Chase offers several loan products, but the type you can get depends on what you need the money for and your credit history
Chase Bank makes loans in five main categories: personal loans, auto loans, mortgages, home equity loans, and lines of credit. Not all branches offer all products, and not every person will be approved for every type. The loan you can get depends on your credit score, income, existing debt, and what you're borrowing for. Chase also has minimum credit score requirements that vary by loan type—personal loans typically require a score of 670 or higher, while mortgages may require 620 or higher depending on the down payment.
The process starts with a conversation with a Chase loan officer, either in person at a branch, over the phone, or through their website. They'll ask about your income, debts, and what you need the money for, then tell you what you might may have access to for and what the interest rate would be. Chase will pull your credit report as part of this process, which temporarily lowers your credit score by a few points.
Key Takeaways
- Chase personal loans range from $500 to $35,000 and are meant for expenses like debt consolidation, home improvement, or medical bills—not for business use.
- Chase auto loans cover new and used vehicles, and the bank holds the title until you pay off the loan, which means they can repossess the car if you stop paying.
- Chase mortgages require a down payment (typically 3 to 20 percent) and take 15 to 30 years to repay, with interest rates that depend on your credit score and the current market.
- Home equity loans and lines of credit let you borrow against the value of your house, but your home becomes collateral, meaning you could lose it if you don't repay.
- Interest rates and terms vary based on your credit history, income, and current market conditions—there is no single rate that applies to everyone.
Personal loans from Chase: what they cover and what they don't
Chase personal loans are unsecured, meaning you don't have to put up collateral like a car or house. You can borrow between $500 and $35,000, and the money can go toward almost anything except business use or paying off another Chase loan. Common uses include consolidating credit card debt, paying for home repairs, covering medical bills, or funding a wedding.
The interest rate depends on your credit score and income. Chase publishes a range (for example, 6.99 percent to 19.85 percent), but your actual rate falls somewhere in that range based on your financial profile. You'll repay the loan in fixed monthly payments over 24 to 84 months—the longer the term, the lower each payment but the more interest you pay overall.
Chase does not charge an origination fee, prepayment penalty, or late fee for personal loans, which makes them simpler than some competitors. However, they do charge a returned payment fee if a check or automatic payment bounces.
Auto loans: what Chase finances and how the repayment works
Chase auto loans cover new and used vehicles, including cars, trucks, motorcycles, and RVs. You can finance up to 125 percent of the vehicle's value, which means Chase can cover the purchase price plus taxes, fees, and even negative equity from a trade-in if you owe more on your old car than it's worth.
The loan term ranges from 24 to 84 months, and your interest rate depends on the vehicle's age, your credit score, and current market rates. New cars typically have lower rates than used cars because they're less risky for the bank. Chase holds the title to the vehicle until you pay off the loan, which means they have the legal right to repossess it if you miss payments.
You'll need to carry comprehensive and collision insurance on any financed vehicle, and Chase will require proof of insurance before they fund the loan. If your insurance lapses, Chase can buy insurance on your behalf and add the cost to your loan balance, which increases what you owe.
Mortgages: down payments, terms, and what affects your rate
Chase mortgages are loans to buy a house or refinance an existing mortgage. You can choose a 15-year or 30-year term, and your interest rate depends on your credit score, the size of your down payment, current market conditions, and the type of mortgage (fixed-rate, adjustable-rate, or government-backed like FHA or VA loans).
Down payments typically range from 3 to 20 percent of the home's purchase price. A smaller down payment means you borrow more and pay more interest over time, and you'll also have to pay private mortgage insurance (PMI) until you've paid down 20 percent of the home's value. PMI protects the bank if you default, but it's an extra monthly cost on top of your mortgage payment.
The mortgage process takes 30 to 45 days from process to closing. During that time, Chase will order an appraisal of the property, verify your income and employment, and pull your credit report. If anything changes—you lose your job, take on new debt, or your credit score drops—Chase can withdraw their offer or change the interest rate.
Home equity loans and lines of credit: borrowing against your house
A home equity loan lets you borrow a lump sum against the value of your house. A home equity line of credit (HELOC) works like a credit card—you get access to a credit limit and draw from it as needed. Both are secured by your home, meaning Chase can foreclose if you don't repay.
The amount you can borrow depends on how much equity you have—the difference between what your home is worth and what you still owe on your mortgage. If your house is worth $300,000 and you owe $200,000, you have $100,000 in equity. Chase typically lets you borrow up to 85 percent of your home's value minus what you owe, so in this example you could borrow up to about $55,000.
