What Chase personal loans are and who can get one
Chase offers personal loans to customers who meet their requirements — you need to be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number. The bank will check your credit history and income to decide whether to lend to you and at what interest rate. Unlike some lenders, Chase does not require you to have an existing account with them, though having one may help your process.
A Chase personal loan is money the bank lends you in a single payment, which you then repay in fixed monthly installments over a set period — typically 24 to 84 months, depending on the loan size. The interest rate you receive depends on your credit score, income, and debt history. Chase advertises rates starting around 8.49%, but the actual rate you may have access to for will be individual to you.
Key Takeaways
- You can start a Chase personal loan process online, by phone at 1-800-935-9935, or in person at a Chase branch.
- Chase will pull your credit report as part of the decision process, which may temporarily lower your credit score by a few points.
- The bank typically makes a decision within one business day, and if approved, funds arrive within 3 to 5 business days.
- You will need to provide proof of income (recent pay stubs or tax returns), a government-issued ID, and your Social Security number.
- The interest rate and monthly payment you receive depend on your credit score and income — there is no single rate for everyone.
How to start your process
You have three ways to explore for a Chase personal loan: online at chase.com, by calling 1-800-935-9935, or by visiting a Chase branch in person. The online route is fastest if you are comfortable entering your information into a form. The phone option lets you ask questions as you go. In-person applications at a branch let you speak directly with a loan officer and bring documents with you.
To begin, Chase will ask for basic information: your name, address, date of birth, Social Security number, employment details, and annual income. You will also tell them how much you want to borrow and what you plan to use the money for. At this stage, Chase performs what is called a "soft inquiry" into your credit — this checks your credit history but does not lower your credit score.
If you proceed past this initial step, Chase will perform a "hard inquiry," which does appear on your credit report and may lower your score by a few points temporarily. This happens only if you move forward with a formal process, not during the initial information-gathering stage.
Documents you will need to provide
Chase requires proof that you earn the income you stated on your process. Bring recent pay stubs (usually from the last 30 days), or if you are self-employed or do not receive regular paychecks, bring your most recent tax return. The bank wants to see that your income is stable enough to repay the loan.
You will also need a government-issued photo ID — a driver's license, passport, or state ID card. Chase uses this to verify your identity. Finally, you must provide your Social Security number, which the bank uses to pull your credit report and confirm your identity with the Social Security Administration.
If you are explore online, you can upload these documents directly through the Chase website. If you are explore by phone or in person, the loan officer will tell you how to submit them — usually by uploading them to your online account, emailing them, or bringing them to a branch.
What Chase looks at when deciding
Chase uses several pieces of information to decide whether to lend to you and what interest rate to offer. Your credit score is the most important factor — this is a three-digit number (typically between 300 and 850) that reflects your history of borrowing and repaying money. The higher your score, the lower the interest rate you will receive. Chase typically lends to people with credit scores of 670 or higher, though some applicants with lower scores may be approved.
Your debt-to-income ratio matters as well. This is the percentage of your monthly income that goes toward debt payments — credit cards, car loans, student loans, and other obligations. If you already owe a large portion of your income each month, Chase may deny your process or offer you a smaller loan amount. The bank wants to see that you have enough income left over to make the monthly personal loan payment.
Chase also looks at your employment history and whether your income is stable. A job you have held for several years looks better than one you started last month. If you are self-employed, the bank will examine your tax returns to see whether your income is consistent year to year.
How long approval takes and when you get the money
Chase typically makes a decision on your process within one business day. Some applications are approved or denied when ready after you submit them online; others take a few hours or until the next business day. The bank will contact you by phone, email, or through your online account to tell you the decision.
If you are approved, the funds are usually deposited into your bank account within 3 to 5 business days. If you have a Chase checking account, the money may arrive faster. The loan agreement will specify the exact timeline and which account the funds will go to.
If you are denied, Chase will send you a letter explaining why — for example, if your credit score is too low, your income is too unstable, or your debt-to-income ratio is too high. You can reapply after addressing the issue, though waiting several months and improving your credit score will give you a better chance of approval on a second attempt.
Understanding your monthly payment and interest rate
Once approved, Chase will tell you the interest rate you may have access to for and show you what your monthly payment will be. The interest rate is expressed as an annual percentage rate, or APR. This is the yearly cost of borrowing, shown as a percentage of the loan amount. If you borrow $10,000 at 10% APR, you will pay $1,000 in interest over the course of a year (though the actual amount varies depending on how quickly you repay).
Your monthly payment stays the same for the entire loan period — this is called a fixed payment. If you borrow $10,000 over 60 months at 10% APR, your payment might be around $212 per month. You can use Chase's loan calculator on their website to see what different loan amounts, terms, and interest rates would cost you before you explore.
The interest rate you receive depends on your credit score and other factors — there is no single rate that everyone gets. Two people explore on the same day may receive different rates. If you have a strong credit score and stable income, you will likely receive a lower rate than someone with a weaker credit history.
What happens if you are denied
If Chase denies your process, the most common reasons are a low credit score, high existing debt, or unstable income. You have the right to know why you were denied — Chase will send you a letter with the reason. You can also call 1-800-935-9935 and ask for details.
If your credit score is the issue, you can work on improving it before reapplying. Pay down existing credit card balances, make all payments on time for several months, and check your credit report for errors (you can get a free report at annualcreditreport.com). After 6 to 12 months of responsible credit use, your score will likely improve enough to may have access to.
If your debt-to-income ratio is too high, paying down existing loans or credit cards before reapplying will help. If your income is too low or unstable, waiting until your situation improves — a raise, a new job with a longer tenure, or additional income — will strengthen your next process.
Frequently Asked Questions
Do I need to be a Chase customer to get a personal loan?
No. Chase lends to people who do not have an existing account with the bank. However, having a Chase checking or savings account may help your process slightly, and funds will arrive faster if you have a Chase account to deposit them into.
What is the difference between a soft and hard credit inquiry?
A soft inquiry checks your credit but does not appear on your credit report and does not lower your score. Chase does this during the initial information stage. A hard inquiry appears on your report and may lower your score by a few points temporarily. Chase performs this only if you move forward with a formal process.
Can I get a personal loan from Chase if I have bad credit?
Chase typically lends to people with credit scores of 670 or higher, though some applicants with lower scores may be approved depending on their income and debt. If your score is below 670, you may be denied, but you can reapply after improving your credit.
What can I use a Chase personal loan for?
Chase personal loans can be used for almost anything — debt consolidation, home repairs, medical expenses, or a vacation. The bank does not restrict how you use the money once it is in your account. Some lenders prohibit certain uses, but Chase does not.
What happens if I miss a payment?
Missing a payment will result in a late fee and may damage your credit score. If you miss a payment by 30 days or more, Chase will report it to the credit bureaus. If you are struggling to make a payment, contact Chase when ready — they may be able to work out a temporary arrangement or modify your loan terms.