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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Chime's loan


How to Apply


The requirements and documents that you need to provide depend on what type of bank account you're planning to open with Chime. The company has different sets of requirements for each option.

The general requirements specified on the official website state that you have to be a United States citizen over the age of 18. Of course, there are other considerations but this company doesn't mention them explicitly. Among the documents that you'll be asked to provide, there's:

  • State-issued ID

  • SS Card

  • Proof of residence

  • Contact info

  • Additional paperwork

Application details

The average time Chime takes to complete the application process varies based on the validity of the information provided. If everything is in order and easily verifiable, then your application will be accepted within 120 seconds or less. Applying for any of the services won't have any impact on your credit score.

The main reason for rejection is the inability to verify personal information provided in the application. If the provided information is purposefully incorrect or if you made a mistake, your application might be rejected. There are other reasons for denial, but they aren't as prevalent and have to do with financial problems, residency issues, or criminal records.

You apply via the website or the app. Click Get Started and fill in your name and email, date of birth, your mobile number, and address. You will be required to provide your financial details and a valid bank account. Once you fill in all the paperwork and your application is approved, they mail a Chime Visa Debit Card to your address. You can activate your new card via the phone and set up a direct deposit so your money is transferred automatically.


Who can use Chime?

The service is available for United States citizens over the age of 18.  If you're a citizen but don't currently reside in the US, you will not be able to apply.

Can I send Chime paper checks?

The Checkbook feature enables users to pay other people or businesses by sending money via check. It's an uncomplicated feature that is easy to understand.

How do I invite friends to join Chime?

There's a referral program that can be used to make money when inviting friends and family members via your personalized link. If the friend's account is funded with at least $20,000, both you and your friend will receive a bonus of $100.

What to focus on before applying for a loan with Chime

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Chime and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Chime’s reviews by September 2022
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