Chime MyPay Review: A Closer Look at Early Paycheck Access
Cash Advance
- Lower fee structure
- Good customer reviews
- Free transfers are still quick
- Past run-ins with the law
- Not available in 18 states
- Must use Chime Checking
| Funding | $20 – $500 |
|---|---|
| Speed of advance | Instantly or within 24 hours |
| Fees | $2 for instant transfers |
Chime MyPay is an optional feature for people who use Chime’s online checking account. It works similarly to other cash advance apps, allowing you to get up to $500 to hold you over until your next payday, but without many of the burdensome hidden fees. (There is still one possible fee, but it’s minimal.)
Using Chime’s MyPay cash advance won’t solve all of your cash flow problems. Your next paycheck will be smaller, after all. But it’s a great start toward eliminating many problematic aspects of other cash advance apps, like high subscription fees and tips.
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What is MyPay on Chime?
MyPay is a free cash advance option for many Chime Checking account users. It’s available right within your existing Chime app—there’s no need to download any third-party apps or create a new account.
If you’re running short on cash before your next payday, use MyPay to get a cash advance you’ll repay with your upcoming paycheck. The exact amount you qualify for depends on things like your income and your direct deposit history.
Generally, most people qualify for a cash advance of $50 to $100 the first time they use MyPay, but the upper and lower limits range from $20 to $500. There’s no credit check and no interest payments. If you can wait 24 hours to get the cash, it’ll be totally free; otherwise, there’s a flat $2 transfer fee to get it instantly.
| Term | Details |
| Advance amounts | $20 – $500 |
| Interest rate | N/A |
| Fees | $2 optional fee for an instant advance |
| Repayment time | Repaid out of your next direct deposit |
| Funding time with a fee | Instantly |
| Funding time without a fee | 24 hours or less |
How does Chime early direct deposit work?
Chime has another separate free feature called “Get Paid Early” that comes standard with every checking account.
Chime can do this because banks generally receive a heads-up of incoming direct deposits about two days before that money is transferred. So, as soon as Chime is notified of an incoming direct deposit into your account, it’ll make those funds available to spend.
Other banks make you wait until they receive those funds from the other bank; Chime just goes ahead and says you’re clear to spend that money. Chime will do this automatically for every direct deposit you have, and it’s not something you can opt into or out of.
Am I eligible for Chime paycheck advance?
Most people will qualify for a Chime MyPay advance if they’re using a Chime checking account regularly, but not everyone. Here are the specific requirements you’ll need to meet to take out a MyPay advance:
- Be at least 18 years or older
- Repaid any prior MyPay advances on time and in full
- Have the Chime app downloaded on your mobile phone
- Have a Chime Checking account with a Chime debit or credit card
- Received eligible direct deposits into a Chime Checking account within the past month (more below)
- Live in a state where MyPay is offered (all except CO, CT, GA, HI, IL, MA, MD, ME, MN, MT, NJ, NM, NV, SD, VT, WA, WI, or WY)
Chime offers MyPay advances based on your direct deposit history. You’ll need to meet at least one of these direct deposit scenarios to qualify each month:
- Two or more direct deposits for $200 each (i.e., $400 or more total)
- At least one direct deposit from a government agency of $200 or more
- At least one direct deposit of $200 or more, plus provided details about your employer, such as your official email address or work address
Pros and cons of Chime MyPay
Pros
-
No credit check
Chime won’t even look at your credit score when you take out a MyPay advance. (On the other hand, it doesn’t report payments either, so it won’t help you build credit.)
-
Lower fee structure
Most other cash advance apps charge higher instant transfer fees if you want your money faster, pester you to pay a tip, and/or charge a monthly subscription fee whether you take out a cash advance or not. Chime doesn’t do any of these things.
-
Good customer reviews
Chime has great reviews on the Apple iTunes and Google Play stores, as well as with the Better Business Bureau.
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Free transfers are still quick
Chime MyPay’s free transfer option makes the funds available within 24 hours, compared to three to five business days for other cash advance apps.
Cons
-
Past run-ins with the law
In 2024, the state of California ordered Chime to pay $2.5 million and revamp its customer service, and the federal government fined it $4.5 million for not returning money to customers who closed their accounts.
-
Not available in 18 states
Chime says it’s working to offer MyPay in more states, but as of September 2024, it’s not available in a third of the country.
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Must use Chime checking
MyPay is only for Chime checking customers. If you don’t use Chime, you can’t get a MyPay advance until you’ve received at least one or two qualifying paychecks in a new Chime checking account.
How does Chime MyPay compare to other cash advance apps?
Chime is much more consumer-friendly than other cash advance apps, which rely on hidden fees rather than behind-the-scenes banking income like Chime. (Specifically, Chime gets a small fee from merchants each time you swipe your debit card, which it says it uses to fund this feature.)
The biggest hidden “gotcha” of cash advance apps is instant transfer fees. Cash advances may be free, but they typically take three to five business days before you see it in your account—unless you pay a fee for instant transfers, of course.
If you’re in a position where you need a cash advance, chances are you can’t wait that long. The longest you’ll have to wait for a Chime MyPay advance is just 24 hours, though, which many people can afford to wait.
If you still need the cash faster than that, the instant transfer fee is much more reasonable. It’s just a flat $2 fee. Empower, another popular cash advance app, charges a fee ranging from $1 to $8, depending on your advance amount, for example.
How to get MyPay on Chime
It’s a fairly easy process to see if you’re eligible for a MyPay advance, and to apply if you need it. As long as you have sufficient direct deposits each month, use Chime Checking, and live in an eligible state, here’s how to do it:
How to get a Chime MyPay paycheck advance
1. Tap on “MyPay”
If you can take out a MyPay advance, you’ll see your approved advance amount in this section of the Chime app.
2. Tap on “Get Money”
You’ll be able to request a certain amount up to your approved advance limit. Remember that your approved advance limit applies to the entire pay period. You don’t need to take it all out at once if you don’t want to.
3. Select your funding speed
You’ll be prompted to choose between a free transfer within 24 hours or an instant transfer for a $2 fee. Either way, the money will appear in your Chime account by the appointed time.
4. Repay the MyPay advance
Chime will withdraw the amount you borrowed and the instant transfer fee (if you chose this option) the next time you receive a direct deposit. This may occur in two separate transactions: one for the advance amount, and one for the fee, if applicable.
FAQ
Is MyPay a Chime payday loan?
No, MyPay is not a payday loan. Chime MyPay is a feature that allows eligible Chime members to access their direct deposits up to two days earlier than their scheduled payday.
Unlike a payday loan, MyPay does not involve borrowing money, accruing interest, or repaying a loan amount. It just gives you faster access to the money you’ve already earned.
Does Chime let you get paid early?
Yes, Chime lets you get paid early with its MyPay feature. If you receive your paycheck via direct deposit, Chime can make your funds available up to two days before your scheduled payday, depending on when your employer submits the payment file. This early access is provided at no additional cost to you.
Does Chime MyPay give you money instantly?
No, Chime MyPay does not provide money instantly, but it allows you to access your paycheck up to two days earlier than usual. The timing depends on when your employer processes payroll and Chime receives the direct deposit notification. While it speeds up access to your funds, it is not an immediate money transfer.
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