What You Must Know About MyPay On Chime

As a young working class adult, there is nothing I hate more than sudden financial issues happening before payday. I do not know if you have experienced this before, but its stress exposes the illusion of comfort in the lives of young working class adults. This is since pending bills do not care about delay in paychecks, stress or anxieties. Hence, why we need MyPay on Chime feature.

MyPay Chime is for anyone who has sudden financial emergencies before payday. You do not have to wait for payday anymore, since you can get a cut of your paycheck before your direct deposit. Is Chime MyPay a payday loan, my good reader?

No, it is not. This is because you are not borrowing money from Chime. It is not like using Chime SpotMe feature where you borrow money, only to pay it back after some agreed time. MyPay feature lets you have a percentage of your paycheck a few days before pay day. The money given to you is entirely your money.

Let me further elaborate it for you below.

What Is MyPay On Chime?

So, what is Chime MyPay?

A lot of people have come up on reddit asking what it is all about. This is because it appears as a loan, but it is not really. Chime MyPay is a cash advance feature.

MyPay Chime feature will give you up to $500 from your paycheck, so you can solve any immediate financial issue. Whatever amount you access, is taken back whenever your direct deposit drops into your account. You cannot get into debt, because of this cash advance.

Now, do not get me wrong. Not everyone can access up to $500, due to certain Chime MyPay eligibility requirements. There are some states where this Chime feature is not available. In States where it is available, you have to be eligible to get it.

Chime MyPay Eligibility Requirements

What are Chime MyPay’s requirements?

Firstly, Chime MyPay advance requirements include the following below:

• You have to have or open a Chime checking account.
• Being the age of 18 or above.
• Have an activated Chime card.
• Live in a state where Chime MyPay feature is available.
• Set a Chime direct deposit. Not just setting a Chime direct deposit, but also have a qualifying direct deposit of $200 or more in the last 36 days.

Not all deposits are considered a qualifying direct deposit. I just had to find that out a few weeks ago. With respect to Chime MyPay, the following deposit below is what Chime considers as a qualifying direct deposit.

• Deposits from a known government benefit agency, employer or gig economy payer.
• Or, one which is cleared by ACH (Automated learning House)

As long as we get direct deposit from the above, it will qualify as a direct deposit. Additionally, not all states are eligible for MyPay Chime. I mentioned this earlier. So, where is Chime MyPay available?

Chime MyPay is available in 37 states in the United States. I have made a list of Chime MyPay eligible states below.

Alaska	Iowa	Nevada	South Carolina
Arizona	Kansas	New Hampshire	Tennessee
Arkansas	Kentucky	New York
California	Louisiana	North Carolina	Utah
Delaware	Maryland	North Dakota	Virginia
Florida	Michigan	Ohio	Vermont
Georgia	Mississippi	Oklahoma	Washington DC
Idaho	Missouri	Oregon	West Virginia
Indiana	Nebraska	Rhode Island

The above states are MyPay eligible states. If your state is not amongst the above, then your state is not currently eligible. Just because your state is not currently eligible, does not mean it will not be in the future. I would be on the lookout for eligibility status change.

How Does MyPay Work On Chime

Once eligible, Chime sends you a notification to enroll. You do not need a credit check to be considered. I suspect this is because Chime payday advance is not a loan, so there is no reason to run a credit background check on you.

Enrolling on Chime MyPay gives you access to funds in between your pay periods. Some people can access up to $500. However, it usually starts between $50 to $100 which is the amount you can access per pay period. Your Chime MyPay credit limit is $500 maximum.

This is basically how Chime MyPay works. Your credit line increases with time. Also, it may decrease when your monthly direct deposit becomes inconsistent. Or, you change the direct deposit information of your employer. By changing deposit info, I mean changing the information about your current employer.

Finally, unlinking the direct deposit too could cause the Chime MyPay credit limits to drop too. When you see a drop on the maximum amount you can get, the above explains why your Chime MyPay is so low. So, be aware of these things.

