Does Chime Offer Cash Advances? Yes: Review of MyPay

What makes Chime MyPay shine?

We love that Chime is finally adding a cash advance feature to its suite of products. More specifically, it’s nice that this service has no monthly membership or subscription fee. This lack of fees is a departure from many of its competitors, which may charge up to $20 a month to gain access to cash advances.

We also like the low instant transfer fee. Chime only charges $2 per transaction, whether your advance is $20 or $500. Other cash advance apps charge higher transfer fees for larger amounts, along with monthly membership fees, which can sometimes make cash advances too expensive to be worth it.

Where does Chime MyPay fall short?

It’s hard to say how MyPay falls short since it’s so new to the market. It’s only available in some states so far.

If complaints about Chime’s MyPay feature are similar to its SpotMe overdraft product, we could see grievances over low limits even after regular and responsible banking activity and frustration with features only applying to Chime checking accounts and debit cards. And it appears that MyPay cash advances can only be sent to your Chime account as well. This restriction might be a sticking point for some customers who would prefer to have the money deposited directly into an external account.

Chime MyPay product details

How to qualify for Chime MyPay

Qualifying for MyPay appears similar to qualifying for Chime’s overdraft feature, SpotMe.

• Sign up for the Chime checking account and set up qualifying direct deposits of at least $200 per month.
• Activate your Chime debit card.
• Reside in a state where it’s currently offered: AL, AK, AZ, CA, DE, DC, FL, IN, KS, KY, LA, MI, MS, MO, NE, NH, NY, OK, PA, RI, TN, TX, UT, VA, WV.

You may be able to boost your chances of accessing MyPay by using its overdraft feature, making direct deposits that are more than the minimum and having regular banking activity within your Chime accounts. This type of activity may also help increase your advance limits once you have access to MyPay.

Other features

Getting a fast cash advance between paydays is a nice perk, but Chime offers other valuable services as well.

• Get Paid Early. With qualifying direct deposits, users can access their paychecks up to two days early.
• Credit Builder card. For users who want to build credit or improve their credit score, Chime offers a secured Visa and reports your payments to the three major credit bureaus.
• SpotMe. SpotMe is Chime’s overdraft service that instantly spots you up to $200 if your account is about to be overdrawn.
• Chime savings account. Chime also offers an FDIC-insured high-yield savings account, which currently offers a 2% annual percentage yield (APY).

Chime reviews and complaints

Chime MyPay doesn’t have any reviews yet, but here’s what users think of the Chime banking app in general.

Chime has mixed reviews across the various platforms, although Trustpilot seems to have a higher volume of complaints than the app stores. Many complaints revolve around initially small SpotMe limits, poor customer service and long wait times to transfer money from external accounts. A few customers also complain of being targeted by fraudsters while using the app.

But overall, Chime has a lot of five-star reviews with many users reporting excellent 24/7 customer service and praising the straightforward and efficient app. Customers also note the convenience of getting paychecks early and appreciate the SpotMe overdraft feature and the ability to build credit with Chime’s secured Visa.

Is Chime legit?

Chime is a legitimate company with an A rating at the Better Business Bureau (BBB) and has millions of users.

It’s a financial technology company, not a bank, but its banking services are provided by either The Bancorp Bank, N.A. or Stride Bank, N.A. which are both FDIC members. This means your Chime checking and savings accounts are insured for up to $250,000.

Chime also uses encryption and other technologies to safeguard your personal information and your money.

Compare Chime MyPay to other apps

Check out these other cash advance apps to see how MyPay stacks up to the competition.

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Name	Product USFSL	Filter Values	Loan amount	Turnaround time	Requirements
Cleo Finder Score: 4.1 / 5: ★★★★★ Cleo Finder Score: 4.1 / 5: ★★★★★			Up to $250	3 to 4 days or instant for a fee.	Not stated	Automatically monitor your spending plus access cash advances up to $100 at a time.	Go to siteMore Info Compare	loading Fetching your data...
EarnIn Finder Score: 4.7 / 5: ★★★★★ EarnIn Finder Score: 4.7 / 5: ★★★★★			Up to $750 per pay period, but only $150 per day	1 to 3 business days or instant for a fee	Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work	No mandatory fees, no interest and no credit checks. Subject to EarnIn terms & conditions.	Go to siteMore Info Compare	loading Fetching your data...
OppLoans Installment Loans Finder Score: 4.7 / 5: ★★★★★ OppLoans Installment Loans Finder Score: 4.7 / 5: ★★★★★			$500 to $4,000	As soon as the same business day	+18 years old, Receive paychecks through direct deposit, $1,500 minimum monthly income, Live in eligible state	Not available in: CO, CT, GA, IA, MD, MA, NY, SD, VT, WA, WV. Comes with the option to change your due date so you won’t fall behind on repayments.	Go to siteMore Info Compare	loading Fetching your data...
Dave ExtraCash Finder Score: 4.2 / 5: ★★★★★ Dave ExtraCash Finder Score: 4.2 / 5: ★★★★★			Up to $500	Up to 3 business days or instant for a fee	At least two direct deposit paychecks to your bank account from your employer, extra money in your bank account	Borrow up to $100 to avoid hefty overdraft fees.	Go to siteMore Info Compare	loading Fetching your data...

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Frequently asked questions?

How can I find out my credit limit and available amount?

During each pay period, you can view your credit limit and the amount you can access each day in the app. The minimum withdrawal is $20, and the maximum is whatever your credit limit is.

Will using MyPay affect my credit?

Using MyPay won’t impact your credit score. Chime doesn’t do credit checks, nor does it report your payment history. But if you are interested in building credit, Chime offers a secured credit card that can help you build credit and raise your credit score.