Chase does offer personal loans, but only to existing customers and through a limited process process
Chase offers personal loans to customers who already have a checking or savings account with them. You cannot walk into a Chase branch as a new customer and leave with a personal loan — you must be established with the bank first. The loans are called Chase Personal Loans, and they are available through the Chase website, mobile app, or by calling a Chase representative.
The key difference between Chase and many other lenders is that Chase prioritizes its own customer base. If you have been banking with Chase for a while and have a good account history, you are more likely to be considered. If you have never had a Chase account, you would need to open one before you could even request a personal loan.
Key Takeaways
- Chase personal loans are only available to people who already have a Chase checking or savings account.
- You can request a loan through Chase.com, the Chase mobile app, or by phone, and Chase will tell you within minutes whether you pre-may have access to.
- Chase looks at your credit score, income, and existing relationship with the bank when deciding whether to approve a loan.
- Loan amounts, interest rates, and repayment terms vary based on your credit profile and the bank's current offerings.
How to request a Chase personal loan
The fastest way to find out whether Chase will consider you is to log into your Chase account online or through the mobile app. Look for a section labeled "Loans" or "Personal Loans" — Chase often shows pre-may have access to offers directly to existing customers. If you see an offer, you can click through to see the loan amount, interest rate, and term before you commit to anything.
If you do not see an offer in your account, you can still request one by calling Chase at the number on the back of your debit card or by visiting a Chase branch in person. A representative can run a soft inquiry (which does not hurt your credit score) to see whether you pre-may have access to. If Chase determines you do not meet their current lending standards, they will tell you that as well.
The entire pre-qualification process usually takes a few minutes. Chase will ask about your income, employment status, and what you plan to use the loan for. Be honest about these details — they affect whether Chase will move forward and what interest rate they might offer.
What Chase looks at when deciding
Chase uses several pieces of information to decide whether to lend to you. Your credit score is one of the most important factors. Chase typically looks for a score of 670 or higher, though this can vary. If your score is lower, Chase may decline or offer a higher interest rate.
Your income and employment history matter as well. Chase wants to see that you have a steady source of income and that you are not in a high-risk employment situation. They may ask for recent pay stubs or tax returns to verify this information.
Chase also considers your relationship with the bank itself. If you have had an account with Chase for several years, have not had overdrafts or other problems, and maintain a reasonable balance, you are a more attractive borrower. A customer with a brand-new account and no history will face a harder time getting approved.
Loan amounts, rates, and repayment terms at Chase
Chase personal loans typically range from $500 to $35,000, though the exact amount you can borrow depends on your credit profile and income. The interest rate you receive will also vary — it is not the same for everyone. Someone with a credit score of 750 will receive a much better rate than someone with a score of 680.
Repayment terms at Chase usually range from 24 to 84 months (2 to 7 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. Chase will show you the exact monthly payment for each term option before you decide.
Chase does not charge a prepayment penalty, which means you can pay off the loan early without a fee. This can save you money on interest if you have the funds to do so.
When Chase might decline your request
Chase will decline a personal loan request if your credit score is too low, your income is too unstable, or you do not have an account with them. There is no way around the account requirement — Chase straightforward does not lend to non-customers through this product.
If your credit score is the issue, you can work on improving it before reapplying. This typically takes several months of on-time payments and lower credit card balances. If your income is the issue, you may need to wait until your employment situation is more stable.
If Chase declines you, you have other options. Other banks and online lenders offer personal loans to people without existing accounts, and some work with lower credit scores. However, those loans usually come with higher interest rates.
Alternatives if Chase is not an option
If you do not have a Chase account or Chase has declined your request, you can explore personal loans from other sources. Banks like Bank of America, Wells Fargo, and Citi offer personal loans to both customers and non-customers. Online lenders like LendingClub, Upstart, and SoFi also offer personal loans and sometimes work with lower credit scores.
Credit unions often have more flexible lending standards than big banks. If you are a member of a credit union, ask whether they offer personal loans. Credit unions typically charge lower interest rates than online lenders and may be willing to work with you even if your credit score is not perfect.
Before you explore anywhere, check your credit report for errors. You can get a free copy at AnnualCreditReport.com. Fixing errors on your report can sometimes improve your score enough to change a lender's decision.
What happens after Chase approves your loan
Once Chase approves your loan, the money is usually deposited into your Chase checking account within one to three business days. You do not have to do anything — the funds arrive automatically. You can then use the money for whatever purpose you stated in your process.
Your monthly payment will be due on a set date each month, and you can set up automatic payments through your Chase account to make sure you never miss a payment. Missing payments will hurt your credit score and may result in late fees, so treat this like any other bill.
Frequently Asked Questions
Can I get a Chase personal loan if I just opened my account?
Chase typically prefers customers with an established history, but it is not impossible. A brand-new account makes approval less likely. If you have just opened a Chase account, wait a few months and then request a loan — your chances improve once you have a track record with the bank.
What is the difference between a Chase personal loan and a Chase credit card?
A personal loan is a lump sum of money you borrow and pay back over a fixed period with a set interest rate. A credit card is a revolving line of credit where you can borrow up to a limit, pay it back, and borrow again. Personal loans are better for large, one-time expenses; credit cards are better for ongoing purchases.
Does requesting a Chase personal loan hurt my credit score?
A pre-qualification check does not hurt your score. However, if you move forward and Chase runs a full credit check, that creates a hard inquiry, which can lower your score by a few points temporarily. The impact is usually small and disappears within a few months.
Can I use a Chase personal loan for anything I want?
Chase does not restrict what you use the money for, though they will ask what you plan to do with it. Common uses include paying off credit card debt, home repairs, medical bills, and large purchases. Chase will not lend to you if the stated purpose is illegal.
What if I have bad credit — will Chase still consider me?
Chase typically requires a credit score of 670 or higher, though this varies. If your score is below that, Chase will likely decline. However, you can still explore personal loans from online lenders or credit unions, which sometimes work with lower scores — though the interest rates will be higher.