Chase offers several types of loans, and the one you can get depends on what you need the money for and what you own
Chase makes personal loans, auto loans, home loans, and lines of credit. A personal loan is money you borrow and pay back over a set time with interest — you don't have to say what you'll use it for. An auto loan is specifically for buying a car. A home loan (or mortgage) is for buying or refinancing a house. A line of credit is like a credit card: you borrow what you need, up to a limit, and pay interest only on what you use.
Which one you can get depends on three things: whether you're a Chase customer already, what your credit looks like, and whether you have something to put up as security (called collateral). A car or house serves as collateral for auto and home loans. Personal loans usually don't require collateral, but you'll need stronger credit to get one.
The basic process is the same for all of them: you tell Chase what you want to borrow, they check your credit and income, they decide whether to lend to you and at what interest rate, and if you say yes, the money goes into your account or toward what you're buying.
Key Takeaways
- Chase personal loans don't require you to own a house or car, but they do require a credit score and proof of income.
- Auto loans and home loans use the car or house as collateral, which usually means you can borrow more and pay a lower interest rate.
- You can start the process online, by phone, or in a Chase branch, and you'll need documents like a recent pay stub and bank statements.
- Chase will pull your credit report as part of the decision, which creates a small temporary dip in your credit score.
- The whole process from process to money in your account usually takes one to three weeks for personal loans, longer for home loans.
What documents you'll need before you start
Chase will ask for proof of who you are, proof of income, and a look at your finances. Bring a government-issued ID (driver's license, passport, or state ID card). For income, bring recent pay stubs — usually the last two months — or if you're self-employed, tax returns from the last two years. For your finances, bring recent bank statements, usually the last two months.
If you're explore for an auto loan, you'll also need the vehicle identification number (VIN) from the car you want to buy, or proof that you own the car if you're refinancing an existing loan. For a home loan, the process is much longer and requires an appraisal, title search, and homeowners insurance quote, but Chase will walk you through those steps.
Have these documents ready before you explore, either in paper form or digital copies on your phone. If you're missing something, Chase will tell you what else they need, and you can send it later — but having it ready speeds things up.
How your credit score affects what you can borrow
Chase looks at your credit score, which is a number between 300 and 850 that summarizes how reliably you've paid debts in the past. The higher your score, the more likely Chase is to lend to you, and the lower your interest rate will be. A score of 670 or higher is generally considered good enough for most Chase loans, though personal loans may require a higher score than auto loans.
You can check your own credit score for free through websites like AnnualCreditReport.com (which shows you your actual credit report) or through free tools that many banks and credit card companies offer. Knowing your score before you explore helps you understand what interest rate to expect and whether you might want to wait and build your score first.
When Chase checks your credit, they pull what's called a hard inquiry, which causes a small temporary drop in your score — usually 5 to 10 points. This drop fades over a few months. If you explore to multiple lenders within a short window (like two weeks), the inquiries usually count as one, so don't be afraid to shop around.
Where to start: online, by phone, or in person
You can begin a loan with Chase in three ways. Online is fastest: go to chase.com, find the loan type you want, and fill out the form. You'll get a decision within minutes to a few hours, though you may need to provide more documents later. By phone, call the Chase loan department — the number is on the back of your Chase debit or credit card, or on their website — and a representative will walk you through the questions. In person, visit a Chase branch and ask to speak with a loan officer.
If you're already a Chase customer with a checking or savings account, the process is usually faster because Chase already knows some of your financial information. If you're not a customer, you can still explore, but you may need to provide more documents upfront.
Start with whichever method feels most comfortable. Many people begin online to see what they might may have access to for, then call or visit a branch if they have questions or want to move forward.
What happens after you explore
After you submit your process, Chase reviews it — this takes anywhere from a few minutes online to a day or two if you applied by phone or in person. They'll check your credit, verify your income with your employer or by looking at your tax returns, and look at your bank statements to see how you manage money.
Chase will then make one of three decisions: approve you, deny you, or ask for more information. If they ask for more information, send it as soon as you can — this is usually the step that slows things down. If they approve you, they'll tell you the loan amount, the interest rate, and the monthly payment. You'll have a chance to review the terms before you accept.
Once you accept, the money moves quickly. For a personal loan, it usually hits your bank account within one to three business days. For an auto loan, Chase may pay the dealership or the previous lender directly. For a home loan, the process takes longer — typically 30 to 45 days — because of inspections and title work.
Interest rates and what you'll actually pay
Your interest rate is the percentage of the loan amount that Chase charges you for lending the money. A lower rate means you pay less overall. Chase sets your rate based on your credit score, income, the type of loan, and how much you're borrowing. You can't negotiate the rate, but you can shop around — other banks may offer different rates for the same loan.
The annual percentage rate (APR) is the interest rate plus any fees, shown as a yearly percentage. This is the number to compare across lenders. For example, a personal loan might have an APR of 8% to 24% depending on your credit; an auto loan might be 3% to 10%; a home loan might be 6% to 8%. These ranges change based on the overall economy and interest rates set by the Federal Reserve.
Before you accept a loan, Chase will show you the total amount you'll pay back, including interest. Take time to understand this number. A lower monthly payment might mean paying more total interest because you're borrowing for longer. Use Chase's loan calculator on their website to see how different loan amounts and timeframes affect your monthly payment.
If Chase says no, or if you want to improve your chances
If Chase denies your process, ask why. Common reasons are a credit score that's too low, income that's too low relative to the loan amount, or a history of missed payments. You can ask Chase to reconsider, but usually the answer won't change unless your situation has changed.
If you want to improve your chances for a future loan, focus on your credit score. Pay all your bills on time for the next few months — this is the single biggest factor in your score. Pay down credit card balances if you have them. Don't open new credit accounts right before explore for a loan. These steps take time, but they work.
You can also explore with a co-signer — someone with better credit who agrees to pay the loan if you don't. This increases your chances of approval and may lower your interest rate. The co-signer is legally responsible for the debt, so choose someone you trust and who trusts you.
Frequently Asked Questions
Do I have to be a Chase customer to get a loan?
No, but it's faster if you are. Chase already has your banking information on file, so they can verify your income and see how you manage money. If you're not a customer, you can still explore — you'll just need to provide more documents upfront, like recent bank statements from your current bank.
How long does it take to get the money?
For a personal loan, usually one to three business days after you accept the offer. For an auto loan, it depends on whether you're buying from a dealer or refinancing an existing loan — typically three to five business days. For a home loan, expect 30 to 45 days because of appraisals and title work.
What if I have bad credit or no credit history?
Chase personal loans typically require a credit score of at least 670, though some lenders are more flexible. If your score is lower, you might have better luck with an auto loan (which uses the car as collateral) or by explore with a co-signer. You can also work on building credit first — paying bills on time and keeping credit card balances low — then explore in a few months.
Can I pay off the loan early without a penalty?
Yes. Chase personal loans have no prepayment penalty, meaning you can pay off the full balance whenever you want without extra fees. Paying early saves you interest. Auto loans and home loans also typically have no prepayment penalty, but check your specific loan agreement to be sure.
What's the difference between a personal loan and a line of credit?
A personal loan gives you a lump sum upfront that you pay back over a fixed time. A line of credit is like a credit card — you borrow what you need, up to a limit, and only pay interest on what you use. Lines of credit are useful if you're not sure exactly how much you'll need, or if you want to borrow over time rather than all at once.