How does loan repayment work?

Loans* are repaid in monthly installments. Loan terms vary and may be 3, 6, 9, or 12 months, depending on your eligibility and loan offer. You can view your repayment schedule and enable autopay in the Chime app's Loans section to have payments automatically deducted from your Chime Checking Account. Chime will notify you before each payment is due. Even with autopay, you can make extra payments anytime. 

If you prefer to make payments manually:

1. Go to the Loans section in the app.

2. View your payment schedule.

3. Tap Make a payment.

4. Choose or enter the payment amount. 

Paying off your loan early can reduce the total interest you owe. However, if you’ve already missed a payment, paying off future payments early won’t lower the interest on the missed payment. In that case, you may still need to pay the full interest amount originally charged.

Visit How soon can I get another Instant Loan after repaying one? for more information.

*Loans are made by The Bancorp Bank, N.A.