Chase doesn’t currently offer personal loans, but it lets credit cardholders who meet certain criteria borrow a lump sum from their card’s credit line through its My Chase Loan program.
If you’re an existing Chase customer in the market for a personal loan, here’s what you need to know about the bank’s offering, plus our take on a few Chase personal loan alternatives to consider.
- What is My Chase Loan?
- Best for large loan amounts: Wells Fargo
- Best for multiple loan options: U.S. Bank
- Best for member perks: SoFi
- Best for competitive rates: LightStream
- Best for small personal loans: Happen Bank (formerly LendingClub)
- How do I qualify for a personal loan?
- FAQs about Chase personal loans
What is My Chase Loan?
My Chase Loan allows eligible cardholders to convert part of their card’s available credit to a fixed-rate loan with a lower interest rate than the credit card’s APR. Available loan amounts range from a minimum of $500 to a maximum determined by Chase based on your credit health, monthly spending and other factors.
My Chase Loan has no origination or prepayment fees, doesn’t require a credit check, and doesn’t create a new account. If you qualify, you don’t need to apply. Just select your loan amount and repayment timeline online or through Chase’s mobile app. Chase says it typically deposits funds into your bank account within one to two business days, though timing can vary depending on your bank.
You’ll repay your loan in fixed monthly installments, and your loan balance will appear on your credit card statement until you repay it in full. You can continue to use your credit card, but your available credit will be reduced based on your outstanding loan amount.
Best for large loan amounts: Wells Fargo
Why a Wells Fargo personal loan stands out: Wells Fargo offers unsecured personal loans up to $100,000, making it a good option for covering major expenses like home improvement projects.
Pros
- Prequalification option
- Minimal fees
- Flexible repayment terms
- Competitive rates
Pros
- Only available to existing customers
- No direct payments for debt consolidation
Read reviews of Wells Fargo personal loans to learn more.
Best for multiple loan options: U.S. Bank
Why a U.S. Bank personal loan stands out: U.S. Bank offers a variety of loan products for different needs. Its lineup includes personal loans, home improvement loans, small loans for fast cash and personal lines of credit.
Pros
- Competitive interest rates
- No prepayment penalties
Cons
- Good credit required
- Longer funding timeline than some other lenders
- More options available for existing U.S. Bank customers
Read our reviews of U.S. Bank personal loans to learn more.
Best for member perks: SoFi
Why a SoFi personal loan stands out: If you get a personal loan with SoFi, you’ll have access to financial planning resources, estate plan discounts, referral bonuses, member-only events and other unique perks.
Pros
- Flexible repayment terms
- Direct payments for loan consolidation
- No late or prepayment fees
Pros
- High minimum loan amounts
- Borrowers with good or excellent credit may qualify for lower rates elsewhere
Read reviews of SoFi personal loans.
Best for competitive rates: LightStream
Why a LightStream personal loan stands out: LightStream has some of the lowest interest rates available when you sign up for autopay. Plus, if you qualify for a lower rate from another lender, LightStream will beat it when you meet certain requirements.
Pros
- Fast funding
- Wide range of repayment terms
- No fees
Cons
- High minimum loan amounts
- Good credit required
Read reviews of LightStream personal loans to learn more.
Best for small personal loans: Happen Bank (formerly LendingClub)
Why a Happen Bank personal loan stands out: Happen Bank offers personal loans as low as $1,000, making it a good choice for smaller expenses, such as paying for an emergency car repair.
Pros
- Co-borrowers allowed
- Wide range of repayment terms
- No prepayment penalty
- Direct payments to creditors for debt consolidation
Cons
- Origination and late fees
- Potentially high rates
Read reviews of Happen Bank personal loans to learn more.
How do I qualify for a personal loan?
To qualify for a personal loan, you must meet the lender’s requirements, which typically include a solid credit history, low debt-to-income ratio and reliable income. Not all lenders publish credit scoring requirements, but in general, the higher your scores, the more likely you are to qualify and receive a competitive rate.
Because requirements vary by lender, the only way to know for sure if you qualify is to apply, which will generate a hard credit inquiry that may reduce your credit scores by a few points. When you apply for a personal loan, be prepared to provide documentation to verify your identity, income, assets, and other debt payments, such as a copy of your identification, bank statements, pay stubs and loan statements.
Our methodology: How we pick the best personal loans
Credit Karma’s editors evaluate the best personal loans by reviewing key features of dozens of popular lenders. Those features fall into three important categories:
- Affordability: We start by checking if a lender’s rates are competitive: are they higher than average or are they lower than many competitors? From there, we analyze if fees — particularly an origination fee — may make your loan more unaffordable. Last, we’ll check if the lender offers rate discounts for items such as automatic payments that may reduce your rate.
- Customer-friendly features: Taking out a personal loan is a big financial commitment, so we prioritize lenders that make things easier for you. For instance, do they offer a wide range of loan amounts for people with different borrowing needs? Do they offer at least several loan terms to give you more flexibility with your monthly payment? And, crucially, can they fund your loan quickly? A lender will also get bonus points for offering direct payments for debt consolidation or other customer-friendly features.
- Transparency: We believe personal loan terms should be easy to find and decipher. Prequalification, which lets you check what rate you may qualify for without a hard credit inquiry, is particularly important. We also check to see if a lender has been recently penalized by regulators.
Estimate personal loan costs
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.
FAQs about Chase personal loans
Chase hasn’t said publicly why it doesn’t offer traditional personal loans. In general, banks decide which products to offer based on risk, demand and profit potential.
My Chase Loan is different from a personal loan because you don’t have to submit an application or undergo a credit check, and it doesn’t create a separate loan account. But it shares some characteristics with a personal loan, including a fixed interest rate, set repayment term and fixed monthly payments.
If you meet the lender’s eligibility criteria, you can get a personal loan from another lender. But some banks may only offer personal loans to existing customers.
Credit score requirements vary by lender. Typically, it’s easier to be approved with good credit scores. That means having a FICO® Score 8 or FICO® Score 9 of 670 or higher, or VantageScore® 3.0 or VantageScore® 4.0 of 661 or higher. You may still be able to qualify if your credit isn’t great, but you’ll likely be offered less-favorable terms.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.