Although Chase Bank is a large U.S. bank with diverse financial services, it does not provide Chase personal loans. If you need a personal loan, avoid Chase and explore the finest options from other banks, credit unions, or online lenders.
We’ve compiled a list of alternatives to chase personal loans that you should explore if you’re looking for a personal loan, as well as other financing choices to consider if you’re a Chase customer.
Why Chase Does Not Offer Personal Loans
Chase focuses on other financial products.
Chase does not offer unsecured Chase personal loans, but does offer other loan products, including Chase mortgages and auto loans. The bank’s biggest attraction for people looking for finance is its several popular credit card programs. Chase credit cards provide various incentives, including 0% APR introductory periods, sign-up bonuses, cash back, and travel rewards.
Chase’s Personal Loan Alternatives
My Chase Loan
While Chase does not provide typical Chase personal loans, its credit card clients can borrow a lump sum of cash against their existing credit limit. The funds are transferred immediately into your bank account and have a fixed, lower APR than your card’s usual purchase APR, or the rate you’d ordinarily pay for carrying a debt on your credit card.
Because the My Chase Loan is accessed through your current credit card account, you are not required to submit a new application, thus, there is no credit check, application charge, or origination cost.
Chase also doesn’t charge any fees for paying off this type of loan early. You must borrow at least $500, and the bank will set your loan size to a part of your authorised credit limit.
Credit Cards with 0% introductory APR
Chase offers many credit card choices to new customers that, like Chase personal loans, can help you fund a purchase. Choosing a credit card with a long initial 0% interest rate can be a cost-effective alternative to chase personal loans, as credit cards sometimes have higher APRS.
The Chase Slate Edge℠ offers new users a 0% starter APR on purchases and balance transfers for 18 months after account activation (20.49% – 29.24% Variable APR).
For the first 15 months, the Chase Freedom Flex® provides 0% APR on purchases and balance transfers. After that, the variable APR ranges from 18.99% to 28.49%.
Keep in mind that if you do not pay off your balance in full before the end of the promotional period, you will be charged the card’s usual APR, regardless of when you incurred the debt.
Best Alternatives to Chase Personal Loans
1. Banks that provide personal loans
While Chase personal loans are not available, other prominent brick-and-mortar U.S. banks do provide similar lending services.
U.S. Bank Personal Loans
If you’re an existing client looking to take out a personal loan from the same institution where you already conduct your banking, a U.S. Bank Personal Loan may be an excellent alternative to Chase personal loans.
Citi Personal Loans
Citi Personal Loans provide reasonable interest rates with no origination fees. They are one of the more popular options among those seeking substitutes for Chase personal loans.
Wells Fargo Personal Loans
Wells Fargo Personal Loans could be a good alternative to Chase Personal Loans if you need a higher loan amount. While Chase doesn’t offer them, Wells Fargo provides loans up to $100,000, depending on creditworthiness.
2. Online lenders and peer-to-peer lending platforms
Online personal loans are often considered top substitutes for Chase personal loans due to fast funding and accessible application processes.
Lightstream Personal Loan
LightStream is a well-known online lender offering personal loans for excellent credit borrowers. It’s a preferred option for those who would otherwise consider Chase personal loans.
Avant Personal Loan
Avant is a great choice for individuals with less-than-perfect credit, positioning itself as a viable replacement for Chase personal loans.
Upstart Personal Loan
Upstart personal loans are another alternative to Chase personal loans, especially for those with short credit histories or unique financial backgrounds.
3. Credit Unions Offer Competitive Personal Loans
Credit unions are excellent choices if you’re looking for personal loans with capped interest rates and friendly borrower policies—often a better fit than chase personal loans.
Service Credit Union Personal Loan
It may be a solid substitute for chase personal loans, especially for people in need of fast access to cash.
PenFed Credit Union’s Personal Loan
PenFed offers competitive rates and broad eligibility, making it a worthy alternative to chase personal loans.
Alliant Credit Union’s Personal Loan
Alliant Credit Union’s loans are an attractive alternative to Chase personal loans, particularly for borrowers who value financial protection add-ons.
What to Consider When Selecting a Personal Loan Provider
Interest Rates and Loan Terms
Since Chase personal loans aren’t available, it’s crucial to compare interest rates and loan terms among alternatives. Personal loans can range from 5.91% to as high as 99.99%, depending on the lender and borrower profile.
Credit Score Requirements and Eligibility
In the absence of chase personal loans, borrowers should understand the credit requirements of each lender. Those with FICO scores of 670 or better often have the best chances of approval.
Fees and Additional Costs
Some alternatives to chase personal loans come with origination or prepayment fees. Always review terms carefully to avoid surprises.
Funding Time
Since chase personal loans aren’t an option, many turn to online lenders for fast funding—sometimes the same day as approval.
Alternative Chase Financial Products to Consider
Chase Credit Cards provide an introductory 0% APR
Chase cards such as Chase Slate Edge℠, Chase Freedom Unlimited®, and Chase Freedom Flex® are commonly used as substitutes for chase personal loans because of their 0% introductory APR offers.
Chase Automobile Loans
Though Chase personal loans don’t exist, the bank does offer auto loans with terms from 12 to 84 months. While this is not a direct substitute, some borrowers consider vehicle refinancing instead of traditional personal loans.
Advantages and Disadvantages of Personal Loans Compared to Other Financing Options
Advantages of Personal Loans
They offer flexibility, large loan amounts, and lower interest rates—benefits that people might hope for in Chase personal loans but must seek elsewhere.
Disadvantages of Personal Loans Compared to HELOCs and Credit Cards
Fees, strict credit requirements, and potentially higher rates for poor credit can be downsides when comparing alternatives to Chase personal loans.
Conclusion
In conclusion, although Chase does not provide personal loans, there are numerous alternative options available, including credit cards with 0% APR, loans from other major institutions, online lenders, and credit unions. If you are in search of a replacement for Chase personal loans, you can discover a suitable option that offers low interest rates, large loan amounts, or quick funding. Before selecting an alternative to personal loans, it is crucial to evaluate the complete range of loan terms, interest rates, and lender reliability.
Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
