Feeling 'Payday Paralysis'? You're Not Alone 

Waiting for your next paycheck can be stressful, but Chime is working to give members access to their money when they need it with their latest product, MyPay.

You’re probably familiar with the “Sunday scaries” — that surge of anxiety as the weekend comes to a close and the once far-off work week becomes an imminent reality. But have you heard of “payday paralysis”? It’s a similar sensation that makes you feel like you’re stuck in a jam due to paycheck cycles, unable to do anything until your direct deposit clears.

It makes sense: In between paychecks, you’re often seeing your bank account get drained bit by bit as you pay bills, buy groceries and have a little fun. All those expenses add up week in, week out, and they certainly weigh on your mental state. According to a recent study¹ from our partner Chime, 35% of Americans wouldn’t be able to cover an unexpected event that costs $500. More than a third (39%) admit to skipping social events the days before a paycheck versus right after it appears in their bank account. Not only does the average American lose approximately five nights of sleep per month worrying about money, but the average person starts to feel stressed about affording necessities just seven days after receiving their paycheck.

You may be able to find relief with Chime’s new MyPay feature, an innovative product designed to give you the much-needed access to your pay and gives you control over your day-to-day finances. There’s no mandatory fees, no interest² and no credit check. With more than one-third of Americans stating that they would not be able to cover an unexpected $500, MyPay is here to help people get access to their money when they need it.

The process is simple. First, eligible Chime members should start by setting up direct deposit to a Chime checking account. After qualifying direct deposits of $200 or more³, you’ll be eligible (if MyPay is available in your state) and be able to see the amount available for you to access between pay periods, which can range between $20 and $500 (the amount may increase or decrease over time). You can choose the amount needed and have a choice between two options for the timing of your advance: Get it within 24 hours for free or instantly for a flat $2 per advance. Repayment is even easier as it’s automatic - it’s simply repaid when your next direct deposit arrives.⁴

With payday paralysis and an outdated paycycle working against many working to budget towards financial freedom, Chime seamlessly integrated MyPay into its existing suite of products to give its members access to simple and transparent banking services. Other benefits you’ll receive with a Chime account include the Get Paid Early⁵ tool, which deposits members’ full paycheck up to two days early, and SpotMe⁶, which provides fee-free overdraft up to $200.

Click here to learn more about MyPay and how Chime helps everyday people unlock their financial progress.

The information provided on this page is for educational purposes only and is not intended as investment or financial advice.

Chime Disclaimers:

Chime is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, N.A. or Stride Bank, N.A. Deposits are FDIC-insured through The Bancorp Bank, N.A. or Stride Bank, N.A. up to applicable limits.

MyPay line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS ID 2316451).

¹Survey methodology: This random double-opt-in survey of 2,000 employed Americans split evenly by generation (500 Gen Z, 500 millennials, 500 Gen X and 500 baby boomers) was commissioned by Chime between April 25 and April 29, 2024. It was conducted by market research company Talker Research, whose team members adhere to the American Association for Public Opinion Research (AAPOR) Code of Professional Ethics and Practices. Researchers are also members of the Market Research Society and the European Society for Opinion and Marketing Research (ESOMAR).

²Option to get funds instantly for $2 per advance or get funds for free within 24 hours. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.

³To be eligible for MyPay, you must receive qualifying direct deposits to your Chime Checking Account as set forth in the MyPay Agreement. A qualifying direct deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Maximum Available Advance may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.

⁴With authorization, outstanding MyPay balances will be repaid from direct deposits to your Chime Checking Account from Eligible Sources. See MyPay Agreement for details.Early access to direct deposit funds depends on the timing of the submission of the payment file from the payer. We generally make these funds available on the day the payment file is received, which may be up to 2 days earlier than the scheduled payment date.

⁵SpotMe® 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.


Qualifying members will be allowed to overdraw their Chime Checking Account and/or their Secured Deposit Account up to $20 in total, but may be later eligible for a higher combined limit of up to $200 or more based on member’s Chime account history, direct deposit frequency and amount, spending activity and other risk-based factors. Your SpotMe Limit will be displayed to you within the Chime mobile app. You will receive notice of any changes to your SpotMe Limit. Your SpotMe Limit may change at any time, at Chime or its banking partners’ discretion. Although there are no overdraft fees, there may be out-of-network or third party fees associated with ATM transactions or OTC cash withdrawal fees at retailers. SpotMe won't cover non card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe Terms and Conditions.