• Credit building ability
  • Avoidance of overdrafts is easy
  • Early access to your paycheck


  • Small loans are not available
  • A Chime checking account is required
  • Instant loans have high APRs

The essential information you need about a Chime loan

Chime is a financial technology firm that provides basic banking services at a low cost to Americans.

Chime’s primary product, an online checking account without monthly fees, is its primary product. You can access many other products and services once you have opened this account.

  • Chime Instant loans These are small loans Chime deposits to your checking account. You may be eligible to receive larger amounts, but loans starting at $100 are available. These loans are repayable over three months and the payments can be automatically debited from your checking account.
  • SpotMe This is Chime’s version of overdraft security. SpotMe lets you make purchases that exceed your account’s limit of $200 without any fees. Any negative balance will be credited with your next direct deposit.
  • Chime Credit Building This secured Visa credit card has no annual fees, interest, or large security deposit. Instead, money is transferred from your Chime checking account to your Credit Builder account. You can only use the amount in your Credit Builder account to purchase the card.
  • Early Direct Deposit Your paycheck will be available as soon as your payroll information has been sent to Chime. This may take up to two business days before you are due to receive it.

Easy ways to get to the payday

The Chime app offers instant loans and spotme to help you cover your shortfalls. With automatic payment options, you can get the $100-200 you need to cover your day-to-day expenses. These types of borrowing can be as costly as any other borrowing, so make sure you have a plan to get back on track.

Instant loans with high APRs

For a $100 loan, Chime’s Instant Lender will charge you $5 interest. Although it may not seem like much, the APR for the three-month term is nearly 30%. Although this is a higher rate than what you would pay for a personal loan lender, few of them offer small loans. You should avoid Instant Loans if you are trying to maximize your money at this stage in your financial journey.

You must be a Chime member

You must have a checking account to access Chime’s programs. You will need to change to Chime if you have an existing banking relationship.

A closer view of a Chime loan

  • There are no overdraft fees – Chime’s SpotMe overdraft protection is free.
  • Credit Builder You don’t need to have a credit check for Credit Builder If you apply for Chime’s secured Credit Builder Card, there’s no risk of a hard credit inquiry negatively impacting your credit scores.
  • National ATM network Although Chime is an internet company, there are no physical branches. However, you will have free access to approximately 60,000 ATMs across the country. The Chime app allows you to locate free ATMs.
  • Savings account Chime offers a savings account with 1.50% APY and no fees.

For whom is a Chime Loan good?

If you are in a pinch between paydays, Chime could be a good choice. You have several options for meeting your daily expenses, including the Instant Loan and SpotMe overdraft programs.

People who don’t have a bank account can consider Chime. This company provides a low-risk option for building credit. This account can be a great starter bank account for those who are wary about fees.

How to Apply with Chime

You will need to register as a member in order to use Chime. Also, open a checking or savings account. This can be done online using your Social Security number, birth date, and address. Chime is free to join.

Next, you will download the Chime mobile app. You can then fund your new checking account with an existing bank account, or through direct deposit from your employer. After you have set up your account, you will receive a digital debitcard that you can use immediately. Chime will also send you a physical card by mail.

After you have set up a Chime checking or savings account, you will be able to access all the benefits of the company. The app allows you to enroll in SpotMe and apply for a credit builder card or an instant loan.

You must be at least 18 years of age and possess the following documents in order to open a Chime Account:

  • Social security number
  • Valid home address
  • U.S. citizenship, residency in one of the 50 U.S. states or Washington D.C.

There are different eligibility requirements for Chime’s programs. You will need to have a minimum of $200 in direct deposits from your employer or benefits provider during the last year for the Credit Builder card. SpotMe requires a minimum of $200 per month in direct deposits. You will need “consistent” direct deposit into a Chime account. (Chime does not specify how many direct deposits are required to qualify for an Instant Loan.

Are you unsure if Chime is right to you? These are some alternatives.

  • Earnin If your paycheck is steady, Earnin might be the right choice for you. Earnin allows you to withdraw up to $500 each week from your paycheck. It also works with your bank account.
  • Dave: The Dave app allows you to withdraw up to $500 instantly to pay your next paycheck.