Chase doesn’t offer personal loans, here are your next best options.
One of the reasons why people like working with banks so much is that they let you keep all of your finances in one place. Which is why you might be surprised to learn that Chase is one of several large banks that doesn’t offer personal loans. We take you through some alternatives — both in and outside of Chase — to help you find the most suitable lender for your needs.
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.
3 best Chase personal loan alternatives
Chase might not have personal loans, but that doesn’t mean you’re completely out of options. Instead of applying with a big-name bank, you might want to consider borrowing from an online lender. That’s because banks typically take a long time to process your application and can come with tight credit requirements. Online lenders generally have a simpler application and some will work with all credit types.
Best for a simple online application: LendingClub
LendingClub is one of the first peer-to-peer (p2p) lenders that popped up in the US. Instead of funding the loan itself, LendingClub acts as a platform that connects borrowers with investors. All you have to do is fill out a quick online application to get a risk-free rates quote. If you like what you see, you can continue with your application. It can take up to seven days to get your funds.
You can use your LendingClub personal loan for almost any legitimate expense — except paying for school. Like with most lenders, you need good or excellent credit to get the most competitive rates. It’s also not available in Iowa or West Virginia.
- How much you can borrow: $1,000 to $40,000
- APR: 6.95% to 35.89%
- Loan term: 3 to 5 years
- Eligibility: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.
Best for borrowers with good credit: Prosper
Like LendingClub, Prosper is one of the first p2p lenders in the country. You can use its personal loans for just about any legitimate expense, including moving other types of debt into one place with more favorable rates and terms.
You’ll need established credit to qualify. Prosper requires borrowers to have at least three accounts on their credit report to be eligible for a loan. Prosper also isn’t available to residents of Iowa, North Dakota or West Virginia.
- How much you can borrow: $2,000 to $40,000
- APR: 6.95% to 35.99%
- Loan term: 3 or 5 years
- Eligibility: Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
Best for established professionals: SoFi
Looking for a lender that offers more than just a loan? SoFi could be what you’re after. This lender offers borrowers career advice, wealth management services and lets you temporarily stop making payments if you lose your job. Through its entrepreneur program, you can also apply for seed investments and get access to resources to help make sure your company’s a success.
SoFi tends to have relatively strict credit and income requirements for an online lender, however. This loan might not be for you if you’ve just finished school and have a low-paying job.
- How much you can borrow: $5,000 to $100,000
- APR: Fixed rates from 7.49% to 15.49% ; variable rates from 6.74% to 13.04%
- Loan term: 2 to 7 years
- Eligibility: Ages 18+, US citizen or permanent resident
What if I want to get a personal loan from another bank?
You can apply for a personal loan from another bank that offers it. Three major US banks that still offer general purpose personal loans include:
- Wells Fargo — borrow between $3,000 and $100,000
- Citibank — borrow between $2,000 and $50,000
- TD Bank — borrow between $2,000 and $50,000
SunTrust Bank also offers personal loans through LightStream, an online brand tailored to people with excellent credit.
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
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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