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Michaela Wilbanks

Michaela is a personal finance writer with expertise in credit building, credit repair, and healthy money management. She delivers practical advice and strategies to help readers optimize their money and build a secure financial future.
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Loan Payoff Calculator: How to Pay off Your Loan Faster

Loan Payoff Calculator: How to Pay off Your Loan Faster

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Chime® is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC. The Chime Visa® Debit Card and the Chime Credit Builder Visa® Credit Card are issued by The Bancorp Bank, N.A. or Stride Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit and credit cards are accepted. Please see the back of your Card for its issuing bank.

While Chime doesn’t issue personal checkbooks to write checks, Chime Checkbook gives you the freedom to send checks to anyone, anytime, from anywhere. See your issuing bank’s Deposit Account Agreement for full Chime Checkbook details.

By clicking on some of the links above, you will leave the Chime website and be directed to a third-party website. The privacy practices of those third parties may differ from those of Chime. We recommend you review the privacy statements of those third party websites, as Chime is not responsible for those third parties' privacy or security practices.

Third-party trademarks referenced for informational purposes only; no endorsements implied.

‡ SpotMe® for Credit Builder is an optional, no interest/no fee overdraft line of credit tied to the Secured Deposit Account. SpotMe on Debit is an optional, no fee service attached to your Chime Checking Account (individually or collectively, “SpotMe”). Eligibility for SpotMe requires $200 or more in qualifying direct deposits to your Chime Checking Account each month.

* To apply for Credit Builder, you must have received a single qualifying direct deposit of $200 or more to your Chime Checking Account. The qualifying direct deposit must be from your employer, payroll provider, gig economy payer, or benefits payer by Automated Clearing House (ACH) deposit OR Original Credit Transaction (OCT). Bank ACH transfers, Pay Anyone transfers, verification or trial deposits from financial institutions, peer to peer transfers from services such as PayPal, Cash App, or Venmo, mobile check deposits, cash loads or deposits, one-time direct deposits, such as tax refunds and other similar transactions, and any deposit to which Chime deems to not be a qualifying direct deposit are not qualifying direct deposits.

1 Information from TransUnion’s Credit Card and Personal Loan Balances Reach Record Levels as Consumers Navigate High Inflation, Rising Interest Rates as of 5/1/2023: https://newsroom.transunion.com/credit-card-and-personal-loan-balances-reach-record-levels-as-consumers-navigate-high-inflation-rising-interest-rates/

2 Information from Bankrate’s Should you make biweekly mortgage payments? as of 5/1/2023: https://www.bankrate.com/mortgages/should-you-make-biweekly-mortgage-payments/

3 Information from Bankrate’s Personal loans interest rate forecast for 2023: Rates to increase due to Fed pressure as of 5/1/2023: https://www.bankrate.com/loans/personal-loans/personal-loan-rates-forecast/

4 Information from Bankrate’s What’s the average personal loan interest rate? as of 5/1/2023: https://www.bankrate.com/loans/personal-loans/average-personal-loan-rates/

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