Chase Bank Personal Loan: Best Alternative Lenders

Chase Bank personal loan is a highly reputable loan offered and one that a lot of consumers are searching for. The good news is that there are many highly respected lenders you can choose from to secure Chase Bank personal loans, however, Chase Bank is not one of them.

Chase Bank Personal Loan

Chase Bank Personal Loan

Chase Bank is one of the most respected financial institutions in the country. Unfortunately, Chase doesn’t grant personal loans, even if you have impeccable credit.

If you’re looking for a Chase Bank personal loan, you may qualify for one of their best personal loans from another bank, credit union, or online lender.

We’ve rounded up some alternatives to Chase that you can consider if you’re in the market for a personal loan.

Types of Loans Offered by Chase Bank

As one of the biggest national bank chains, Chase handles many customer needs, including loans. Chase offers:

  • Mortgages
  • Home Equity Lines of Credit
  • Car loans
  • Credit cards
  • Commercial lines of credit
  • Business equipment financing

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.

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.


Chase Personal Loans From Alternative Lenders

Chase Bank Personal Loan

Although Chase doesn’t offer unsecured personal loans, many of the other largest brick-and-mortar US banks do.

If you’re looking for a personal loan and prefer to work with a traditional bank, consider these:

Wells Fargo Personal Loans

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 of up to 0.5%.

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.

LightStream Personal Loans

As the lending arm of SunTrust Bank, LightStream’s low potential rates and a maximum loan of $100,000amounts of $100,000 make it a solid choice for consolidating debt.

It’s also one of the few lenders that offer a rate beat program on top of a 0.5% APR discount for signing up for autopay.

But like with Wells Fargo, you’ll need good to excellent credit to qualify. And it’s not ideal for borrowing smaller amounts, its loans start at $5,000.

Upgrade Personal Loans

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 $50,000, you likely wouldn’t qualify for larger amounts anyway if you only have fair credit.

However, with a potentially high origination fee of 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.

US Bank Personal Loans

A US Bank personal loan could be a suitable choice if you’re an existing customer and want to take out a personal loan from the same institution where you already do your banking.

The bank delivers perks to its existing customers, including funding time as short as a few hours.

You can borrow as little as $1,000 from U.S. Bank, and the bank delivers competitive personal loan interest rates.

Citi Personal Loans

Citi personal loans hold competitive interest rates and no origination fees. They may be among your best options if you have excellent credit.

However, you’ll need to have a Citi deposit account open for at least 12 months, as well as an annual income of at least $10,500, to qualify for a Citi personal loan.

Citi personal loan amounts vary between $2,000 to $30,000, and APRs vary between 9.49% to 20.49% APR, depending on your credit score and other financial factors.

SoFi Personal Loan

SoFi personal loans can be a superb choice if you have a high credit score. They come with perks like unemployment protection, and no fees are demanded.

However, with a span of $5,000 to $100,000, the minimum loan amount available is high compared with many other online lenders. 

SoFi’s APRs vary between 8.99% – 25.81% fixed (with all discounts). However, only borrowers with exceptional credit scores will qualify for the lowest rates.

Avant Personal Loan

An Avant personal loan could be the ideal pick for you if you have a lower credit score and need to receive your loan money quickly.

With them, you’ll generally get your funds the day after your application is approved. 

Avant presents some of the best personal loans for bad credit. But remember, the lower your credit score, the more you’ll pay in interest.

Avant’s APRs vary between 9.95% to 35.99%. You can also borrow from $2,000 to $35,000 with an Avant personal loan.


How to Apply for a Chase Bank Personal Loan

Chase Bank Personal Loan

To apply for a Chase personal loan you should visit the website of the company you’ll be getting the loan from.

To allow the company can research your credit history, you’ll need to provide some identifying information, such as:

  • Name
  • Address
  • Date of birth
  • Proof of identity, such as a driver’s license
  • Social Security number
  • Annual income
  • Proof of income, such as bank statements
  • Verification of employment

The loan company will take all of the information you provide and decide whether to give you the loan.

The information will also be used to determine the interest rate you’ll pay.

While it seems like a lot of information to gather, it’s often the case that the less information a lender requires, the more expensive the loan.

That’s because more information lets a lender accurately analyze your risk of defaulting on the loan.

Lenders that can’t analyze the risk effectively charge more to compensate for that.

In conclusion, Chase Bank 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.

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