Chime MyPay 2024 Review: Cash Advances
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Why trust NerdWallet
MyPay is Chime’s cash advance product offered to existing customers who receive direct deposit into a Chime checking account. Advances are large — as much as 50% of your anticipated paycheck, with a maximum of $500 — and the flat $2 fast-funding fee is low compared to other cash advance apps
Unlike most cash advance apps, Chime doesn’t request a tip, and because the app doesn’t charge overdraft fees on its checking accounts, there’s no danger of MyPay triggering one.
» MORE: Compare cash advance apps
Advance maximums are the lesser of $500 or 50% of your paycheck.
Funds available within one day.
Low fees for instant funding.
No overdraft fees.
No requested tip.
Users must have a Chime checking account.
No payment due date extensions.
Chime MyPay cash advance basics: Amounts, fees and funding time
How much can I borrow with Chime MyPay?
Fifty percent of your anticipated paycheck, up to $500.
What fees does Chime charge for MyPay?
Fast-funding fee: $2.
How do you repay Chime MyPay?
Repaid with your next paycheck when it’s deposited into your Chime checking account.
How long does it take to get a cash advance from Chime?
Without paying an express fee: One day.
With an express fee: Instantly.
A word of caution: Users of cash advance apps, including Chime, may risk becoming dependent on loans to cover regular expenses — a cycle of debt that’s difficult to break. It’s a good idea to consider affordable alternatives before getting an advance from Chime.
Who Chime MyPay is best for
Chime customers who receive direct deposits in their Chime checking account.
Those who need to cover a small expense and have a plan to repay the advance, plus other expenses.
Borrowers who want their funds within a day, or are willing to pay $2 to get the advance instantly.
Those who don’t regularly spend more than they earn.
What you need for a Chime MyPay advance
To be eligible for MyPay, you must be a Chime checking account holder. Like most cash advances, Chime bases eligibility and advance amounts on users’ earning patterns.
The company says it uses direct deposit history and other information to understand the pattern and amount of users’ paychecks. Users with irregular work hours can share other data, such as work location, so the app can verify hours worked and anticipate the user’s next paycheck.
MyPay-eligible users must have received at least two direct deposits of $200 or more into their Chime account. Initially, many users are eligible for $50 to $100 advances, but a user’s limit can increase as soon as their next pay cycle. MyPay use over time, direct deposit history, income and other factors determine limit increases.
To be eligible for a Chime checking account, users also need a Social Security number, email address, valid home address and to be at least 18 years old and a U.S. citizen.
How to get an advance with Chime MyPay: Step-by-step instructions
Here are the steps for a Chime customer with an existing checking account to get an advance with MyPay.
If MyPay is available in your state, you’ll see an option to use it on the home screen of the Chime app. You can check the MyPay hub to see the amount you’re eligible to borrow.
You’ll follow prompts in the app to choose your advance amount.
Chime will ask how fast you want the funds. You can wait a day for a no-fee advance or pay $2 to get funds instantly.
Before you agree to take the advance, Chime will show you the total you’ll be required to repay.
On the date of your next direct deposit, Chime takes the advance amount, plus the fast-funding fee, if you agreed to pay it.
Frequently asked questions about Chime cash advances
Does Chime MyPay require a credit check?
No. Like most other cash advance apps, Chime doesn’t check borrowers’ credit before approval. Instead, the app relies on transaction history in your Chime checking account.
Will Chime MyPay cause an overdraft fee?
No. Because Chime takes the advance repayment before it hits your account, and the company doesn’t charge overdraft fees, MyPay will never cause an overdraft fee. If your next paycheck isn’t enough to repay the MyPay advance, the app will take repayment from subsequent deposits.
Which states is Chime MyPay available in?
As of July 2024, MyPay is available in Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New York, North Dakota, Oklahoma, Pennsylvania, Rhode Island, Tennessee, Texas, Utah, Virginia, Washington, D.C., and West Virginia.
Can I change my MyPay repayment date?
No. Chime does not allow users to request due date extensions.
Is Chime legit?
Chime is a financial technology company based in San Francisco that partners with banks to offer bank accounts. The app has 4.7 stars across more than 650,000 reviews on the Google Play store and 4.8 stars across more than 820,000 reviews on the Apple Store.
