Chase Bank Personal Loan Alternatives - NerdWallet (2024)

FAQs

How hard is it to get a personal loan from Chase Bank? ›

Even if you have Chase credit cards, a Chase mortgage, and Chase bank accounts in good standing, you can't get a personal loan through Chase. Fortunately, you have many personal loan lenders to choose from.

The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.

Grace Enfield, Content Writer. The most likely reason why Chase doesn't offer personal loans is that personal loans are not profitable enough for the bank. Chase also offers other products to meet the borrowing needs of consumers and businesses, including a wide range of credit cards, auto loans and home loans.

Use Collateral To Secure The Loan

If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.

You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.

In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.

Which private bank is best for a personal loan? ›

Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan.

It is hard to get a Chase credit card because almost all cards offered by Chase require good credit or better for approval, which may be out of reach for the average consumer. The exception is Chase Freedom Rise℠, which is available to people with limited credit.

My Chase Loan is a feature of Chase credit cards that allows you to borrow money from your card's available credit. You pay back a My Chase Loan over a set period of time—based on the loan amount—with a fixed annual percentage rate (APR).

The Probability of Bankruptcy of JPMorgan Chase & Co (JPM) is 4.4% . This number represents the probability that JPMorgan will face financial distress in the next 24 months given its current fundamentals and market conditions.

In order to get a a personal loan, you'll want to have a VantageScore3. 0^® of at least 660 and a FICO^® score of around 670.

What is the minimum and maximum amount of money I can request for My Chase Loan? The minimum amount you can request for My Chase Loan is $500. The maximum amount you can request can vary based on your monthly spending, creditworthiness and other factors.

The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.

What factors are considered for a Chase credit card pre-approval? There are a few factors that Chase weighs, including: Your credit history: You'll usually need a good to excellent credit score for a Chase card. Specifically, most of its cards are aimed at consumers with a FICO® Score of 670 or higher.