Yes, Chase offers personal loans through its personal loan program
Chase Bank does offer personal loans to customers who meet their requirements. These are unsecured loans, meaning you don't have to put up collateral like a house or car. Chase markets these loans under the name Chase Personal Loan, and they're available to existing Chase customers and new applicants.
The loans range from $500 to $35,000, depending on your creditworthiness and income. Chase funds approved loans within one to three business days in most cases. Interest rates vary based on your credit score, income, and other factors — the better your credit, the lower your rate will typically be.
Key Takeaways
- Chase Personal Loans range from $500 to $35,000 and are unsecured, so you don't need collateral.
- Loan terms run from 24 to 84 months, and you can pay off early without penalty.
- Interest rates depend on your credit score and financial profile, and Chase will show you an estimated rate before you commit.
- You can apply online, by phone, or in a Chase branch, and funding typically happens within one to three business days.
- Chase may offer better rates to existing customers, particularly those with a checking or savings account.
Who qualifies for a Chase personal loan
Chase requires you to be at least 18 years old and a U.S. citizen or permanent resident with a valid Social Security number. You'll need a steady income — Chase doesn't specify a minimum, but they do verify employment or income sources during the application process.
Your credit score matters significantly. Chase typically lends to people with fair credit and above, though the exact minimum score isn't publicly stated. If your credit is below 600, approval becomes unlikely. Existing Chase customers often have an easier time getting approved and may receive better rates than new applicants.
Chase will also look at your debt-to-income ratio — how much you already owe compared to what you earn. If you're carrying high credit card balances or other loans, Chase may decline you or offer a smaller loan amount.
Interest rates and fees
Chase personal loan rates range from around 6.99% to 19.99% APR, though your actual rate depends on your credit profile and the loan term you choose. Longer terms (like 84 months) typically come with higher rates than shorter ones (like 24 months). Chase will show you an estimated rate during the application process before you're committed.
Chase does not charge origination fees, prepayment penalties, or late fees on personal loans. This means you can pay off the loan early without losing money to fees, and you won't face extra charges if you miss a payment (though your credit will be affected and interest will continue to accrue).
The only cost is the interest itself. Over the life of the loan, the total interest you pay depends on the amount borrowed, the interest rate, and the term length. A $10,000 loan at 10% APR over 36 months costs roughly $1,600 in interest; the same loan over 60 months costs roughly $2,700.
How to apply for a Chase personal loan
You can apply online through Chase's website, by phone at 1-800-935-9935, or in person at a Chase branch. The online application takes about 10 minutes and asks for basic information: your name, address, income, employment, and Social Security number. Chase will pull your credit report as part of the process.
Before you apply, gather recent pay stubs or tax returns to verify income, and know your employment status and employer name. If you're self-employed, have your most recent tax return ready. Chase may ask follow-up questions about your income or employment during underwriting.
Once approved, Chase funds the loan within one to three business days. The money goes directly to your bank account — you don't receive a check. You'll then make monthly payments according to your loan agreement, with the payment amount and due date set at closing.
Loan terms and repayment options
Chase personal loans come with terms of 24, 36, 48, 60, or 84 months. Shorter terms mean higher monthly payments but less total interest paid. Longer terms lower your monthly payment but increase the total interest cost over time.
You make fixed monthly payments, meaning the payment amount stays the same throughout the loan. You can set up automatic payments from your Chase account or another bank account. If you want to pay off the loan early, you can do so without penalty — Chase won't charge you extra for paying it off ahead of schedule.
If you miss a payment, contact Chase immediately. A single late payment can damage your credit score. Chase reports to all three credit bureaus (Equifax, Experian, and TransUnion), so payment history directly affects your credit.
Chase personal loans versus other options
Personal loans from Chase differ from credit cards, home equity loans, and other borrowing methods. A personal loan gives you a lump sum upfront with a fixed repayment schedule, whereas a credit card lets you borrow as you spend. Personal loans typically have lower interest rates than credit cards but higher rates than home equity loans or mortgages.
If you own a home, a home equity line of credit (HELOC) or home equity loan might offer lower rates, but they put your home at risk if you can't pay. A personal loan doesn't use collateral, so the only consequence of default is damage to your credit and potential legal action by Chase.
Credit unions and online lenders like LendingClub, Upstart, and SoFi also offer personal loans, sometimes with competitive rates or more flexible credit requirements. If Chase denies you or offers a rate you find too high, comparing other lenders is worth your time.
What happens after you're approved
After approval, Chase sends you loan documents to review and sign. Read these carefully — they spell out the exact interest rate, monthly payment, term length, and any other terms. You have the right to ask questions before signing.
Once you sign, the money hits your account within one to three business days. Your first payment is typically due 30 days after funding. You can make payments online through your Chase account, by phone, by mail, or through automatic deduction from your checking account.
Keep records of all payments and correspondence with Chase. If you run into financial hardship and can't make a payment, contact Chase before the payment is due — they may have options like temporary forbearance or a modified payment plan, though these aren't may provide.
Frequently Asked Questions
Can I get a Chase personal loan with bad credit?
Chase typically requires fair credit or better, usually a credit score of 600 or higher. If your score is below that, Chase will likely deny you. However, you can check your credit score for free through Chase's credit journey tool or other free services, and if it's borderline, applying won't hurt — a single application inquiry has minimal impact on your score.
How long does it take to get approved for a Chase personal loan?
Chase can approve you instantly or within minutes if you apply online. Funding happens within one to three business days after approval. The entire process from application to money in your account typically takes three to five business days, though it can be faster.
Can I use a Chase personal loan for anything?
Yes, Chase doesn't restrict how you use the money. You can use it for debt consolidation, home repairs, medical bills, a vacation, or any other purpose. Some lenders restrict use, but Chase does not.
What if I'm not a Chase customer yet?
You can still apply for a Chase personal loan as a new customer, though existing Chase customers often receive better rates and may have an easier approval process. After you're approved, you'll need a bank account to receive the funds — you can open a Chase account at the same time or use an existing account at another bank.
Can I pay off my Chase personal loan early without a penalty?
Yes, Chase personal loans have no prepayment penalty. You can pay off the entire balance early, make extra payments toward principal, or pay it off on schedule — there's no fee either way. Paying early saves you money on interest.