Chime MyPay Fees and Limits

One thing which confuses a lot of people about MyPay, is whether it charges a fee to get a cash advance on your paycheck. It depends on two factors: instant cash out or one which may take a few days to get cash. Chime payday advance will charge a 3% fee on an instant cash advance.

This translates to a minimum of $2 and a maximum of $5 fee of the cash advance. Although this is the case, Chime will not charge you when you are willing to wait for a while. You usually get the fund released within 24 hours.

How To Use Chime My Pay

Setting up MyPay is easy. You just need to have a Chime checking account. You can create a Chime checking account in two minutes using the blue hyperlink. Then, set up direct deposit to have reoccurring monthly paychecks come into the account. Finally, check to see whether your state falls into the above states I mentioned above.

If yes, Chime will automatically send you an email asking for you to join. You just have to be on the lookout for the email. Once you are set up, the following below is how to get MyPay on Chime whenever you need it.

• Login to your Chime account
• Tap on MyPay. You will see the most amount of money you currently qualify for.
• Then, tap on Get Money.
• The next time is to select how fast you want the cash advance. You can select waiting to get it within 24 hours for free. Or, you can select an instant cash advance within minutes. As I mentioned earlier on this article, this will cost you a 3% fee.

The repayment of MyPay advance will occur, whenever your direct deposit hits. Chime will automatically deduct the money from the direct deposit. I advise you to be aware of borrowing less than your direct deposit so Chime can get its money back. The last thing you want is getting banned outright from using it.

Why Is MyPay So Low?

Chime MyPay starts off as low. This is because Chime has gained your trust yet, so the cash advance will be low at first. Then, it increases with time with reoccurring monthly deposit of $200 or more.

MyPay can get so low suddenly, when you fail to have a monthly direct deposit. Also, Chime will lower MyPay when your direct deposit is not from a qualifying source. I believe I explained which is a qualifying direct deposit above in this article.

So, what happens if I don’t pay MyPay back on Chime?

You will be restricted access to MyPay. You will not be able to use the service again. This is until you pay back the debt.

How Do You Get More MyPay On Chime?

You can get more cash advance, when you do the following below:

• Increase the amount of monthly direct deposit. Instead of the $200 minimum, I advise you just let all your paycheck drop.
• Build a history by letting your direct deposit hit every month for months.
• Repay the Chime Payday advance on time.

The above are what makes your MyPay go up on Chime. Chime needs to see you are legitimately getting money monthly by direct deposit. And finally, it needs to see you are actually paying cash advance pay on time.

How Often Is MyPay Available?

Well, this depends on whether you have maxed out the cash advance amount. If yes, then you would have to wait until the next pay period to get another advance. Otherwise, MyPay is always available on Chime. This is as long as you have successfully set up a Chime account and enrolled on this service.

Does Chime MyPay Affect Credit Score?

Chime MyPay will not affect your credit score. This is because it does not run a hard inquiry to ascertain your eligibility. And mostly, due to the fact it does not report payment to the credit bureau.

Remember I mentioned Chime gives you a cash advance?

The cash advance from Chime is not a loan. It knows it will reclaim it back from your qualifying direct deposit, hence why it is neither reported to a credit bureau or had an interest attached to it. Also, it is why Chime starts you off with a low amount because it needs to be sure your direct deposit is consistent and authentic.

MyPay on Chime does not help build credit. Just because you are getting a cash advance and paying it back, does not mean your credit point will go up. If you want to build your credit history without owing a dime, use the Chime secured credit card. I recommend reading How Chime Credit Card Builder Works.

On the whole, I like how one would not get in debt for using MyPay. Other cash advance apps usually charge an interest and a fee for giving you an advance on your payday. MyPay is really there to help young working class adults solve an immediate financial emergency.

This is what I think today’s financial technologies like Chime are getting right. I supposed you could say it is an advantage they have over traditional brick and mortar banks. What do you think, my dear reader?