The news: Chime launched Instant Loans to provide immediate loans up to $500 for pre-approved members, per GlobalData.

Who’s eligible? Members who receive direct deposits into their Chime checking account can access this new product. And there will never be a credit check for Chime’s Instant Loans—the fintech uses its proprietary platform and data to assess eligibility.

The terms: Loans are repaid over three months with a fee of $5 per $100 borrowed (29.76% APR). No late fees or compound interest apply.