Chase offers several types of loans, but not all of them to all customers
Chase Bank offers personal loans, auto loans, mortgages, home equity loans, and business loans. However, the loans you can actually get depend on your credit history, income, and the state you live in. Chase does not offer personal loans in all states — they are available in most but not all — so your first step is to check whether Chase personal loans are offered where you are.
The loans Chase advertises most heavily are mortgages and home equity lines of credit (HELOCs), because those are where the bank makes the most money. If you are looking for a smaller personal loan to cover a specific expense, you may find better terms elsewhere, and it is worth comparing before you explore.
Key Takeaways
- Chase personal loans are not available in every state, so you need to check your state first before looking at rates or terms.
- Chase auto loans are typically offered through their auto finance division and require you to finance a vehicle purchase through a Chase-approved dealer.
- Chase mortgages and home equity loans require significant equity in your home and a strong credit history, and the process process takes several weeks.
- Chase business loans include lines of credit and term loans, but you must have an existing business checking account with Chase to be considered.
- Comparing Chase loan terms to credit unions and online lenders can save you money, especially on personal loans under $10,000.
Personal loans from Chase
Chase personal loans range from $3,000 to $100,000 and are meant for expenses like debt consolidation, home improvement, or medical bills. The catch is that Chase does not offer personal loans in all states. Before you look at rates, go to Chase's website and enter your state to confirm they offer personal loans where you live.
If Chase personal loans are available in your state, you will need a credit score of roughly 670 or higher to be considered, though the exact requirement varies. The interest rate you receive depends on your credit score, income, and how much you borrow. Chase will show you an estimated rate range before you formally explore, but that is not a may provide of the final rate.
The process takes place online and usually takes a few business days. Chase will ask for your income, employment history, and existing debts. If you are approved, the money typically arrives in your bank account within one to two business days.
Auto loans through Chase
Chase auto loans are offered through Chase Auto Finance, which is a separate division from the main bank. You do not explore for a Chase auto loan directly. Instead, you finance your car purchase through a dealer that has a relationship with Chase, and Chase buys the loan from the dealer after the sale closes.
This means you need to find a vehicle and a dealer first, then ask whether they work with Chase. If they do, the dealer will handle the paperwork and send your loan to Chase. You will then make payments to Chase. The interest rate depends on the vehicle, the loan term, your credit score, and how much you put down.
Because you are financing through a dealer rather than explore directly to Chase, the process is faster than a personal loan — often completed the same day — but you have less control over which lender you end up with.
Mortgages and home equity loans
Chase is one of the largest mortgage lenders in the United States. If you are buying a home or refinancing an existing mortgage, Chase offers both fixed-rate and adjustable-rate mortgages with loan terms of 10, 15, 20, or 30 years.
To be considered for a Chase mortgage, you typically need a credit score of 620 or higher, though a score of 740 or higher will get you better rates. You will need to provide proof of income, employment history, bank statements, and a down payment (usually at least 3 percent of the home's price). The process process takes four to six weeks from start to closing.
Chase also offers home equity loans and home equity lines of credit (HELOCs) if you already own a home and have built up equity — meaning you owe less than the home is worth. These loans let you borrow against that equity at a lower interest rate than a personal loan, because the home itself is collateral. However, this also means the bank can foreclose if you stop paying.
Business loans and lines of credit
Chase offers business loans and lines of credit to small business owners, but you must already have a business checking account with Chase. The bank does not open a business account and approve a loan at the same time.
Chase business loans include term loans (a lump sum you repay over a set period) and lines of credit (money you can draw from as needed, like a business credit card). The amount you can borrow, the interest rate, and the terms depend on your business revenue, how long you have been in business, and your personal credit score.
The process requires business tax returns, bank statements, and a business plan. Approval typically takes one to two weeks. If you are just starting a business or have limited credit history, Chase may decline you or offer less favorable terms than a community bank or online lender.
When Chase loans may not be your best option
Chase is a large national bank, which means it has strict lending standards and processes that can take time. If you need money quickly, an online lender or credit union may move faster. If your credit score is below 620, Chase will likely decline you for most loan types, and you may need to look at credit unions or lenders that specialize in lower-credit borrowers.
For personal loans under $10,000, comparing Chase to online lenders like SoFi, LendingClub, or Upstart often shows lower interest rates from the online lenders, especially if your credit is good. For auto loans, shopping around at credit unions and other banks before you go to a dealer can also save you money.
If you are a Chase customer with a long history with the bank and good credit, you may get better rates than a new customer, because Chase rewards loyalty. But that discount is not may provide, and it is still worth comparing.
How to find out what Chase will offer you
The only way to know what loan Chase will offer you is to start the process process. Chase shows you an estimated rate range before you formally explore, and this "soft inquiry" does not hurt your credit score. You can check multiple loan types this way without damage.
Gather your recent pay stubs, tax returns (if self-employed), and a list of your current debts before you start. Have your Social Security number ready. The initial process takes about 15 minutes online.
If you are not sure whether a Chase loan is right for you, write down the loan amount you need, the reason, and how long you want to repay it. Then compare Chase's offer to at least one credit union and one online lender. The difference in interest rate can add up to hundreds of dollars over the life of the loan.
Frequently Asked Questions
Can I get a Chase personal loan if I have bad credit?
Chase typically requires a credit score of around 670 for personal loans. If your score is lower, Chase will likely decline you. Credit unions and online lenders that specialize in lower-credit borrowers may be a better fit, though their interest rates will be higher.
How long does it take to get money from a Chase loan?
Personal loans usually take three to five business days from approval to funding. Auto loans through a dealer can close the same day. Mortgages take four to six weeks. Business loans take one to two weeks.
Do I need to be a Chase customer to get a loan?
You do not need an existing Chase checking or savings account to get a personal loan, auto loan, or mortgage. However, you do need an existing business checking account with Chase to be considered for a business loan.
What is the difference between a home equity loan and a HELOC?
A home equity loan gives you a lump sum that you repay over a fixed period with a fixed interest rate. A HELOC works like a credit card — you draw money as you need it, pay interest only on what you use, and the rate may change. HELOCs are riskier because the rate can go up, but they are cheaper if you only need the money occasionally.
Will explore for a Chase loan hurt my credit score?
Checking your estimated rate range does not hurt your credit. Formally explore does create a hard inquiry, which lowers your score by a few points temporarily. Multiple applications within 14 days for the same type of loan (like shopping for mortgages) usually count as one inquiry.