantly Borrow Money from Chime Through MyPay
It's only when you meet the above requirements that you'll be able to access the MyPay feature. If you can access it already, then follow these steps to instantly borrow money from the feature:
- Open the Chime app and navigate to MyPay.
- Tap "Get Money" and choose an amount between $20 and $500, depending on what's available for your account.
- Select a funding speed between "Instantly*" (at a cost between $2 and $5) or "Within 24 hours", which is free.
- And there you go!
When you next receive your paycheck, Chime will use it to repay your loan.
How Do I Qualify for a $500 Instant Chime Loan?
The best and probably the only way to qualify for a $500 instant loan through Chime's MyPay is by meeting higher qualifying direct deposit limits. I'd say receiving a single deposit between $700 and $1000 within the past 34 days. It's only this way that you'll be able to qualify for higher credit limits.
What are Chime Instant Loan Repayment Plan & Fees?
The fee structure for any loan you take, be it from Chime or any other fintech app, is a must-know so you'll maintain a healthy spending habit.
Chime charges a flat $5 per $100 loan you get from the app. This means if you met the $500 credit limit, you'll have to repay a total of $525 within the next 3 months or 90 days.
The earlier you repay the loan, the more convenient it will be for you because it will give you a good head start to qualify for another instant loan or even higher credit limits, though it's not a direct requirement.
What About Chime SpotMe?
SpotMe is a free service that allows Chime Checking Account members with an active debit card to perform certain transactions that might otherwise overdraw their accounts.
SpotMe comes in handy if you need a little more cash to cover an expense.
You'll be able to overdraw your account by up to $20 once you're eligible for the feature and switch it on in your app.
Eligibility Requirements to Get A SpotMe Loan
Just as with MyPay, you must receive at least $200 in a single direct deposit into your Chime Checking Account during the previous 34 days to qualify for Chime SpotMe
The deposit must be made via Automated Clearing House (ACH) from your employer, payroll provider, gig economy payer, or benefits payer, OR via Original Credit Transaction (OCT) from your gig economy payer, to qualify.
The following types of transactions will not qualify you for Chime SpotMe:
- ACH transfers
- Pay Anyone transfers
- Verification or trial deposits from financial institutions
- Peer-to-peer transfers from services like PayPal, Cash App, or Venmo
- Mobile check deposits
- Cash loans or deposits
- One-time direct deposits like tax refunds
If SpotMe becomes available to you and you have an active debit card, you can switch it on and agree to the terms and conditions under the app's Settings area.
You'll receive a notification alerting you that the functionality has been turned on in your app.
Final Thoughts
Chime's MyPay is definitely what most Chime users have been waiting for. Unlike the legacy SpotMe feature, this one lets eligible members borrow up to $500 instantly from Chime.
Ultimately, this guide compiles all you need to make sure you qualify for this instant loan so you won't have to face this alone.
