MyPay® is Chime’s brand new product that helps you get paid when you say.™ MyPay is a line of credit that lets you get up to $500 of your pay before payday.^ There are no mandatory fees, no credit checks, and no interest~ to get money when you want.
If you’ve already enrolled in MyPay, you’ve likely noticed that your credit limit, or the maximum amount you can access in a pay period, can change. In fact, it could grow as high as $500.^ But what determines your MyPay credit limit? And whether it increases or decreases?
Great questions! Let’s find out.
How are MyPay credit limits decided?
When you enroll in MyPay you’re given an initial credit limit, which typically starts between $50 to $100. This is the maximum amount you can access in a pay period. Note: A “pay period” is simply the period in between your paydays.
Your MyPay credit limit is determined by a mix of your direct deposit activity, account activity, employer information, and other criteria.
Credit limits for MyPay are recalculated every time you receive a qualifying direct deposit, and can increase, decrease, or stay the same. If you receive a direct deposit from a new source (e.g., you’ve switched jobs), this can also cause your credit limit to be recalculated.
What is “available now”?
The amount you see as available now is the maximum amount you can take as an advance on any given day. After you receive a direct deposit, your “available now” starts as a small portion of your credit limit and usually increases every day until you reach your maximum credit limit.
Any advances you take are deducted from your “available now” amount under MyPay. When your next direct deposit arrives, your balance is repaid from that direct deposit. Once this happens, your “available now” will be reset and your credit limit will be recalculated.
How to increase your MyPay credit limit
After you’ve enrolled in MyPay, your credit limit can increase as soon as your next direct deposit, and can continue to increase every month if you continue to receive consistent direct deposits. How much your MyPay credit limit might go up depends on how regularly you receive direct deposits, how large your direct deposits are, and how long you’ve been using MyPay.
Additional actions, like sharing your work email or enabling location sharing, can also help to increase your credit limit more quickly. Currently, the maximum credit limit is $500.
You’ll have the best chance at increasing the amount you can access if you:
- Regularly receive qualifying direct deposits; several months in a row is a good target.
- Make sure advances you’ve taken with MyPay are fully repaid so you don’t lose access to MyPay.¹
- Direct deposit your entire paycheck for the best chance to increase your credit limit. If you can’t do the full amount, the more you deposit the better chance you have to increase your credit limit.
- If you get paid by an employer (via payroll or as a gig employee), share information like your work location and a work email address, or connect to a payroll provider.
Can MyPay credit limits decrease?
In some cases, MyPay credit limits can decrease. If this has happened to you, and you find yourself wondering why, it could be for a few reasons:
Inconsistent direct deposits or the loss of a direct deposit source.
If you stop sharing additional information like your work email address or work location, or unlink your payroll provider.
Your use of other Chime products like SpotMe®. We try to prevent a situation where a large amount of your next direct deposit has to go towards repaying outstanding balances.
Discover the difference between MyPay, SpotMe, and Get Paid Early.
Take control of your payday
With consistent direct deposit and following these tips, you could begin to see your MyPay credit limit grow even larger, allowing you to get the money you need when you need it.
Want to learn how MyPay can help you unlock financial progress™? Find out more about MyPay and how it works!
FAQs
Can I request an increase to my credit limit?
You can’t currently request an increase to your MyPay credit limit. Your credit limit is recalculated automatically every time you receive a qualifying direct deposit.
How does “available now” work?
“Available now” is the maximum amount you can take as an advance on any given day. At the beginning of your pay period (after you just received a direct deposit), “available now” typically starts as a small portion of your credit limit and usually increases every day until you reach your credit limit.
Any advances you’ve taken are deducted from your available now amount. When your next direct deposit arrives, your balance is repaid from that direct deposit. Once this happens, your “available now” will be reset and your credit limit will be recalculated.
For example, let’s say that on the first day of your pay period, you have access to $40 available now of your $200 credit limit. If you don’t take any advances, your available now will increase to $80 on day two, to $120 on day three, and so on until you hit your credit limit of $200.
However, if you took a $20 advance on that first day, your available now would have gone down to $20 ($40 – $20 = $20) to reflect the advance you took. If you don’t take any further advances, it will increase to $60 on day two, to $100 on day three, and so on until you hit $180 ($200 credit limit – $20 advance). When your next direct deposit arrives, $20 will be deducted from your Chime Checking Account to repay your MyPay balance.
What happens on payday?
When you receive a qualifying direct deposit, we’ll recalculate your credit limit. We’ll also start you off with access to two full days worth of your total estimated income to make sure your available now amount doesn’t start at $0. Your available now amount will then continue to increase until you reach your credit limit or you receive a direct deposit.