Chase offers personal loans, auto loans, mortgages, home equity lines of credit, and business loans through its retail and commercial divisions.
Chase is one of the largest banks in the United States and makes money partly by lending it. The loans they offer fall into a few categories: loans for individuals (personal, auto, mortgage, home equity), loans for small businesses, and loans for larger commercial operations. Not every Chase branch offers every product, and availability depends on your location, credit history, and income.
The loan you can get depends on what you need the money for and how much you need. A personal loan from Chase might range from a few thousand dollars to $40,000 or more, depending on your creditworthiness. A mortgage can be much larger. An auto loan is tied to a car purchase. Each type has different terms, interest rates, and requirements.
Key Takeaways
- Chase personal loans are unsecured (you don't pledge collateral) and typically range from a few thousand to $40,000, with terms of 24 to 84 months.
- Chase auto loans are available for new and used vehicles, and the interest rate depends on your credit score, the vehicle's age, and the loan term you choose.
- Chase mortgages and home equity lines of credit require you to own a home and use it as collateral, which typically means lower interest rates than unsecured loans.
- Chase business loans include term loans, lines of credit, and equipment financing, and require business tax returns and personal financial statements.
- Interest rates and terms vary based on your credit score, income, debt, and the current market rate environment.
Personal loans from Chase
A Chase personal loan is unsecured, meaning you don't have to put up a house, car, or other asset as collateral. You borrow a lump sum and repay it in fixed monthly installments over a set period. Chase personal loans typically range from around $3,500 to $40,000, though the exact amount depends on your credit score, income, and existing debt.
The loan term (how long you have to repay) usually runs from 24 to 84 months. A shorter term means higher monthly payments but less interest paid overall. A longer term spreads the cost out but costs more in total interest. Chase publishes a range of rates, but your actual rate depends on your credit profile. Someone with a 750 credit score will pay less than someone with a 650 score.
To get a personal loan from Chase, you'll need to provide proof of income (recent pay stubs or tax returns), proof of identity, and permission for Chase to check your credit. The process is mostly online, and Chase typically gives you a decision within a few business days. If approved, the money can be deposited into your account within one to three business days.
Auto loans through Chase
Chase auto loans are available for new cars, used cars, and refinancing an existing auto loan from another lender. The loan is secured by the vehicle itself—if you stop paying, Chase can repossess the car. This is why auto loan rates are typically lower than personal loan rates: the bank has collateral.
The amount you can borrow depends on the vehicle's value, your credit score, and your income. Chase typically finances up to 100% of the vehicle's value for new cars and a lower percentage for used cars, depending on the vehicle's age and condition. Loan terms usually range from 24 to 84 months, though longer terms are available.
You can apply for a Chase auto loan before you buy the car (pre-approval) or after you've found the vehicle. If you pre-approve, you know your budget and rate before you shop. If you apply after, the dealer may also offer financing, and you can compare. Chase's rate depends on the vehicle's age, your credit score, and current market rates. A new car typically qualifies for a lower rate than a used car.
Mortgages and home equity products
Chase offers mortgages for home purchases and refinancing, as well as home equity lines of credit (HELOCs) and home equity loans. All of these are secured by your home, which means the interest rates are usually lower than unsecured loans because the bank can foreclose if you don't pay.
A mortgage is a long-term loan, typically 15 or 30 years, used to buy a home or refinance an existing mortgage. Chase offers fixed-rate mortgages (your rate stays the same for the life of the loan) and adjustable-rate mortgages (your rate changes after an initial period). The interest rate depends on your credit score, the size of your down payment, the loan term, and current market rates.
A home equity line of credit (HELOC) lets you borrow against the equity you've built in your home. You draw money as you need it, similar to a credit card, and pay interest only on what you've borrowed. A home equity loan is a lump sum you borrow all at once. Both require you to own a home with equity and to pass a credit check. Rates on HELOCs and home equity loans are typically lower than personal loans because your home is collateral.
Business loans and lines of credit
Chase offers several loan products for small and medium-sized businesses: term loans (a lump sum repaid over time), lines of credit (borrow as needed up to a limit), equipment financing (borrow to buy machinery or vehicles), and commercial real estate loans.
To get a business loan from Chase, you'll need to provide business tax returns (usually two years), a personal financial statement, proof of business ownership, and permission for a credit check on both you and your business. Chase also looks at your business's cash flow, how long it's been operating, and your industry. A brand-new business may not may have access to; most lenders want to see at least two years of history.
Interest rates on business loans vary widely depending on the loan type, the amount, the term, your personal credit score, and your business's financial health. A secured business loan (backed by equipment or real estate) typically has a lower rate than an unsecured line of credit.
How Chase determines your interest rate
Your interest rate is not the same as Chase's published rate. Chase publishes a range—for example, "personal loans from 6.99% to 20.99% APR"—but your actual rate depends on several factors. The most important is your credit score. A score of 750 or higher typically qualifies for the lower end of the range. A score below 650 may not may have access to at all, or may be offered only the highest rates.
Other factors include your income, how much debt you already carry, your employment history, and the loan amount and term you choose. Shorter terms and smaller loan amounts sometimes may have access to for better rates. Current market conditions also matter: when the Federal Reserve raises interest rates, all lenders' rates go up. When rates fall, lenders' rates fall too.
Chase will give you a rate estimate during pre-approval, but your final rate is locked in only after you formally apply and Chase completes a full credit check and verification of your income and assets.
What happens if you're denied
If Chase denies your loan application, they must tell you why under the Fair Credit Reporting Act. Common reasons include a low credit score, high existing debt, insufficient income, or a short credit history. You have the right to request a free copy of your credit report from the credit bureau Chase used.
If you're denied, you can ask Chase to reconsider, especially if you can provide new information (a recent raise, a paid-off debt, or an error on your credit report). You can also wait a few months, work on improving your credit score, and apply again. Alternatively, you can look at other banks or credit unions, which may have different lending standards. Some credit unions, for example, are more flexible with borrowers who have lower credit scores.
Frequently Asked Questions
Can I get a Chase personal loan with bad credit?
Chase typically requires a credit score of at least 670 to may have access to for a personal loan, though some applicants with scores in the 600s have been approved. If your score is lower, you may not may have access to, or you may be offered only the highest interest rates. Credit unions and online lenders sometimes work with lower credit scores.
How long does it take to get a Chase loan?
For personal and auto loans, Chase usually gives you a decision within a few business days of applying online. If approved, the money is deposited within one to three business days. Mortgages take longer—typically 30 to 45 days from application to closing, because the bank must order an appraisal and title search.
Can I pay off a Chase loan early without a penalty?
Chase personal loans, auto loans, and mortgages have no prepayment penalty, meaning you can pay them off early without extra fees. Paying early reduces the total interest you pay. Some home equity lines of credit may have early closure fees, so check your agreement.
What's the difference between a Chase personal loan and a credit card?
A personal loan gives you a fixed amount upfront and a fixed monthly payment. A credit card lets you borrow up to a limit and pay interest only on what you use. Personal loans typically have lower interest rates but require a credit check and approval process. Credit cards are easier to get but charge higher rates.
Do I need to be a Chase customer to get a loan?
No. You don't need an existing Chase checking or savings account to apply for a loan. However, having an account with Chase may make the application process slightly faster, and some banks offer better rates to existing customers.