Interest rates on home equity products are usually lower than personal loans because your home is collateral. However, if you miss payments, Chase can foreclose and sell your house to recover the debt. HELOCs also have variable interest rates, meaning your monthly payment can go up or down as market rates change.
Credit requirements and what happens if you're denied
Chase's minimum credit score for personal loans is typically 670, though some applicants with scores as low as 600 have been approved depending on other factors like income and debt. Auto loans may be available with scores as low as 620. Mortgages can go lower—some government-backed programs accept scores of 580 or higher—but the interest rate will be higher.
If you're denied, Chase will send you a letter explaining why. Common reasons include insufficient income, too much existing debt, a recent bankruptcy or foreclosure, or too many recent credit inquiries. You can ask Chase to reconsider, but they're not required to change their decision.
If your credit score is too low or your debt-to-income ratio is too high, you have other options: wait and rebuild your credit before reapplying, look for a co-signer with better credit, or explore loans from credit unions or online lenders that have different standards. Some credit unions offer personal loans to members with credit scores below 600.
How interest rates are set and what affects the rate you get
Chase publishes a range for each loan type, but your actual rate depends on several factors: your credit score, the size of your down payment (for mortgages and auto loans), the loan term, current market interest rates, and whether you're a Chase customer. Existing Chase customers sometimes get a small discount—usually 0.25 to 0.5 percent lower—compared to new customers.
Interest rates change daily based on the Federal Reserve's actions and market conditions. A rate you see quoted today may not be available tomorrow. When you explore, Chase will lock in a rate for a set period (usually 30 to 60 days), which means the rate won't change during that window even if market rates move. If you don't close the loan before the lock expires, you get a new rate based on current market conditions.
You can sometimes lower your rate by paying points—an upfront fee equal to a percentage of the loan amount. One point equals 1 percent of the loan. Paying points reduces your interest rate, but it only makes financial sense if you plan to keep the loan for several years. For a personal loan you might repay in three years, paying points usually isn't worth it.
The process process and how long approval takes
You can start a Chase loan process online, by phone, or in person at a branch. For personal loans and auto loans, you'll get a decision within minutes to a few hours. For mortgages, the process takes 30 to 45 days because Chase has to order an appraisal and verify employment.
You'll need to provide proof of income (recent pay stubs or tax returns), proof of employment, identification, and bank statements. For mortgages and home equity loans, you'll also need the property address and details about any existing mortgages. For auto loans, you'll need the vehicle identification number (VIN) and proof of insurance.
Once you're approved, Chase will send you loan documents to sign. For personal loans and auto loans, you can often sign electronically. For mortgages, you'll sign at closing with a title company or attorney present. The funds are usually deposited into your bank account within one to three business days after you sign, though for mortgages the money goes directly to the seller or to pay off your old mortgage.
Frequently Asked Questions
Can I get a Chase loan if I have bad credit?
Chase's minimum credit score is usually 620 to 670 depending on the loan type, but having a score below that doesn't automatically disqualify you. If you have a co-signer with good credit, Chase may approve you. If not, you may need to wait and rebuild your credit, or look at credit unions or online lenders with lower score requirements.
What's the difference between a fixed-rate and adjustable-rate mortgage?
A fixed-rate mortgage has the same interest rate for the entire loan term—15 or 30 years. An adjustable-rate mortgage (ARM) starts with a lower rate for a set period (usually 3 to 7 years), then adjusts annually based on market conditions. ARMs are riskier because your payment can increase significantly after the initial period ends.
Can I pay off a Chase loan early without a penalty?
Yes. Chase personal loans, auto loans, mortgages, and home equity loans have no prepayment penalty, so you can pay them off early without extra fees. Paying extra toward principal each month reduces the total interest you pay over the life of the loan.
What happens if I miss a payment?
For personal loans, Chase reports the missed payment to credit bureaus after 30 days, which damages your credit score. For auto loans and mortgages, they can begin repossession or foreclosure after one missed payment, though most lenders wait 120 days. Contact Chase when ready if you can't make a payment—they may offer a deferment or forbearance plan.
Does Chase offer loans to people who are self-employed?
Yes, but you'll need to provide two years of tax returns and possibly profit-and-loss statements to prove your income. Self-employed applicants are scrutinized more closely because income can be variable, so having consistent earnings and good credit helps your chances of approval.