In May 2024, Chime was fined over $4 million by the Consumer Financial Protection Bureau for delaying refunds to customers who closed their Chime accounts.
Other features offered by Chime
Secured credit card
Chime offers a secured credit card for users looking to build credit. Users move money from their Chime checking account to their secured credit card account, and that’s the amount they can spend with the card. Users can pay the credit card balance with the balance in their secured card account. Chime reports on-time payments to the three major credit bureaus.
SpotMe
SpotMe is a feature of Chime’s checking accounts that allows users to overdraw their account by up to $200, and the funds are repaid by the user’s next deposit.
The company says SpotMe and MyPay serve different purposes. Your checking account balance has to hit zero to use SpotMe.
MyPay is better if you know you’re going to need extra cash ahead of time, according to a company spokesperson. For example, if you want to buy a mattress that’s on sale but the sale ends before your next pay day, you could use MyPay to cover part of the cost.
A closer look at Chime MyPay star rating
Affordability: 4.0/4 stars
An affordable cash advance has low or no fees, caps tips and protects users from overdraft fees caused by the app’s withdrawals.
Structure: 2.5/4 stars
A well-structured app has a large enough maximum borrowing amount to meet users’ needs, can provide funds quickly without charging a fee and allows users repayment flexibility.
Transparency: 4.0/4 stars
A transparent cash advance app notifies users before withdrawals, discloses fees clearly to borrowers on their website or in the app and shows the total amount the user needs to repay before providing funds.
Underwriting and consumer protections: 2.5/4
This category assesses how well an app helps borrowers avoid borrowing an advance that will overextend their finances. A consumer-first cash advance app reviews more than a couple months of borrowers’ expenses, requires regular bank account deposits and lets borrowers choose how much to borrow.
Customer experience: 4.0/4
A well-rated cash advance app with multiple ways to contact customer service representatives and a thorough FAQ on its website will do well in this category.
Discretionary additions or deductions
Cash advance apps can earn a higher star rating by offering features that help borrowers build savings or credit. Apps’ star ratings are lowered if they are accused of engaging in deceptive or predatory practices by reputable sources.
Expert take on Chime MyPay
"Chime’s MyPay feature offers the good deal that the cash advance industry has been missing: You get a large advance instantly for a low fee, and if you choose not to pay a fee, you still get funds in a day. There is some danger here of borrowing too much — 50% of your next paycheck is enticing, but it may not be wise to spend that amount before you get it.
Cash advance apps are a source of concern for consumers and consumer advocates because they’re known to cause overdraft fees, but Chime takes that out of the equation by never charging an overdraft fee on its checking accounts.
This cash advance feature does what many others try to do — offer a small loan that users can access quickly — but it does it without wringing multiple, sometimes high fees out of users.
Perhaps the biggest drawback with MyPay is that it’s only available to Chime's banking customers."
— Annie Millerbernd, Assistant Assigning Editor, Personal Loans
Explore more cash advance apps
Brigit
Advance amounts | $50 to $250. |
Fees |
|
Repayment | Withdrawn from your bank account on the date Brigit determines to be your next payday. |
Time to fund without express fee | 1 to 3 days. |
Time to fund with express fee | 20 minutes. |
Empower
Advance amounts | $10 to $300 for first-time users. Returning customers may be approved for advances up to $350. |
Fees |
|
Repayment | Withdrawn from your bank account on your predetermined due date. |
Time to fund without express fee | One business day. |
Time to fund with express fee | Within one hour. |
Methodology
NerdWallet reviews and rates cash advance products from financial companies that provide cash advance apps. We collect over 24 data points from each company, verify the information with company representatives and compare the app with others that seek the same customer or offer a similar cash advance product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
The maximum allowable rating for cash advance apps that we review is four stars. Our star ratings award points to cash advance apps that offer consumer-friendly features, including: caps on voluntary tips, protections from overdraft fees caused by app withdrawals, low cost of borrowing and an assessment of the user’s finances before providing an advance. The system also rewards points for features that a consumer seeking an advance would find useful, such as: fast funding without a fee, allowing users to borrow less than they were approved for and customer ratings. Additional points are awarded to apps that provide pathways to budgeting and saving, which are features that can help prevent a user from habitually reborrowing. We weigh these factors based on our assessment of which are the most important for consumers and how they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
