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Chase Bank personal loan alternatives
Your next-best options for borrowing large amounts, debt consolidation and more.
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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
670
Min. Credit Score
Min. Credit Score
Varies
Starting APR
Starting APR
$100,000
Loan Amount
Loan Amount
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 0.5% APR 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.
- Highly competitive rates
- Rate Beat Program
- May be able to get your funds the same day
- No origination fee
- No customer service phone number
- No preapproval process
- Large minimum loan amount of $5,000
| Loan Amount | $5,000 – $100,000 |
|---|---|
| APR | Varies |
| Interest Rate Type | Fixed |
| Min. Credit Score | 670 |
| Min term | 24 months |
| Max term | 84 months |
| Turnaround Time | Varies |
Disclaimer
*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without Autopay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
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.
© 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.
*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without Autopay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
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.
© 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.
Best for fair credit: Upgrade Personal Loans
600
Min. Credit Score
Min. Credit Score
7.99%
Starting APR
Starting APR
$35,000
Loan Amount
Loan Amount
Upgrade may not have the lowest rates out there, but it accepts fair-credit borrowers with scores as low as 600. 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 $35,000, you likely wouldn't qualify for larger amounts anyways if you only have fair credit.
However, with a potentially high origination fee up to 6%, 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.
- Flexible loan options
- No prepayment penalty
- Quick turnaround
- Inflexible loan terms
- High origination fee of up to 6%
- Must have at least $1,000 left over after monthly expenses
- Stricter eligibility criteria for self-employed applicants
| Loan Amount | $1,000 – $35,000 |
|---|---|
| APR | 7.99% to 35.97% |
| Interest Rate Type | Fixed |
| Min. Credit Score | 600 |
| Min term | 36 months |
| Max term | 60 months |
| Turnaround Time | Up to 5 business days |
Disclaimer
Personal loans made through Upgrade feature APRs of 6.98%-35.89%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. 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 WebBank, Member FDIC.
Best for borrowing from a large national bank: Wells Fargo
Varies
Min. Credit Score
Min. Credit Score
5.24%
Starting APR
Starting APR
$100,000
Loan Amount
Loan Amount
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 5.24%, though its maximum APR is on the higher side at 20.24%.
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.
- No origination fee
- Multiple APR discounts available
- Coapplicants welcome
- Hefty late fee of $39
- Online application for current customers only
| Loan Amount | $3,000 – $100,000 |
|---|---|
| Interest Rate Type | Fixed |
| Min term | 12 months |
| Max term | 84 months |
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
Compare personal loan offers from banks
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 loans for specific uses.
Need to buy a car or trade in your current car loan? Consider looking into Chase’s auto loans.
Want to buy a home or refinance your mortgage? You might want to check out Chase’s mortgages.
Business owner? Look at a business term loan from Chase.
For all other expenses, there are always Chase 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
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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.
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