Is Chime legit?
Yes, Chime is a legitimate FinTech and popular app company established in 2012. While this is not a bank, its banking services are provided by either Bancorp Bank or Stride Bank, meaning your reviewing and saving accounts are FDIC insured up to $ 250,000.
The company uses a standard industry and other security measures to keep your information and your money safe. Chime cards are also supported by a visa liability policy, which means you are not responsible if your card is lost, stolen or fraudulently used. You can view its privacy policy on its website to find out how the information has been collected and shared.
What makes chime instant loans popular?
Chime stands as one of the few banking apps that offers loans to install members, in addition to MyPay Cash Advances and Overdraft Protection. And it only charges $ 5 per $ 100 borrowed – an APR of 29.76% – which is cheaper than payday loans that often have APRs in triple digits.
Another plus has no credit check to qualify. This is great news for people with poor credit that needs a quick loan. And it reports your payment history to the credit bureaus, which helps you develop or improve your credit.
Chime also doesn't charge a monthly fee – a removal from many apps – so you only have to pay if you have to borrow money.
Chime Instant Loan Compared to MyPay
Instant loans and MyPay share some similarities, so it's important to remember what's different. While both options provide chime users accessing cash up to $ 500, MyPay is an advance in your salary – not a loan – and you usually have to pay it for two weeks. There are also no interest charges for advancing.
Conversely, instant loans are installation loans you will pay, with interest, to monthly installation. Loan terms are three months, giving you more time to pay off the loan, even if you can pay it in advance without being punished to get a break in interest. And, finally, your payment history has been reported to the credit bureaus with instant loans, while MyPay has a zero effect on your credit.
Which chime instant loans are falling
Unfortunately, the chime instant loan is not available anywhere else. The company said it was working on adding features to more states, but so far, chime users who need a quick loan need to rely on the SpotME overdraft service or cash advance option.
Some users also complain about 30-day wait between loans. This waiting period is a bit longer than other short -term loans, where you can qualify for a new loan as soon as you can pay your first one.
How Chime Instant Loans Compares to Other Lenders
What is the finder score?
Finder Score Crunches 3+ Types of Short -term loans across 65+ lenders. Considering the product interest rate, fee and features, as well as the type of investor loan, variable, fixed rate – it gives you a simple mark at 10.
To give a mark, we compare the likes-for loans. So if you compare the best short -term loans for all types of credit, you can see how each short -term loan is stacked against other short -term loans with the same borrower type, rate type and payment type.
Read the full finddown of the finder score
Chime Instant Loan Details
| Minimum credit score/credit scope | No minimum |
| Abr | 29.76% |
| Loan value | $ 100 to $ 500 |
| Terms | 3 months |
| Approval of Approval | Instant |
| Existence | Not available in AL states |
| Payment | No charge |
| Other fees | Nothing |
Chime Information Interact
| Phone number | 844-244-6363 |
| Customer Service Time | 24/7 |
| No email is listed | |
| X, Dating Twitter | @Chimehelp |
| Chime |
How to qualify for chime instant loan
Here are the requirements to qualify for the chime instant loan.
- At least 18 and live in a fitted state
- Be a chime member with a chime check account
- Received at least one qualified deposit of $ 200 in the last month
- Had at least $ 500 in qualified direct deposits for each month of the last six months
- There is no left loan
- 30 days have passed since your last loan
How to apply
The Chime Instant Loan is currently only available to eligible users in select states. If you deserve it, you will get a message in the app and a pushing notice. The app tells you how much you can borrow, which usually starts at $ 100. If you accept the offer, the funds will be deposited immediately to your Chime check account.
Chime's reviews and complaints
| BBB accredited | No. |
|---|---|
| BBB rating | B- |
| BBB Customer Reviews | 4.21 to 5 stars, based on 2552 Customer Reviews |
| TRUSTPILOT score | 3.4 out of 5 stars, based on 10,368 customer reviews |
| Customer reviews are proven as of | 04 April 2025 |
The Chime Instant Loan does not have any reviews at the Better Business Bureau (BBB) or Trustpilot, but here's what users say about the Chime Banking App.
Chime has many positive reviews on BBB and Trustpilot, with users complaining of the app-friendly app and useful customer service. The company also accepts high compliment for the overdraft feature and the well -known lack of fees compared to other cash advance apps.
But chime has some negative reviews as well. Some users report the presence of problems with getting misunderstandings to handle when something goes wrong, and of course, there are cases of fraud and scams. Customers also report longer than the usual holdings on the deposits they make and issues with salary deposits that will eventually come.
What do people say in Reddit?
Some people in Reddit are pleased to find the instant loan feature available in their app. They said it was very easy to get, and the funds were immediately deposited. But some people said it took a long time to get another loan, and few said they were not offered another loan. Other redditors have expressed the frustration that the loan is not yet available in their state.
Often asked
Will the Chime Instant Loan affect my credit?
Yes. Chime reports your payment history to the credit bureaus, so if you make a final payment, it can reduce your credit score. On the other hand, a history of positive payment increases your score.
What happens if I miss a loan payment?
If you miss a loan payment, it is added to your next scheduled payment – even if you can't get a late charge. Late or missed payment may also affect your spotME limit and limit your eligibility for other chime credit products.
I paid off my loan – how do I know when can I get another?
Usually, you won't get a new loan from Chime for at least 30 days after you pay your first, and you can't request one. You will be told by the app and by pushing the notice once you qualify for a new loan.
