Does Chime Do Loans? Yes — A Review of Chime Instant Loans
Chime Instant Loans isn't available on Finder right now.
- Min. Amount
- $100
- Max. Amount
- $500
- Turnaround time
- Instant
Our verdict
Chime rolls out no-credit-check Ioans of up to $500, but it’s not available in all states yet.
Chime is now offering Instant Loans, a three-month installment loan up to $500. Like with other Chime banking products, there is no monthly subscription fee and no credit check, although it charges $5 per $100 borrowed — equivalent to a 29.76% APR. It’s cheaper than a payday loan and gives you more time to pay it back than a cash advance app, so it could be a solid middle-ground option for people with poor credit who need a quick loan. But you must have a Chime checking account and get paid by direct deposit to qualify, and it’s only available in some states so far.
Best for: Chime users who want a fast loan and up to three months to pay it back.
Pros
-
Installment loans up to $500
-
No credit check or late fees
-
Helps to build credit
Cons
-
Interest rate is 29.75%
-
30-day waiting period between loans
-
Not available in all states
Is Chime legit?
Yes, Chime is a legit fintech company and popular app founded in 2012. While it’s not a bank, its banking services are provided by either Bancorp Bank or Stride Bank, meaning your checking and savings accounts are FDIC insured up to $250,000.
The company uses industry-standard encryption and other security measures to keep your information and your money safe. Chime cards are also backed by Visa’s Zero Liability Policy, meaning you’re not liable if your card is lost, stolen or fraudulently used. You can view its privacy policy on its website to learn how information is collected and shared.
What makes Chime Instant Loans shine?
Chime stands out as one of the few banking apps that offer installment loans to members, in addition to its MyPay cash advances and overdraft protection. And it only charges $5 per $100 borrowed — an APR of 29.76% — which is much less expensive than payday loans that often have APRs in the triple digits.
Another plus is that there’s no credit check to qualify. This is great news for people with poor credit who need a quick loan. And it reports your payment history to the credit bureaus, helping you build or improve your credit.
Chime also never charges a monthly fee — a departure from many apps — so you only have to pay if you need to borrow money.
Chime Instant Loans vs. MyPay
Instant Loans and MyPay share some similarities, so it’s important to note what’s different. While both options give Chime users access to cash up to $500, MyPay is an advance on your paycheck — not a loan — and you typically have to pay it back within two weeks. There are also no interest charges for advances.
By contrast, Instant Loans are installment loans that you’ll repay, with interest, in monthly installments. Loan terms are three months, giving you more time to repay the loan, although you can repay it early without penalty to get a break on interest. And, finally, your payment history is reported to credit bureaus with Instant Loans, whereas MyPay has zero effect on your credit.
Where Chime Instant Loans falls short
Unfortunately, Chime Instant Loans aren’t available everywhere yet. The company says it’s working on adding the feature in more states, but for now, Chime users needing a quick loan will have to rely on its SpotMe overdraft service or cash advance option.
Some users have also complained about the 30-day waiting period between loans. This waiting period is a bit longer than other short-term loans, where you may qualify for a new loan soon after you’ve repaid your first one.
How Chime Instant Loans compares to other lenders
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Chime Instant Loans details
| Minimum credit score/credit range | No minimum |
| APR | 29.76% |
| Loan amount | $100 to $500 |
| Terms | 3 months |
| Approval turnaround | Instant |
| Availability | Not available in al states |
| Fees | No fees |
| Other fees | None |
Chime contact info
| Phone number | 844-244-6363 |
| Customer service hours | 24/7 |
| No email listed | |
| X, formerly Twitter | @ChimeHelp |
| Chime |
How to qualify for Chime Instant Loans
Here are the requirements to qualify for Chime Instant Loans.
- At least 18 and live in an eligible state
- Be a Chime member with a Chime checking account
- Received at least one qualifying deposit of $200 in the previous month
- Had at least $500 in qualifying direct deposits for each month of the last six months
- Have no outstanding loans
- 30 days have passed since your last loan
How to apply
Chime Instant Loans is currently only available to eligible users in select states. If you’re eligible, you’ll get a message in the app and a push notification. The app tells you how much you’re able to borrow, which typically starts at $100. If you accept the offer, the funds are deposited instantly into your Chime checking account.
Chime reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | B- |
| BBB customer reviews | 4.21 out of 5 stars, based on 2552 customer reviews |
| Trustpilot score | 3.4 out of 5 stars, based on 10,368 customer reviews |
| Customer reviews verified as of | 04 April 2025 |
Chime Instant Loans doesn’t have any reviews on the Better Business Bureau (BBB) or Trustpilot yet, but here’s what users have to say about the Chime banking app.
Chime has many positive reviews on BBB and Trustpilot, with users complimenting the user-friendly app and helpful customer service. The company also receives high praise for its overdraft feature and the notable lack of fees compared to other cash advance apps.
But Chime has some negative reviews, too. Some users report having problems getting disputes handled when something goes wrong, and of course, there are cases of fraud and scams. Customers also report longer than usual holds on deposits they’ve made and issues with paycheck deposits coming through late.
What do people on Reddit say?
Frequently asked questions
Will Chime Instant Loans affect my credit?
Yes. Chime reports your payment history to credit bureaus, so if you make a late payment, it could lower your credit score. On the other hand, a history of positive repayments raises your score.
What happens if I miss a loan payment?
If you miss a loan payment, it is added to your next scheduled payment — although you won’t incur a late charge. Late or missed payments 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 I can get another one?
Typically, you can’t get a new loan from Chime for at least 30 days after you repay your first one, and you can’t request one. You’ll be notified in the app and by push notification as soon as you qualify for a new loan.
Your reviews
Lacey Finder
Writer
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