As one of the largest banks in the US, Chase Bank is also a leading provider of home, business and auto loans. But with stricter eligibility requirements and a limited selection, it may not have everything you’re looking for.
What types of loans does Chase offer?
Chase offers home, business and auto loans ranging from $5,000 to $5 million to cover your financial needs.
- Business term loans. Used by lenders to consolidate business debts or purchase equipment and goods, these loans have terms that range from one to seven years. But if a term loan isn’t what your business needs, Chase also offers a variety of other loans that could work for you.
- Auto loans. With Chase, you can finance a new or used car, or refinance an existing auto loan. Terms last between 48 to 72 months, and you can borrow up to $100,000 for your vehicle. Use Chase’s online calculator to estimate payments and rates based on your creditworthiness and the type of car you’re financing.
- Mortgages.Chase offers mortgage loans to qualified borrowers. You can opt for either a fixed- or variable-rate plan, with typical rates ranging between 3.25% to 4.00%. You may only need to make a down payment of 3% — thought it could be higher — but you’ll have to pay a steep application fee of $395.
- Home equity line of credit. You can borrow up to $500,000 with a Chase home equity line of credit (HELOC). Your APR could be as low as 5.75%. The draw period lasts up to 10 years and is followed by a 20-year repayment period. And you may even qualify for a rate discount of up to 0.62%.
Does Chase offer student loans or personal loans?
No. When you borrow from Chase, you have a limited selection of loan products to choose from. It doesn’t offer:
- Student loans. Chase stopped financing student loans in 2013. If you have a previous student loan through Chase, it is now serviced by Navient. For alternatives, compare these top student loan providers similar to Chase.
- Personal loans. Like many large banks, Chase doesn’t offer personal loans. If you’re interested in taking out a secured or unsecured personal loan, check out these alternatives to Chase.
Compare Chase loans to other lenders
Why should I consider taking out a loan with Chase?
- High maximum loan amounts. Depending on the loan and your financial background, you could be eligible for a loan from $5,000 to $5 million.
- Joint applications. Chase accepts joint applications for many of its loan products and may approve you based on your combined income and credit.
- Easy online preapproval. When you fill out your online application, you’ll be able to see an estimate of how much you can borrow before completing a full application.
- Customer discounts. Existing Chase customers may be eligible for a 0.25% discount off interest rates on auto loans and lower rates on mortgages. And with some products, you may even be able to score a discount for automatic payments.
Where does Chase fall short?
- No personal loans. You can’t use Chase to consolidate your debt or take out a loan for personal use. Instead, you’ll have to rely on Chase’s credit card options if you need personal credit.
- Potentially high rates. Not everyone qualifies for competitive rates. If you have poor credit, you likely won’t receive the interest or terms you may be able to find elsewhere. And because of Chase’s requirements, you might not even qualify at all.
- Subprime reviews. Chase doesn’t receive the type of glowing response we’d expect from a bank that’s been around for nearly 200 years. This likely has something to do with its involvement in the subprime mortgage crisis and its out-of-date customer service techniques.
- Limited state availability. Not all of Chase’s loan products are available in all states. And if you prefer applying for a loan in person, Chase only has branches in 31 states.
Where does Chase have branches?
Chase only has branches in the following states:
- District of Columbia
- New Jersey
- New York
- Rhode Island
- West Virginia
How much will it cost me to borrow with Chase?
After you apply for a loan, Chase calculates your interest rate based on your credit score, credit history and other factors. Chase then provides a loan estimate that itemizes your loan’s total cost, including the interest rate, fees, loan terms and other important details. The final cost will depend on your overall creditworthiness and other factors, including your income and current outstanding debt.
Are Chase loans safe?
Yes. Chase uses 128-bit encryption, which scrambles your information to make it more difficult for hackers to intercept. It has a whole page dedicated to your privacy and security, which details how Chase keeps the data you enter on its website private. In addition, there are also resources on what you can do to remain safe while browsing online.
If you encounter any problems with the website or application, you can call Chase’s customer service team.
What do other borrowers have to say about Chase?
Chase’s online reputation isn’t great. Remember the subprime mortgage crisis? JP Morgan Chase & Co. was involved. In 2013, it reached a $13 billion settlement over its mortgage practices. That settlement doesn’t have much to do with loans it directly offers, but its reputation as a financial institution hasn’t totally recovered.
That might explain why it’s not accredited with the Better Business Bureau — alarming for such a large bank and gets an F rating based on over 200 customer reviews. And as of January 2019, it only has a 2.5 out of 10 on Trustpilot. Only one-third of borrowers rate it “Excellent,” while over half rate it as “Bad.”
Many reviewers complained about issues making repayments and didn’t like its frustratingly archaic way of dealing with problems. Its customer service got lukewarm reviews at best. Many reviewers felt Chase didn’t care enough about them and stated they’d be taking their business elsewhere.
How to apply for a loan with Chase
The process varies by loan type, but you can follow these general steps:
- Visit Chase’s website and select the loan you’re interested in.
- Log in or create a Chase online banking account.
- Provide your personal contact information and date of birth.
- Describe the type of real estate or car you intend on purchasing or provide information about your business.
- Provide financial information.
- Arrange a meeting with a banker to complete your application.
To be eligible for a Chase loan, you must be:
- Have good to excellent credit.
- Be a US citizen or permanent resident.
- Be at least 18 years old.
You might have trouble qualifying if you’ve had any past bankruptcies, repossessions, foreclosures or other negative lines on your credit report. If you do have negative marks on your credit history, you must be able to show that you’ve consistently worked to rebuild it.
Applicants who are unsure about their chances of approval might want to take on a cosigner with a strong credit history.
I got the loan. Now what?
Depending on what type of loan you took out, there might be a few more steps you need to take. If you have a mortgage, you might need to purchase a home; if you have a car loan, you might need to go buy a car. Your point of contact at Chase should be able to walk you through these final steps.
Once your money is disbursed, you can set up automatic payments from your personal or business bank account. Keep an eye on your account and your loan’s balance, and contact customer service if you notice anything out of the ordinary. Chase’s general customer service line is 800-935-9935, but you can also meet with your point of contact at Chase if you have any questions.
Try to pay more than your loan minimum each month, which will lower the term length and see you paying less money on interest in the long run.
I didn’t get a Chase loan. What do I do?
First, find out why your application was rejected: The typical problem areas are your credit score, income or debt, but it’s also possible you may have made a mistake during the application process. Take steps to pay off your debts, improve your credit score and look into other sources of income if you want to cover all your bases.
Bank loans are more difficult to qualify for than ever. Instead of reapplying with Chase, you might want to look at other lenders that might be more lenient, like credit unions and online lenders. And if you need a loan quickly but don’t have time to improve your score, you can also consider some bad credit personal loan options to see if they fit your needs.
Chase may be able to quickly get you the money you need for a car, your small business or a new home. However, if your credit isn’t ideal, you may pay higher interest rates on these loans — or not qualify at all. And if you want a personal loan or student loan, you’ll have to visit another lender.
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