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Charles Schwab Pledged Asset Line review
Access funds from your Schwab investment portfolio with this line of credit.
- Best for borrowers with at least $100,000 in eligible assets in a Charles Schwab account.
- Pick something else if you don't want to risk your investments for a line of credit.
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$20,000,000
Max. Loan Amount
Varies
APR
Min. credit score
Details
| Min. Loan Amount | $100,000 |
|---|---|
| Loan Amount | $20,000,000 |
| APR | Varies |
| Interest Rate Type | Variable |
| Min. credit score | |
| Late Fee | $25 |
| Loan term | No data available |
Review by
Kellye Guinan
kellye.guinan@findercrew.comKellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University.
Expert review
A Pledged Asset Line from Charles Schwab is ideal for current customers looking to take advantage of their investments without selling them. You can borrow against up to $20 million in investments held in a Pledged Account. There are no set-up fees, and your line will have a flexible repayment schedule with no set term.
But there are inherent risks to borrowing against your assets, and with a minimum loan amount of $100,000, this isn’t a good option if you just need access to a small amount of funds. Charles Schwab also reserves the right to change your interest rate at any time without notice.
Not sure you want to use your Pledged Account as collateral? Compare your unsecured personal loan options below.
You can’t get a personal loan from Chase. But you might find rates, terms and loan amounts close to what Chase might have offered with lenders like LightStream, Upgrade or Wells Fargo. Wells Fargo gets you the large national bank experience, while LightStream and Upgrade have more streamlined applications and flexible credit requirements.
Why doesn’t Chase offer personal loans?
Like several other big banks, Chase doesn’t currently offer personal loans. This could be because a lot of banks simply find that general personal loans just can’t make them that much money anymore — especially since the 2008 financial crisis brought on new, more costly regulations. You can still get car loans, home loans and business loans through Chase, however.
It could also be that Chase is focusing on its strengths: credit cards, car loans and mortgages. Credit cards in particular are its strong suit, with nearly 25 options ranging from cards that can help you rack up miles on your favorite airline to a card that lets you earn points every time you buy a cup of coffee.
How did we choose these lenders?
To help you find the best alternative to Chase, we picked two personal loans backed by banks. These offer competitive terms for borrowers with good to excellent credit. For borrowers with fair credit, we selected a well-known online provider with a large national reach to ensure borrowers across the US have access to funding.
Best for debt consolidation
LightStream personal loans
4.8 / 5 ★★★★★
As the lending arm of SunTrust Bank, LightStream's low potential rates and maximum loan amount of $100,000 makes it a solid choice for consolidating debt. It's also one of the few lenders that offers a rate beat program on top of a discount for signing up for autopay. However, you'll need good to excellent credit to qualify. And it's not ideal for borrowing smaller amounts — its loans start at $5,000.
- Available in all states
*Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of 3 years would result in 36 monthly payments of $303.99.
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Truist Bank is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Pros
- Highly competitive rates
- Rate Beat Program
- May be able to get your funds the same day
- No origination fee
Cons
- No customer service phone number
- No preapproval process
- Large minimum loan amount of $5,000
| Loan amount | $5,000 to $100,000 |
|---|---|
| APR | 7.49% to 25.49% |
| Interest Rate Type | Fixed |
| Min. credit score | Good to excellent credit |
| Turnaround Time | As soon as same day |
| Maximum Loan Term | 12 years |
| Minimum Loan Term | 2 years |
| APR | 7.49% to 25.49% |
|---|---|
| Min. credit score | Good to excellent credit |
| Loan amount | $5,000 to $100,000 |
Best for fair credit
Upgrade personal loans
4 / 5 ★★★★★
Upgrade may not have the lowest rates out there, but it accepts fair-credit borrowers with scores as low as 620. It's also available in 45 states, which gives it the same reach as national banks like Chase. And while you can only borrow up to $50,000, you likely wouldn't qualify for larger amounts anyways if you only have fair credit. However, with a potentially high origination fee up to 9.99%, it could get pricey. It's also not the fastest lender out there — it could take up to five days for the funds to reach your bank account.
- Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.
Pros
- Flexible loan options
- No prepayment penalty
- Quick turnaround
Cons
- Inflexible loan terms
- High origination fee of up to 9.99%
- Must have at least $1,000 left over after monthly expenses
- Stricter eligibility criteria for self-employed applicants
| Loan amount | $1,000 to $50,000 |
|---|---|
| APR | 8.49% to 35.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 620 |
| Turnaround Time | 1 to 4 business days |
| Maximum Loan Term | 7 years |
| Minimum Loan Term | 2 years |
| APR | 8.49% to 35.99% |
|---|---|
| Min. credit score | 620 |
| Loan amount | $1,000 to $50,000 |
Best for borrowing from a large national bank
Wells Fargo personal loans
3.6 / 5 ★★★★★
Wells Fargo is a national bank like Chase, and its personal loans are some of the most competitive out there. It offers both secured and unsecured options, as well as lines of credit for borrowers with good to excellent credit. Rates start at a relatively low 5.99%, though its maximum APR is on the higher side at 24.49%. If you're a current customer with a qualifying account, you could even score an autopay and loyalty discount up to 0.5%. And while it offers an online application to existing customers, you'll need to visit a branch to apply in person if you don't have a Wells Fargo account.
- Available in all states
Pros
- No origination fee
- Multiple APR discounts available
- Coapplicants welcome
Cons
- Hefty late fee of $39
- Online application for current customers only
| Loan amount | $3,000 to $100,000 |
|---|---|
| APR | 7.49% to 23.24% |
| Interest Rate Type | Fixed |
| Min. credit score | Varies |
| Turnaround Time | As soon as 1 business day |
| Maximum Loan Term | 7 years |
| Minimum Loan Term | 1 year |
| APR | 7.49% to 23.24% |
|---|---|
| Min. credit score | Varies |
| Loan amount | $3,000 to $100,000 |
What other banks offer personal loans?
A few other major banks around the US that offer personal loans includes:
- HSBC— borrow between $3,000 and $50,000
- Citibank— borrow between $2,000 and $50,000
- TD Bank— borrow between $2,000 and $50,000
Does Chase offer any similar loans?
Sort of. While you can’t get a multi-use personal loan from Chase,the bank offers other types of loansfor specific uses.
Need to buy a car or trade in your current car loan? Considerlooking into Chase’s auto loans.
Want to buy a home or refinance your mortgage? You might want tocheck out Chase’s mortgages.
Business owner? Look at abusiness term loan from Chase.
For all other expenses, there are alwaysChase credit cards. Since these tend to come with higher APRs than your typical personal loan, you might want to restrict it to small expenses or take out a new card that offers a 0% introductory APR, like its Freedom or Slate cards.
Compare more personal loan options
1 – 6 of 6
Bottom line
Chase might not offer personal loans, but there are other options out there that might better fit your needs. If you’d like to keep your finances with this bank, you might want to go for one of Chase’s other loan or credit card options.
If you’re open to other providers, you might want to consider applying for a personal loan with an online lender instead. To learn more about personal loans and find a lender that works for you, visit our personal loans guide.
Frequently asked questions
Charles Schwab Pledged Asset Lines is not currently available on Finder
Have you considered Best Egg personal loans?
Fast and easy personal loan application process. See options first without affecting your credit score.
- Fast turnaround
- Transparent website
- Stellar customer reviews
- Available to residents of 47 states
