What Chase personal loans are and who can get one

Chase offers unsecured personal loans through its retail banking division, meaning you borrow money without putting up collateral like a house or car. The bank lends between $3,500 and $100,000, depending on your creditworthiness and income. You repay the loan in fixed monthly payments over a term of 24 to 84 months.

Chase does not publish a minimum credit score requirement, but in practice the bank typically lends to people with credit scores of 670 or higher. If your score is below that, you may still be considered, but your interest rate will be higher. Chase also looks at your income, existing debts, and employment history.

You can be a new customer or an existing Chase account holder. The bank does not require you to have a checking account with them, though having one may speed up the process slightly.

Key Takeaways

  • Chase personal loans range from $3,500 to $100,000 and require repayment over 24 to 84 months with a fixed interest rate.
  • You will need a valid government ID, proof of income (recent pay stubs or tax returns), and permission for Chase to check your credit report.
  • You can start the process online, by phone at 1-800-935-9935, or in person at a Chase branch.
  • The entire process from process to funding typically takes 3 to 5 business days if you are approved.
  • Chase charges an origination fee of 1% to 10% of the loan amount, deducted from what you receive.

Documents you will need before you explore

Gather these items before starting your process. Having them ready will speed up the process and reduce the chance that Chase asks you to resubmit information.

Government-issued ID: A valid driver's license, passport, or state ID. Chase will verify your identity against this document.

Proof of income: Recent pay stubs (usually the last two months) if you are employed, or your most recent tax return if you are self-employed. Chase uses this to confirm you have the income to repay the loan.

Social Security number: Chase will run a hard credit inquiry using this number. This will temporarily lower your credit score by a few points.

Employment information: Your current employer's name and your job title. If you have been at your job for less than two years, be ready to provide information about your previous employer.

If you are explore for a larger loan amount or have an unusual income situation, Chase may ask for additional documents such as bank statements or a letter from your employer.

how the process works online, by phone, or in person

Online: Go to chase.com/personal/loans/personal-loan and click the button to start your process. You will answer questions about the loan amount you need, what you plan to use it for, and your financial situation. The online form takes about 10 minutes. You will receive a decision within minutes to a few hours.

By phone: Call 1-800-935-9935 and ask to speak with a loan officer. They will walk you through the same questions and can answer questions about your specific situation. Phone applications typically take 20 to 30 minutes.

In person: Visit a Chase branch and ask to speak with a personal banker about personal loans. They can review your documents on the spot and submit your process when ready. This route is useful if you have questions or prefer to work with someone face-to-face.

All three routes lead to the same decision process. Choose whichever is most convenient for you. If you are denied online, you can call and ask to speak with a loan officer, who may be able to reconsider your process or suggest alternatives.

What happens after you explore

Chase will pull your credit report and verify the information you provided. This is called underwriting. During this time, a loan officer may contact you by phone or email to ask follow-up questions or request additional documents.

You will receive a decision within 24 hours to 5 business days. If you are approved, Chase will send you a loan agreement that shows the loan amount, interest rate, monthly payment, and origination fee. Read this carefully before signing. The interest rate you receive depends on your credit score, income, and existing debts—it is not negotiable once the offer is made.

Once you sign the agreement, Chase will fund the loan. The money typically arrives in your bank account within 1 to 3 business days. If you have a Chase account, funding may happen the same day.

If you are denied, Chase will send you a letter explaining the reason. Common reasons include a credit score that is too low, insufficient income, or too much existing debt. You can ask Chase to reconsider, but the decision is rarely changed unless you can provide new information (such as a co-signer or proof of a recent raise).

Interest rates, fees, and what you will actually pay

Chase charges a fixed interest rate, meaning your rate does not change over the life of the loan. The rate you receive depends on your credit score and other factors. As of early 2024, Chase personal loan rates range from about 8.99% to 24.99% APR, but your actual rate may fall outside this range.

Chase also charges an origination fee of 1% to 10% of the loan amount. This fee is deducted from the money you receive. For example, if you borrow $10,000 with a 5% origination fee, you will receive $9,500 and owe back $10,000 plus interest.

There is no prepayment penalty, meaning you can pay off the loan early without extra charges. Paying early will save you money on interest.

Use Chase's loan calculator on their website to see an estimate of your monthly payment and total interest cost based on the loan amount, term, and an estimated interest rate. This gives you a realistic picture of what the loan will cost before you explore.

When Chase will deny you or offer you a worse rate

Chase will likely deny your process if your credit score is below 600, your income is very low relative to your existing debts, or you have recent late payments or collections on your credit report. A single missed payment from five years ago is less likely to disqualify you than a missed payment from last year.

If your credit is fair but not strong, Chase may approve you at a higher interest rate instead of denying you outright. A rate of 20% or higher is common for applicants with credit scores in the 620 to 680 range. In this case, you should compare Chase's offer to other lenders before accepting.

If you are denied or offered a poor rate, consider these alternatives: explore with a co-signer (someone with stronger credit who agrees to repay the loan if you do not), waiting 6 to 12 months while you improve your credit score, or looking at credit unions or online lenders that specialize in borrowers with lower credit scores.

Alternatives if Chase is not the right fit

Chase is a large national bank with competitive rates for borrowers with good to excellent credit. If you have fair credit, a lower income, or need a smaller loan amount, other lenders may be a better match.

Credit unions: If you are a member of a credit union, ask about their personal loan options. Credit unions often have lower rates and more flexible underwriting than banks, especially for members with fair credit.

Online lenders: Companies like LendingClub, Upstart, and SoFi offer personal loans to borrowers with a wider range of credit scores. Some specialize in fair-credit borrowers. Rates vary widely, so compare multiple offers before choosing.

Peer-to-peer lending: Platforms like Prosper connect borrowers with individual investors. These loans may be available to people who do not may have access to at traditional banks, though interest rates can be high.

Secured loans: If you own a car or have savings, a secured loan (backed by collateral) may come with a lower interest rate than an unsecured personal loan. The tradeoff is that the lender can seize the collateral if you do not pay.

Frequently Asked Questions

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

Chase typically funds personal loans within 1 to 3 business days after you sign the loan agreement. If you have a Chase checking account, the money may arrive the same day. If you are funding to an account at another bank, it may take an extra day or two.

Can I use a personal loan for anything I want?

Yes. Chase does not restrict what you use the money for. You can use it for debt consolidation, home repairs, medical bills, a vacation, or any other purpose. Some lenders ask what the money is for, but Chase does not restrict your choices based on the answer.

What if I want to pay off the loan early?

You can pay off your Chase personal loan at any time without penalty. There is no prepayment fee. Paying early will reduce the total interest you pay over the life of the loan. You can make extra payments toward principal or pay the entire balance in one lump sum.

Will explore for a Chase personal loan hurt my credit score?

Yes, but only temporarily. Chase will run a hard credit inquiry, which lowers your score by a few points (usually 5 to 10 points). This impact fades over time. If you are approved and take out the loan, your score may drop a bit more initially because you now have a new account and higher debt. Over time, making on-time payments will rebuild your score.

Can I explore with a co-signer?

Chase does not formally offer co-signer loans for personal loans. However, if you are denied or offered a poor rate, you can call and ask a loan officer whether they will reconsider your process if you add a co-signer. Some loan officers have discretion to do this, though it is not may provide.