I hope that Chase gets reinstated just as much as the rest of you do, but let's not pretend that he didn't break the (admittedly dumb) NCAA rule.
NCAA Bylaw 18.104.22.168
“a student-athlete may receive a loan from an established family friend without such arrangement constituting an extra benefit, provided: (a) The loan is not offered to the student-athlete based in any degree on his or her athletics ability or reputation; (b) The individual providing the loan is not considered a representative of the institution’s athletics interests; and (c) The relationship between the individual providing the loan and the student-athlete existed prior to the initiation of the student-athlete’s recruitment by the member institution.”
Even if the person who loaned Chase the money has no affiliation whatsoever with Ohio State, the fact that Chase met this person (according his own statement) after Ohio State began recruiting him means that the loan is against NCAA rules.
Chase having repaid the loan doesn't absolve him from taking it in the first place, although it should give him a good case for leniency.
Saying that the whistleblower didn't have facts or made an assumption is itself an assumption coming from somebody who doesn't have the facts (because none of us do). The whistleblower isn't the problem, the rule itself is (as well as Chase violating that rule, no matter how dumb of a rule it is).