Consumer Fintech Chime Shares Latest Updates for Early Pay Product

In May, Chime announced the news of its latest product innovation: MyPay.

Consumers across the country are done waiting for payday, Chime notes while claiming that within 48 hours of sharing the news of MyPay and early access to the product “for eligible members, more than 1M people signed up for the waitlist.”

Now, there are reportedly more than 2.2M people signed up for early access to MyPay.

MyPay lets eligible members “access up to $500 of their pay, including government benefits, before payday with no interest, no credit check, and no mandatory fees.”

MyPay advances are deposited “to members’ Chime checking accounts within 24 hours for free.”

They can also opt to get funds “instantly for a low flat fee of $2 per advance.”

Chime’s Chief Product Officer Madhu Muthukumar said:

“Our members want more control over when they get access to their pay. The response to the waitlist has been incredible, and shows that this product is going to be a game changer. We’re excited to get another simple, helpful and powerful product into their hands, and help unlock financial progress.”

Chime released a waitlist to help members “secure early access to MyPay.”

If members live in a state where MyPay is offered and meet certain eligibility requirements, they could be “one of the first to try out this new product. Current Chime members can join the waitlist inside the Chime app.”

Non-members can join by signing up “with their email address and opening a Chime Checking Account.”

Members can move up the waitlist “by successfully referring friends to join Chime, and by setting up and receiving a qualifying direct deposit. Joining the waitlist is totally free, and when MyPay is available, those who signed up can be among the first to know.”

MyPay line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A.

MyPay services provided by Chime Capital, LLC.

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