5 Chase Bank personal loan alternatives

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In a Nutshell

Although JPMorgan Chase Bank doesn’t currently offer personal loans, other lenders offer personal loans that may be good alternatives for you. We’ve rounded up five lenders with a national reach that you might want to consider.
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Chase is one of the largest banks in the country, with branches across the U.S. But the bank doesn’t currently offer personal loans.

If you have a bank account, auto loan, credit card or home loan with Chase, it makes sense that you’d consider the bank for a personal loan. But since Chase doesn’t offer them, you’ll have to look for a personal loan elsewhere.

Whether you want to refinance debt or take on a home improvement project, we’ll walk you through some alternatives to Chase Bank to help you find the best personal loan for your needs.

Wells Fargo: Good for unsecured personal loans

Why you may want to consider Wells Fargo: Like Chase, Wells Fargo has bank branches across the U.S.

Loan amounts range from $3,000 to $100,000 for unsecured loans.

And take note: You must be an existing Wells Fargo customer to qualify for one of its loans.

Here are some more details about Wells Fargo personal loans.

  • Interest rate discount — Wells Fargo offers a relationship discount if you have a qualifying checking account and make automatic payments from a Wells Fargo deposit account.
  • Competitive interest rates — If you’re rate shopping, Wells Fargo offers competitive interest rates compared to other large lenders.
  • Co-applicants allowed If you want another person to apply with you, Wells Fargo will let you add them to your application. That may help you qualify or get a lower interest rate than you otherwise would have on your own.

Read our Wells Fargo personal loan review to learn more.

Marcus by Goldman Sachs: Good for debt consolidation

Why you may want to consider Marcus by Goldman Sachs: Marcus — an online lender operated by Goldman Sachs — is part of another large national bank. In addition to personal loans, Marcus offers a high-yield savings account and CDs.

If you want to consider some of the best debt consolidation loans, Marcus might be a good option since it will pay up to 10 credit card accounts directly from your loan funds for you if requested.

Here’s some more info about Marcus by Goldman Sachs.

  • Loan amounts — Marcus offers loan amounts that range from $3,500 to $40,000 with loan terms ranging from 36 to 72 months.
  • Competitive interest rates — Interest rates for a Marcus loan vary but are competitive with other online lenders. The lender says that people who qualify for its lowest rates typically have excellent credit. So if your credit is shaky or you don’t have a credit history, you’ll likely be offered a higher interest rate, or you may not be approved.
  • On-time payment reward — If you make your full loan payments on time for at least 12 consecutive months, you can defer one payment without accruing additional interest or fees.

For more details, read our Marcus personal loan review.

Citibank: Good for small loans

Why you may want to consider Citibank: If you only need a small loan, Citibank’s personal loans start at just $2,000 and go up to $30,000 if you apply online. Having a range of loan amounts may help you avoid borrowing more than you need.

Like Wells Fargo and Goldman Sachs, Citibank is one of the biggest banks in the U.S. It also offers credit cards, mortgages and checking and savings accounts, among other offerings. Keep in mind that you’ll need an eligible Citi deposit account open for at least three months before applying.

  • Loan terms Citi offers loan terms from 12 months to 60 months, which can help give you the flexibility to find a monthly payment that fits your budget.
  • Discounts with auto payments If you set up automatic payments, you may be eligible for interest rate discounts on a personal loan.
  • Rewards points — You also may be able to earn rewards points if your personal loan is linked to an eligible checking account that’s signed up for Citi ThankYou® Rewards.

Learn more in our Citibank personal loans review.

LightStream: Good for competitive rates

Why you may want to consider LightStream: LightStream is the online lending division of Truist Bank, another large lender. If you’re able to do some legwork, LightStream can be attractive because of its “rate beat” program, which promises to beat a competitor’s offer by 0.1 percentage points if you meet certain conditions.

LightStream offers loans ranging from $5,000 to $100,000. Here are some other details to keep in mind.

  • Same-day loans possible If you need money quickly, LightStream may be able to deposit your funds as soon as the same business day, depending on the time you complete all steps in the application and approval process. Keep in mind that depending on your bank, it may take longer to receive your cash.
  • No-fee promise LightStream doesn’t charge common fees like application or origination fees. It also doesn’t charge a prepayment penalty if you want to pay off your loan early.
  • Strong credit needed — LightStream says it lends to people with a “track record of financial responsibility.” You’ll need several years of credit history with different types of accounts, evidence that you can save money and handle revolving debt, “stable and sufficient” income, and a strong payment history with few delinquencies (if any).

Read more about LightStream personal loans in our review.

Avant: Good for less-than-perfect credit

Why you may want to consider Avant: Avant is an online lender that may be a good option if you have less-than-perfect credit. The lender says its borrowers typically have credit scores ranging from 600 to 700.

Here’s some more info about Avant personal loans.

  • Interest rates may be higher — Compared to other lenders on this list, Avant’s rates tend to be higher. But you can check your potential loan terms without affecting your credit scores. Make sure to double check the interest rate and repayment terms on any loan offer before you officially agree to the loan to make sure you can afford the monthly payments.
  • Loan amounts — Avant offers unsecured loans from $2,000 to $35,000, with loan terms ranging from 12 to 60 months.
  • No prepayment penalty — You can pay off your loan early without facing a prepayment penalty fee.
  • Administration fee — If approved, Avant may charge you an administration fee that will be deducted from your loan funds.

For more details, read our Avant personal loan review.

How we picked these alternatives

We considered a number of factors when picking Chase personal loan alternatives. We examined loans from financial institutions with a national reach like Chase that offer a range of secured and unsecured personal loans. We also reviewed loans from online lenders that might be a good fit for people looking for an alternative to a Chase personal loan.

About the author: Paris Ward is a content strategist at Credit Karma, providing readers with the latest news that will aid their financial progress. She has more than a decade of experience as a writer and editor and holds a bachelor’s… Read more.