Chase offers personal loans, but you must apply directly through their website or a branch
Chase Bank does offer personal loans to customers who meet their requirements. You cannot get one through a third-party lender or broker claiming to represent Chase — you apply directly to Chase itself, either online at chase.com, by phone at 1-800-935-9935, or in person at a Chase branch. The process is straightforward, but approval depends on your credit score, income, and existing relationship with Chase.
Chase personal loans are unsecured, meaning you do not pledge collateral like a car or house. The money goes into your Chase checking account once approved, and you repay it in fixed monthly installments over a set term. Loan amounts range from $500 to $35,000, though the actual amount you can borrow depends on your creditworthiness and income.
Key Takeaways
- Chase personal loans range from $500 to $35,000 and require you to apply directly through Chase's website, phone line, or a branch.
- Your credit score, income, and existing Chase account history all affect whether you are approved and what interest rate you receive.
- The application process takes minutes online, but approval decisions can take several business days.
- Chase may offer existing customers better rates than new applicants, and having a Chase checking or savings account can improve your chances.
What Chase looks at when you apply
Chase reviews your credit score first. Most personal loan approvals require a credit score of at least 670, though some applicants with scores in the 600s have been approved. The higher your score, the lower your interest rate will typically be. Chase pulls your credit report during the application, which results in a hard inquiry that temporarily lowers your score by a few points.
Beyond credit, Chase examines your income and debt-to-income ratio — how much you owe monthly compared to what you earn. You will need to provide recent pay stubs or tax returns to verify income. If you are self-employed, Chase may ask for two years of tax returns. Chase also considers whether you already have accounts with them; existing customers with good account history often receive better terms than new applicants.
How to apply online or by phone
The online application at chase.com takes about 10 minutes. You enter your personal information, employment details, and desired loan amount. Chase will ask why you need the money, though the answer does not affect approval — personal loans can be used for almost any purpose except paying off other Chase debts or making an investment. You will also authorize a hard credit pull at this stage.
If you prefer to apply by phone, call 1-800-935-9935 and a representative will walk you through the same questions. Some people find this helpful if they have questions about their specific situation. You can also visit a Chase branch in person, though branch staff will typically direct you to apply online for faster processing.
What happens after you submit your application
Chase usually makes a decision within one to three business days. You will receive notification by email or phone, depending on your preference during the application. If approved, you will receive loan documents to review and sign electronically. Read the promissory note carefully — it shows your interest rate, monthly payment amount, and loan term (typically 24 to 84 months).
Once you sign, Chase deposits the funds into your checking account within one to two business days. You can then use the money for whatever purpose you stated in the application. Your first payment is typically due 30 days after the funds are deposited, though Chase will specify the exact date in your loan agreement.
Interest rates and fees you should know about
Chase personal loan interest rates vary based on credit score, loan amount, and term length. Rates currently range from around 7% to 24% APR, but your actual rate depends on your creditworthiness. Existing Chase customers with excellent credit may receive rates at the lower end; new applicants or those with fair credit will see higher rates.
Chase charges an origination fee of 1% to 6% of the loan amount, deducted from your funds before deposit. For example, a $10,000 loan with a 3% origination fee means you receive $9,700 and owe back $10,000. There is no prepayment penalty, so you can pay off the loan early without extra charges. Chase does not charge late fees in the traditional sense, but missed payments will damage your credit and may trigger collection action.
When Chase might deny your application
Chase will deny your application if your credit score is too low (usually below 600), if your debt-to-income ratio is too high, or if you have recent negative marks like charge-offs or collections. A recent bankruptcy does not automatically disqualify you, but Chase typically wants to see at least one to two years of recovery first.
If you are denied, ask Chase for the specific reason. Sometimes it is a fixable issue — for example, if your debt-to-income ratio is the problem, paying down existing balances and reapplying in a few months may work. If your credit score is the issue, you can check your credit report for errors at annualcreditreport.com and dispute inaccuracies before reapplying.
Alternatives if Chase denies you
If Chase turns you down, other banks and credit unions offer personal loans with different approval standards. Credit unions often have more flexible lending criteria and lower rates for members. Online lenders like LendingClub, Upstart, and SoFi approve applicants with lower credit scores, though rates may be higher. A co-signer with good credit can also improve your chances at Chase or elsewhere.
Before taking out a personal loan anywhere, consider whether you actually need one. Personal loans carry interest costs that add up over time. If you are borrowing to pay off credit card debt, a balance transfer card with a 0% introductory period might save you money. If you need cash for an emergency, a payment plan with the creditor or a hardship program may be available first.
Frequently Asked Questions
Do I need to be a Chase customer to get a personal loan?
No, but existing Chase customers typically receive better interest rates and approval odds. If you do not have a Chase account, opening a checking account before applying may improve your chances, though it is not required.
How long does it take to get the money after approval?
Chase deposits funds into your account within one to two business days after you sign the loan agreement. The full application-to-funding process usually takes three to five business days total.
Can I use a Chase personal loan to pay off credit card debt?
Chase does not allow personal loans to be used to pay off other Chase debts directly. However, you can use the funds to pay off credit cards from other banks, which many people do to consolidate debt at a lower interest rate.
What if my income is irregular or I am self-employed?
Chase will ask for two years of tax returns to verify your income. They typically average your income over that period. Having a larger down payment or co-signer can strengthen your application if your income is variable.
Can I pay off my loan early without a penalty?
Yes. Chase personal loans have no prepayment penalty, so you can pay off the balance at any time without extra charges. Paying early saves you interest over the life of the loan.