Yes, Chase offers personal loans through its banking platform
Chase offers personal loans to customers who meet their requirements, available through their website, mobile app, or in-branch. These loans are unsecured, meaning you don't pledge collateral like a car or house. Chase markets these loans under the name "Chase Personal Loan" and advertises them primarily to existing Chase customers, though new customers can also request one.
The loan amounts, interest rates, and terms vary based on your credit history, income, and other factors Chase evaluates. Chase does not publish fixed rates or amounts on their website — you'll need to request a quote to see what they would offer you specifically. This is standard practice among major banks.
Key Takeaways
- Chase personal loans are unsecured and range from smaller amounts up to larger sums, with repayment terms that typically span multiple years.
- Your interest rate depends on your credit score, income, and debt history; Chase will show you a rate estimate before you commit.
- You can request a quote online, through the Chase mobile app, or by visiting a branch without affecting your credit score initially.
- Chase may offer rate discounts if you set up automatic payments from a Chase checking account, which is worth asking about.
- Existing Chase customers often have faster approval and funding than new applicants, sometimes within one business day.
How Chase personal loan rates and terms work
Chase uses a soft credit inquiry when you request a rate quote, which does not lower your credit score. Once you decide to move forward with an application, they perform a hard inquiry, which does show on your credit report. The rate they offer depends on factors including your credit score, payment history, existing debts, and income.
Loan terms at Chase typically range from 24 to 84 months, though the exact options depend on the loan amount and your creditworthiness. A longer term means lower monthly payments but more interest paid overall; a shorter term costs more per month but less in total interest. Chase lets you choose the term that fits your budget.
Chase advertises rate discounts for customers who set up automatic payments from a Chase checking account — usually a 0.25% reduction. If you don't have a Chase checking account, you can still get a personal loan, but you'll pay the higher rate unless you open one.
Who qualifies for a Chase personal loan
Chase does not publish exact credit score minimums, but they generally lend to people with fair credit or better — typically a score of 600 or higher, though approval is more common with scores above 670. You'll also need to be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number.
Chase looks at your debt-to-income ratio, which is the percentage of your monthly income that goes toward existing debts. If you already carry high credit card balances or other loans, Chase may decline you or offer a smaller loan amount. Having stable income — whether from employment, self-employment, or retirement — strengthens your application.
Existing Chase customers with established account history often face fewer obstacles than new applicants. If you've banked with Chase for years and maintained good standing, approval is typically faster and easier.
How to request a Chase personal loan
Start by visiting Chase.com and navigating to their personal loans section, or use the Chase mobile app if you're already a customer. You can request a rate quote without committing to anything — this soft inquiry takes a few minutes and shows you what rate and terms Chase would offer based on the information you provide.
Have ready your Social Security number, annual income, employment status, and current debts. Chase will ask about your purpose for the loan, though they don't restrict how you use the money once you receive it. After you review the quote, you can choose to proceed with a full application or walk away with no impact to your credit.
If you apply, Chase typically makes a decision within one to three business days for existing customers, sometimes longer for new applicants. Once approved, funds usually arrive within one to two business days if you're a Chase customer with direct deposit set up. Non-customers may wait longer for funding.
Chase personal loans compared to other options
Chase personal loans work well if you're an existing customer and have decent credit, because approval is usually fast and you may may have access to for the automatic-payment discount. If your credit is weaker, credit unions or online lenders may offer better rates, though you'll need to shop around — there's no single answer for everyone.
If you need a larger amount and own a home, a home equity line of credit (HELOC) or home equity loan through Chase might offer a lower rate, because those loans are secured by your house. However, that means the bank can foreclose if you don't pay. A personal loan puts only the loan at risk, not your home.
If you carry high credit card balances, a personal loan can consolidate that debt into a single payment with a lower interest rate — but only if Chase offers you a rate lower than your current cards. Always compare the total interest you'd pay over the life of the loan before deciding.
What happens after you receive a Chase personal loan
Chase deposits the funds into your checking account (or the account you specify). You then make monthly payments according to the schedule — the payment amount and due date are set when you sign the loan agreement and don't change unless you refinance.
You can pay off a Chase personal loan early without penalty, which means you can save on interest if you come into extra money. Some borrowers use bonuses, tax refunds, or other windfalls to pay down the balance faster. Chase will apply extra payments to principal, reducing what you owe.
If you miss a payment, Chase reports it to the credit bureaus after 30 days, which damages your credit score. After 120 days of non-payment, they may close the account and pursue collection. If you're struggling with payments, contact Chase early — they may offer a hardship program or temporary payment reduction.
Frequently Asked Questions
What's the difference between a Chase personal loan and a Chase credit card?
A personal loan is a lump sum you borrow and repay over a fixed period with a set monthly payment. A credit card is a revolving line of credit where you can borrow, repay, and borrow again. Personal loans usually have lower interest rates than credit cards, making them better for consolidating debt or covering a specific expense.
Can I get a Chase personal loan if I'm not a Chase customer?
Yes, but existing customers typically have faster approval and better rates. New applicants can request a quote and apply online, though funding may take longer. Opening a Chase checking account before applying can improve your chances and unlock the automatic-payment discount.
Does requesting a rate quote hurt my credit score?
No. The initial rate quote uses a soft inquiry, which doesn't appear on your credit report. Only when you formally apply does Chase perform a hard inquiry, which shows on your credit and may lower your score by a few points temporarily.
What if Chase denies my application?
Chase will tell you the reason — usually low credit score, high debt-to-income ratio, or insufficient income history. You can reapply after improving your credit or paying down existing debts, or explore personal loans from credit unions or online lenders that may have different standards.
Can I use a Chase personal loan for any purpose?
Yes. Chase doesn't restrict how you use the money once it's in your account. People commonly use personal loans for debt consolidation, home repairs, medical expenses, or major purchases, but the choice is yours.