Chase offers personal loans through its Chase Bank division, but availability depends on where you bank and your credit history
Chase Bank does offer personal loans, though not all Chase customers can get one. The bank markets these loans under the name Chase Personal Loan, and they're available to existing Chase customers and some new applicants. The loans are unsecured, meaning you don't pledge collateral like a car or house. Interest rates and loan amounts vary based on your credit score, income, and banking history with Chase.
The catch: Chase doesn't advertise personal loans heavily online, and you won't find a straightforward process link on their main website the way you would for a credit card. Instead, Chase typically offers personal loans to customers who already have a checking or savings account with them, or through pre-screened offers that arrive in the mail or appear when you log into your Chase account. If you don't see a personal loan offer in your account, you can call Chase directly or visit a branch to ask whether you may have access to.
Key Takeaways
- Chase personal loans are unsecured and available primarily to existing Chase Bank customers, though some new customers may may have access to.
- Loan amounts typically range from $500 to $35,000, with terms between 24 and 84 months, though these details vary by applicant.
- Interest rates depend on your credit score and credit history; Chase does not publish a single rate, so you'll need to check your own offer or ask directly.
- Chase may require you to maintain a checking account with them while the loan is active, so confirm this requirement before you commit.
- The process process is faster if you're already a Chase customer, since the bank already has your financial information on file.
Loan amounts, terms, and what Chase requires
Chase personal loans range from $500 to $35,000, though the actual amount you can borrow depends on your credit score, income, and existing relationship with Chase. Repayment terms run from 24 months (2 years) to 84 months (7 years). Longer terms mean lower monthly payments but more interest paid overall; shorter terms cost less in total interest but require higher monthly payments.
Chase typically requires you to have a checking account with them while the loan is active. Some customers report that closing their Chase checking account triggers early repayment of the loan, so this is worth confirming before you open an account just to get a loan. You'll also need a valid Social Security number, proof of income (usually a recent pay stub or tax return), and a current address.
The bank does a hard credit inquiry, which temporarily lowers your credit score by a few points. If you're turned down, you can ask Chase why and wait a few months before trying again, but multiple hard inquiries in a short time can hurt your score further.
Interest rates and how Chase calculates them
Chase does not publish a single interest rate for personal loans. Instead, rates vary widely based on your credit score, income, debt-to-income ratio, and how long you've been a Chase customer. Someone with excellent credit might receive a rate in the 7–10% range, while someone with fair credit might see 15–20% or higher. The only way to know your rate is to check an offer in your Chase account, call the bank, or visit a branch.
When you receive an offer, Chase will show you the Annual Percentage Rate (APR), which includes the interest rate plus any fees. There are no origination fees, prepayment penalties, or late fees listed on Chase's website, but confirm these details when you receive your specific offer, as terms can change.
How to learn about Chase will offer you a loan
If you're a Chase customer, log into your online account and look for a personal loan offer in the "Products" or "Offers" section. Chase sometimes displays these offers prominently, and sometimes they're straightforward to miss. If you don't see one, it may mean you don't currently may have access to, or the offer hasn't been generated yet.
You can also call Chase at the number on the back of your debit card or visit a local branch and ask a banker whether you're pre-screened for a personal loan. Be prepared to discuss your income and current debts. If you're not a Chase customer, you can call 1-800-935-9935 (the general Chase customer service line) and ask about personal loan options, though your chances of approval are lower than if you already bank there.
Chase also sends personal loan offers by mail to some customers. These offers include a specific rate and amount you've been pre-approved for, which means you can accept without another hard credit inquiry. If you receive one of these, the terms shown are may provide if you act within the timeframe listed on the letter.
Comparing Chase personal loans to other options
Chase personal loans are one option, but not the only one. Credit unions often offer lower rates to members, especially if you've been with them for a while. Online lenders like LendingClub, Upstart, and SoFi may approve you faster and with more flexible credit requirements, though their rates can be higher or lower depending on your profile. Banks like Wells Fargo, Bank of America, and Citi also offer personal loans with similar terms to Chase.
If you have good credit (670 or above), a personal loan from any of these sources might work. If your credit is lower, a credit union or online lender may be more willing to work with you. If you need the money urgently, online lenders typically fund within 1–3 business days, while Chase may take 5–7 business days after approval.
Before you commit to any loan, compare the total cost: multiply your monthly payment by the number of months, then subtract the loan amount. That difference is what you'll pay in interest and fees. A lower rate saves you real money over time.
What happens after you receive a Chase personal loan
Once approved, Chase deposits the loan funds into your Chase checking account, usually within 5–7 business days. You can then transfer the money wherever you need it. Your monthly payment is automatically deducted from your account on the due date unless you change the payment method.
You can pay off the loan early without penalty. If you receive a bonus or tax refund and want to pay down the balance faster, you can do so. Some customers use personal loans to consolidate credit card debt, which can lower their overall interest rate if their credit card APR is higher than the personal loan rate.
If you miss a payment, Chase will charge a late fee (the amount varies) and may report the missed payment to the credit bureaus after 30 days. This will hurt your credit score. If you're struggling with payments, contact Chase as soon as possible to discuss options; some lenders will work with you on a temporary payment reduction or deferment.
Frequently Asked Questions
Can I get a Chase personal loan if I don't have a Chase checking account?
It's possible but less likely. Chase prioritizes existing customers. If you don't have an account with them, you can call and ask, but you may be directed to open a checking account first. Some online lenders have fewer restrictions and may be faster if you're not already a Chase customer.
What's the difference between a Chase personal loan and a Chase credit card?
A personal loan is a lump sum you borrow once and repay in fixed monthly installments over a set period. A credit card is a revolving line of credit you can use repeatedly up to your limit. Personal loans typically have lower interest rates than credit cards, making them better for consolidating debt or making a large purchase.
Will a personal loan hurt my credit score?
The hard inquiry will lower your score by a few points temporarily. Once you open the loan, your score may dip slightly because you now have more total debt. But making on-time payments will rebuild your score over time. If you use the loan to pay off credit cards, your overall credit utilization drops, which can actually help your score in the long run.
How long does it take to get approved for a Chase personal loan?
If you're an existing Chase customer with a pre-screened offer, approval can happen when ready or within a few hours. If you're explore without a pre-screened offer, it may take 1–3 business days. Funding typically happens 5–7 business days after approval.
Can I use a Chase personal loan for any purpose?
Yes. Chase personal loans are unsecured and have no stated use restriction. You can use the money for debt consolidation, home repairs, medical bills, a vacation, or anything else. Some lenders restrict personal loans to certain purposes, but Chase does not.