The main ways Chase lends money to customers

Chase offers several ways to borrow money, and which one makes sense depends on what you need the money for and how much you want to borrow. The most common routes are a personal loan (a fixed amount you repay over a set time), a credit card (borrow as you spend, pay back monthly), a home equity line of credit if you own a home, or a mortgage if you're buying property. Each has different terms, interest rates, and requirements.

Before you approach Chase, understand that the bank will check your credit history and income. They do this to decide whether to lend to you and what interest rate to charge. If you're new to borrowing or rebuilding credit, you may not may have access to for the best rates — or may not may have access to at all — until you've built a track record of repaying money on time.

Key Takeaways

  • Chase personal loans range from a few thousand dollars to $40,000, with repayment periods of 24 to 84 months, and require a credit check and proof of income.
  • Credit cards let you borrow as you spend up to your credit limit, but carry higher interest rates than personal loans if you carry a balance month to month.
  • Home equity lines of credit use your home as collateral and typically have lower interest rates, but put your home at risk if you don't repay.
  • You can start the borrowing process online, by phone, or in a Chase branch, but approval takes several days to a week after you submit your information.
  • Chase will pull your credit report and verify your income before making a lending decision, so having recent pay stubs or tax returns ready speeds up the process.

Personal loans: fixed amount, fixed timeline

A Chase personal loan is money the bank gives you upfront in one lump sum. You then repay it in equal monthly payments over a period you choose — typically 24 months (2 years) up to 84 months (7 years). The longer you take to repay, the lower your monthly payment, but the more interest you'll pay overall.

Chase personal loans range from roughly $3,000 to $40,000, though the exact amount depends on your credit score and income. The interest rate you receive also depends on your credit history — people with higher credit scores get lower rates. You can use the money for almost anything: medical bills, home repairs, debt consolidation, or a car purchase.

To start, you can visit Chase.com, call 1-800-935-9935, or go to a branch in person. You'll need to provide your Social Security number, recent pay stubs or tax returns to prove income, and information about any debts you currently owe. Chase will pull your credit report (this is called a "hard inquiry" and temporarily lowers your credit score slightly). Approval usually takes 3 to 7 business days.

Credit cards: borrow as you spend

A Chase credit card is a revolving line of credit — you can borrow up to a limit the bank sets, pay it back, and borrow again. You only pay interest on the balance you carry from month to month. If you pay your full statement balance by the due date each month, you pay no interest at all.

Chase offers many credit card products, from basic cards for people building credit to premium cards with rewards programs. The interest rate (called the APR, or annual percentage rate) is usually higher on credit cards than on personal loans — often 15% to 25% depending on your creditworthiness. This is why credit cards work best for short-term borrowing or for people who plan to pay off the balance quickly.

You can request a credit card online at Chase.com, by phone, or in a branch. The approval process is usually faster than a personal loan — sometimes when ready, sometimes within a few days. Once approved, the card arrives by mail within 7 to 10 business days.

Home equity lines of credit: using your home as collateral

If you own a home and have built up equity (the difference between what your home is worth and what you owe on your mortgage), Chase offers a home equity line of credit, or HELOC. This lets you borrow against that equity at a lower interest rate than a personal loan or credit card.

A HELOC works like a credit card — you have a credit limit, you borrow what you need, and you pay interest only on what you've borrowed. The interest rate is usually variable, meaning it changes over time based on market conditions. The advantage is lower rates; the risk is that if you don't repay, Chase can foreclose on your home.

The process process is more involved than a personal loan because Chase needs to verify your home's value and your equity in it. You'll need a recent mortgage statement, proof of homeowners insurance, and possibly a home appraisal. The process typically takes 2 to 4 weeks.

Mortgages: borrowing to buy a home

If you're buying a home or refinancing an existing mortgage, Chase offers mortgage loans. These are large loans (typically $50,000 or more) secured by the home itself. The interest rates are usually the lowest of any borrowing product because the bank's risk is lower — they can take the home if you don't repay.

Mortgages require extensive documentation: proof of income (usually 2 years of tax returns and recent pay stubs), bank statements showing you have savings for a down payment, employment history, and a credit check. Chase will also order a professional appraisal of the home. The entire process from process to closing typically takes 30 to 45 days.

You can start a mortgage process online at Chase.com, by calling 1-800-848-9136, or by visiting a branch. Chase has mortgage specialists who can walk you through the process and explain the different loan types available.

What Chase checks before lending to you

Chase uses three main pieces of information to decide whether to lend and at what rate. First is your credit score — a three-digit number (typically 300 to 850) that reflects your history of borrowing and repaying money. The higher your score, the lower your interest rate. Second is your income — Chase wants to see that you earn enough to repay what you borrow. Third is your debt-to-income ratio — the percentage of your monthly income that goes to existing debts. If you're already paying out most of your income to other lenders, Chase may decline or offer less favorable terms.

Chase will also look at your employment history and the stability of your income. If you've recently changed jobs or are self-employed, you may need to provide additional documentation. If you have a Chase checking or savings account, the bank already has some of this information, which can speed up the process.

How to start borrowing from Chase

You have three ways to begin: online, by phone, or in person at a branch. Online is usually fastest — you can fill out an process at Chase.com and get a decision within hours or days. By phone, you can call the number for the product you want (personal loan, credit card, mortgage, or HELOC) and speak to someone who can answer questions and submit your process. In person, a banker can review your situation and help you choose the right product.

Whichever route you choose, have these documents ready: a government-issued ID, your Social Security number, recent pay stubs or tax returns, and information about any debts you currently owe (credit cards, student loans, car loans, mortgages). If you're explore for a home equity product or mortgage, also have your mortgage statement and proof of homeowners insurance.

After you submit your process, Chase will pull your credit report and verify your income. This usually takes 3 to 7 business days for a personal loan or credit card, and 2 to 4 weeks for a home equity product or mortgage. The bank will contact you if they need additional information.

Frequently Asked Questions

What credit score do I need to borrow from Chase?

Chase doesn't publish a minimum credit score, but generally you need a score of at least 620 to 650 for a personal loan or credit card. For mortgages and home equity products, the requirement is often higher — 680 or above. If your score is lower, you may still be able to borrow, but at a higher interest rate or with a smaller loan amount.

How long does it take to get the money after I'm approved?

For a personal loan, Chase typically deposits the money into your account within 1 to 3 business days after final approval. For a credit card, the card arrives by mail in 7 to 10 business days, but you can often use it online before the physical card arrives. For mortgages and home equity products, funding happens at closing, which is typically 30 to 45 days after approval.

Can I borrow if I don't have a Chase account?

Yes. You don't need an existing Chase checking or savings account to borrow. However, having an account can speed up the process because Chase already has some of your information on file. If you're approved for a personal loan, Chase will deposit the money into whatever bank account you specify — it doesn't have to be a Chase account.

What happens if I can't repay the loan?

If you miss payments, Chase will charge late fees and your credit score will drop, making it harder to borrow in the future. For secured loans like mortgages or home equity lines, Chase can foreclose on your home. For unsecured loans like personal loans, Chase can sue you or send your debt to a collection agency. If you're struggling, contact Chase as soon as possible — they sometimes offer hardship programs or payment deferrals.

Can I pay off my loan early without a penalty?

Chase personal loans have no prepayment penalty, meaning you can pay off the full balance early without extra fees. This can save you money on interest. Credit cards also have no prepayment penalty. Check the terms of your specific loan or card to confirm, as some products may have different rules.