Yes, Chase offers personal loans through its online lending platform
Chase Bank does offer personal loans through a service called Chase Loans, which is separate from the main bank branch. These are unsecured loans, meaning you don't have to put up collateral like a house or car. You borrow a set amount of money and repay it in fixed monthly installments over a set period, typically two to seven years.
The loans are available to existing Chase customers and some new customers, though Chase reviews each request individually. You can check if you're may be able to access and see personalized rates without affecting your credit score — this is called a soft inquiry. If you decide to move forward, Chase will do a hard credit check, which does show on your credit report.
Chase personal loans are not the same as a line of credit or a credit card. You receive the full loan amount upfront (usually within one to three business days of approval), and you pay it back on a fixed schedule. There are no prepayment penalties, so you can pay off the loan early without extra fees.
Key Takeaways
- Chase personal loans are unsecured loans you can borrow between $500 and $35,000, depending on your creditworthiness and income.
- You receive the full loan amount in your Chase account within one to three business days after approval, then repay it in monthly installments.
- Chase does not charge prepayment penalties, so you can pay off the loan faster without extra cost.
- You can check your rate and terms without a hard credit inquiry first, and only Chase's credit check happens if you proceed with the loan.
- Chase personal loans carry an origination fee (typically 1% to 10% of the loan amount) that is deducted from the money you receive.
Loan amounts and repayment terms Chase offers
Chase personal loans range from $500 to $35,000. The exact amount you can borrow depends on your credit score, income, existing debts, and employment history. Chase reviews these factors to determine both the maximum loan size and the interest rate you'll receive.
Repayment terms run from 24 months (two years) to 84 months (seven years). A longer term means a lower monthly payment but more interest paid overall. A shorter term means higher monthly payments but less total interest. You choose the term that fits your budget when you accept the loan offer.
Chase charges an origination fee on personal loans, which typically ranges from 1% to 10% of the loan amount. This fee is taken out of the money you receive. For example, if you borrow $10,000 with a 5% origination fee, you receive $9,500 and owe back $10,000 plus interest. The origination fee is disclosed before you accept the loan, so you know the exact amount upfront.
How to check your rate without hurting your credit
Chase lets you see what rate and terms you might receive before you formally request the loan. This is done through a soft credit inquiry, which does not affect your credit score and does not show up on your credit report.
To check your rate, you log into your Chase online account or visit the Chase Loans website and enter basic information: your desired loan amount, the reason for the loan, your annual income, and your employment status. Chase then shows you an estimated rate range and monthly payment. This estimate is good for a set period (usually 30 to 60 days), so you can shop around or think it over without pressure.
If you decide to move forward, you'll formally request the loan. At that point, Chase performs a hard credit inquiry, which does appear on your credit report and may lower your score by a few points temporarily. The hard inquiry happens only if you choose to proceed past the rate-check stage.
What happens after you're approved
Once Chase approves your personal loan, the money is deposited directly into your Chase checking or savings account. This usually happens within one to three business days. You don't have to do anything with the money — it's yours to use however you need it.
Your first payment is due on a date Chase specifies in your loan agreement, typically 30 to 45 days after the money hits your account. You'll make monthly payments automatically from your Chase account (or you can set up payments from another bank). Each payment covers a portion of the principal (the amount you borrowed) plus interest.
You can pay off the loan early without penalty. If you receive a bonus, tax refund, or inheritance, you can put that money toward the loan and reduce the total interest you pay. Chase will not charge you a fee for doing this.
Who qualifies for a Chase personal loan
Chase does not publish a specific credit score requirement, but most people approved for personal loans have a credit score of 670 or higher. This is considered "good" credit. People with lower scores may still be approved, but they typically receive higher interest rates.
You must be at least 18 years old, a U.S. citizen or permanent resident, and have a valid Social Security number. Chase also looks at your income and employment status. You don't have to be employed full-time — self-employed people, retirees, and people receiving disability or Social Security can be approved — but you need to show some form of regular income.
Existing Chase customers have an easier path because Chase already has your banking history and account information. New customers can still get a personal loan from Chase, but the approval process may take longer and the rates offered may be higher.
Chase personal loans versus other Chase borrowing options
Chase offers several ways to borrow money, and personal loans are just one. A Chase credit card gives you a line of credit you can use repeatedly, but interest rates are typically higher (often 18% to 25%) and you only pay interest on what you actually use. A personal loan has a fixed rate and fixed payment, so it's more predictable.
A Chase home equity line of credit (HELOC) or home equity loan lets you borrow against the value of your home at lower interest rates, but you risk losing your home if you can't repay. A personal loan has no collateral, so your home is not at risk.
A Chase auto loan is specifically for buying a car and is secured by the vehicle itself, which means the interest rate is lower than a personal loan. But you can only use an auto loan to buy a car, not for other purposes.
A personal loan is useful when you need a set amount of money for any purpose — debt consolidation, home repairs, medical bills, or a major purchase — and you want a fixed monthly payment and a clear end date.
Interest rates and fees to know about
Chase personal loan interest rates vary based on your credit score, income, loan amount, and repayment term. Rates currently range from around 6% to 36%, but your actual rate depends on your individual situation. The rate is fixed, meaning it does not change over the life of the loan.
The main fee is the origination fee, which ranges from 1% to 10%. There are no late fees, prepayment penalties, or annual fees. If you miss a payment, Chase will charge late fees according to your loan agreement, but these are disclosed upfront.
The Annual Percentage Rate (APR) shown in your loan offer includes both the interest rate and the origination fee, so it's the true cost of borrowing. This is the number to compare if you're looking at personal loans from other banks.
Frequently Asked Questions
Can I get a Chase personal loan if I'm not a Chase customer?
Yes, but existing Chase customers usually have an easier path and may receive better rates. New customers can still be approved for a personal loan, though the process may take longer and the rates offered may be higher. You'll need to open a Chase account to receive the loan funds.
What can I use a Chase personal loan for?
You can use the money for almost any purpose: paying off credit card debt, home repairs, medical bills, a vacation, or a major purchase. Chase does not restrict how you spend the money once it's in your account. The loan is unsecured, so you don't have to prove what you're using it for.
How long does it take to get approved for a Chase personal loan?
The soft inquiry (rate check) is when ready. If you decide to move forward, the hard credit inquiry and approval decision usually happen within one business day. The money is deposited into your account within one to three business days after approval. Your first payment is typically due 30 to 45 days later.
What if I can't make a payment?
Contact Chase as soon as you know you'll miss a payment. Chase may offer a deferment or forbearance option that lets you skip or reduce a payment temporarily. Missing payments will hurt your credit score and may trigger late fees, so it's important to communicate with Chase early.
Can I pay off my Chase personal loan early?
Yes, and there's no penalty for doing so. You can pay extra toward your principal at any time, or pay off the entire balance early. This reduces the total interest you pay over the life of the loan.