Yes, Chase offers personal loans, but you must meet their credit and income requirements
Chase Bank offers personal loans through a product called Chase Personal Loans. These are unsecured loans, meaning you don't have to put up collateral like a car or house. You borrow a lump sum and repay it in fixed monthly installments over a set term, usually between 24 and 84 months.
Not everyone qualifies. Chase requires a minimum credit score (typically 670 or higher, though this varies), proof of income, and a checking or savings account with Chase. If you don't meet their standards, they will decline your request. The interest rate you receive depends on your credit score, income, and how much you borrow.
You can request a personal loan online through Chase.com, by phone, or in person at a Chase branch. The process usually takes a few business days from process to funding.
Key Takeaways
- Chase Personal Loans are unsecured loans you repay over 24 to 84 months with a fixed monthly payment.
- You need a credit score of approximately 670 or higher, a verifiable income, and an existing Chase deposit account to be considered.
- The interest rate you receive depends on your credit profile and the loan amount, and rates vary by borrower.
- You can explore online, by phone, or at a branch, and Chase typically funds approved loans within a few business days.
- If Chase declines you, other banks and credit unions may have different requirements and may still work with you.
What credit score you need for a Chase personal loan
Chase does not publish a single minimum credit score for personal loans, but borrowers who are approved typically have a score of 670 or higher. If your score is below 650, approval is unlikely. If your score is between 650 and 670, approval is possible but not may provide and your interest rate will be higher.
Your credit score is based on your payment history, the amount of debt you carry, how long your credit accounts have been open, and recent credit inquiries. If you have missed payments, defaulted on a loan, or filed for bankruptcy in the past seven years, Chase will likely decline you. You can check your own credit score for free through services like AnnualCreditReport.com, which is the official government site for free credit reports.
If your score is too low right now, you can improve it by paying down existing debt, making all payments on time for several months, and not opening new credit accounts. This takes time — typically three to six months of good behavior before lenders see a meaningful change.
Income and employment verification Chase requires
Chase will ask you to prove your income. For W-2 employees, this usually means providing recent pay stubs (typically the last two months) and possibly a recent tax return. For self-employed people or business owners, Chase typically requests two years of tax returns and sometimes a profit-and-loss statement.
You do not need to be employed by a large company or have a long job history. Chase considers income from employment, self-employment, Social Security, disability benefits, pensions, and other regular sources. What matters is that the income is verifiable and ongoing.
Chase will also check your debt-to-income ratio — the percentage of your monthly income that goes toward debt payments. If your existing debts are very high relative to your income, Chase may decline the loan or offer you a smaller amount than you requested.
How much you can borrow and what it costs
Chase Personal Loans range from $500 to $35,000. The exact amount you can borrow depends on your credit score, income, and existing debt. You cannot borrow more than Chase determines you can safely repay.
The interest rate varies by borrower and is not published in advance. Rates currently range from roughly 7% to 24% APR, but your actual rate depends on your creditworthiness. A borrower with a 750 credit score will receive a much lower rate than one with a 680 score. The loan term you choose also affects the total cost — a longer term means lower monthly payments but more interest paid overall.
Chase charges no origination fee, prepayment penalty, or late fee for the first late payment. After that, late fees explore. There is no annual fee for the loan itself.
Steps to request a personal loan from Chase
You can explore online at Chase.com by going to the Personal Loans section, calling Chase at 1-800-935-9935, or visiting a Chase branch in person. Online is usually fastest.
When you explore, have the following ready: your Social Security number, employment information, income details, and information about any existing debts. If you are approved, Chase will ask you to verify your identity and income with documents like a pay stub or tax return. Once verified, the funds are typically deposited into your Chase checking or savings account within one to three business days.
If Chase declines you, they will tell you why in writing. You can request reconsideration, but if the reason is a low credit score or high debt-to-income ratio, reconsideration is unlikely to change the outcome. In that case, exploring other lenders may be more productive.
Alternatives if Chase declines you
If Chase says no, other banks and credit unions may have different lending standards. Some credit unions offer personal loans to members with credit scores as low as 600. Online lenders often work with borrowers who have lower credit scores, though their interest rates are typically higher. Some peer-to-peer lending platforms also consider factors beyond credit score.
Before explore elsewhere, understand that each process creates a hard inquiry on your credit report, which temporarily lowers your score. Multiple applications in a short time can hurt your score further. If you plan to try other lenders, do so within a two-week window — credit bureaus treat multiple inquiries in that window as a single inquiry for scoring purposes.
Another option is to improve your credit score first, then reapply to Chase in a few months. This takes longer but may result in better terms.
What happens after you receive the loan
Once the money is in your account, you own it and can use it for any purpose. Chase does not restrict how you spend a personal loan. Your monthly payment is fixed and will not change over the life of the loan, even if interest rates rise.
You can pay off the loan early without penalty. If you do, you will pay less interest overall. Some borrowers use personal loans to consolidate higher-interest debt like credit card balances, which can lower their overall interest cost and simplify their payments.
If you miss a payment, Chase will charge a late fee and report the missed payment to the credit bureaus, which will damage your credit score. If you fall behind by 30 days or more, contact Chase when ready to discuss options like a modified payment plan.
Frequently Asked Questions
Do I need an existing Chase account to get a personal loan?
Yes. Chase requires you to have a checking or savings account with them before you can request a personal loan. If you don't have one, you will need to open one first. This is a straightforward process that takes about 10 minutes online or at a branch.
How long does it take to get approved and receive the money?
The approval process usually takes one to three business days. Once approved and verified, funds are deposited into your Chase account within one to three additional business days. Total time from process to money in hand is typically three to seven business days.
Can I get a personal loan if I have bad credit?
Chase's minimum credit score is typically around 670, so a score below 650 makes approval unlikely. If your score is between 650 and 670, approval is possible but not may provide. If your score is lower, other lenders or credit unions may be willing to work with you, though at higher interest rates.
What if I can't afford the monthly payment?
Contact Chase before you miss a payment. They may be able to modify your loan term, extend the repayment period to lower your monthly payment, or discuss other options. Missing payments damages your credit and triggers late fees, so reaching out early is important.
Can I use a personal loan to pay off credit card debt?
Yes. Many people use personal loans to consolidate credit card balances because the interest rate on a personal loan is often lower than credit card rates. This can save money and simplify your payments into one monthly bill instead of multiple credit card payments.