People need personal loans for a lot of reasons. And when this need arises, the first step is mostly to go to the bank.
Chase does not offer personal loans, despite being one of the biggest banks in the U.S.
They do participate in other types of financing, however, offering credit cards, mortgages, home equity lines of credit, auto loans, and business loans. Alternatives are needed.
Customers looking for additional funds for anything from debt consolidation to a home renovation have some alternatives to Chase when it comes to finding a personal loan.
Have you been looking for the best alternatives to the chase bank personal loans? Keep reading.
What is a Chase Bank Personal Loan?
Chase is a large multinational bank offering a wide variety of financial products. Chase bank is an American National bank that is mostly known for a range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans, and payment processing.
However, chase does not offer personal loans.
Why does Chase Bank not offer Personal Loans?
Surmising the reason for Chase not offering personal loans would be pure speculation.
But there’s at least one good reason why this might make sense from a financial perspective for Chase.
Personal loans are inherently risky from the lender’s standpoint, as they are unsecured.
Just like with a credit card, when you take out a personal loan, you are not offering up any collateral to pay that loan back.
Chase is essentially taking you at your word that you can pay back whatever you borrow, which is a risky bet for any bank.
That’s why personal loan interest rates can be quite high, particularly for those with low credit scores.
The risk management team at Chase has likely decided that the risk of offering personal loans outweighs the benefit of the bank.
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Best Alternatives to the Chase Bank Personal Loans
Banks are the first alternative when it comes to considering alternatives to the chase bank personal loans.
They offer relatively low-interest rates on personal loans, ranging between 6% and 25%. In addition, banks give you the chance to apply in person with a credit specialist.
The drawback of getting a personal loan from a bank is that they typically require higher minimum credit scores than other lenders, usually 660+.
Chase is not the only major bank with no personal loan offers, but there are still plenty of banks that do have them. Some of them are-
- American Express: 6.90%+ APR
- Barclays: 5.74%+ APR
- Discover: 6.99%+ APR
- Fifth Third Bank: 6.99%+ APR
- HSBC: 5.99%+ APR
- PNC: 5.99%+ APR
- Santander Bank: 6.99%+ APR
- TD Bank: 6.99%+ APR
#2. Credit Unions
Credit unions tend to have the lowest interest rates of all lenders. Federal credit unions have to cap their interest rates at 18% for most loans and credit cards, while state credit unions have caps set by the state.
In addition, credit unions also allow you to apply in person.
The only trouble with credit unions is that they usually only accept certain people- those who live, work or go to school in a certain area or are members of affiliated companies or organizations.
It is a great alternative to chase bank personal loans.
#3. Online Lenders
You can probably expect some of the quickest response and funding times with online lenders. However, they tend to advertise a wide range of interest rates.
A personal loan from an online lender could have an APR of anywhere from 6% to 36%. This is one of the best alternatives to Chase bank’s personal loans.
When you need a great personal loan option, LightStream checks a lot of boxes. Although the minimum loan limit is a bit high at $5,000, the top loan amount of $100,000 is one of the highest available from any provider.
Those looking for a long-term loan would be hard-pressed to find a better choice than LightStream, which offers personal loan terms as long as 12 years.
Perhaps most importantly, for those with top-tier credit, the 3.49% annual percentage rate offered is almost unheard of in the personal loan industry, where rates typically begin at about 7% and go upward from there.
This is one of the best alternatives to the chase bank personal loans
SoFi is a well-established direct lender is one of the best alternatives to chase bank personal loans.
It offers personal loans ranging from $5,000 to $100,000. While you must be employed to get approved, SoFi looks at more than just your score and debt-to-income ratio.
It also considers your education level, career, and estimated cash flow. This is good news for borrowers with less-than-perfect credit history. Its takeaways are-
- $30 billion in funded loans
- Loan amounts from $5,000 to $100,000
- Terms from 36 to 84 months
- Competitive interest rates (fixed and variable rates available)
- Community benefits
- Online prequalification with a soft pull
- No origination fees
- Choose from several loan choices
- Sign the loan terms electronically and have funds deposited into your account
- Service support is available seven days per week
- Considers more than just your debt-to-income ratios
- Temporarily pauses payments if members lose their job.
- Save 0.25% by setting up AutoPay.
Upgrade offers personal loans and lines of credit ranging from $1,000 to $50,000. While it does charge an origination fee on the loans, the company is more lenient when approving borrowers, having a minimum score requirement of only 620.
The company also aims to help people improve their financial situation by offering free financial monitoring, education features, and alerts. This is one of the best alternatives to chase bank’s personal loans.
Its take-away is-
- Over $33 billion in loans
- Loans from $1,000 to $50,000
- Low fixed interest rate
- You can apply online
- 36 and 60-month terms
- The loan will be distributed to your bank via ACH within one business day of acceptance and verification.
- A minimum score of 620 required
- Financial support resources
LendingClub is an online marketplace where borrowers can come to get loans funded by investors. It is one of the best alternatives to chase bank personal loans.
The platform has funded over $33 billion in loans, has over two million customers, and maintains a high average customer rating. Its takeaways are-
- $33+ billion in loans
- An online marketplace that connects borrowers and investors
- Competitive fixed-rate loans
- The loan will be deposited into your bank account
- You can apply online
Read Also: How to Activate Your Chase Debit Card
Prosper is another online lending marketplace that connects borrowers and investors. It has facilitated more than $12 billion in loans to more than 770,000 people.
It makes provisions for you to choose from either a three- or five-year term and borrow up to $35,000. With prosper,
- $12 billion have been funded
- You can apply online
- There are fixed interest rates
- Terms of 36 and 60 months
- Upon approval, the loan will be deposited into your bank account.
Avant being one of the best alternatives to the chase bank personal loans provide easy access to online personal loans up to $35,000.
It serves customers with credit scores ranging from 600 to 700, so it can be a good fit for those with average-to-good credit. The loan will be originated by Web Bank and serviced by Avant. Its highlights are-
- Loan terms begin at 24 months and go up to 60 months.
- You can apply online.
- You can e-sign your contract and have the money directly deposited into your account.
- Most clients have a score from 600 to 700.
LendingPoint is a lender that aims to help clients across the credit spectrum. If you keep getting denied, this online lender may be able to offer loan options to you up to $25,000. Lending point has
- Loaned to more than $500 million
- Has terms from 24 to 48 months
- You can receive compensation as soon as the next day
- Customers with scores in the 600s can be given loans.
- Considers more than your credit score
- Apply online without hurting your credit
This is one of the best alternatives to the chase bank personal loans
Rise is an alternative to chase bank personal loans. It offers better rates and terms on its products.
Borrowers with no credit history or bad credit can get approved for financial products like loans and lines of credit.
As a returning customer, you can get a discount on their APR. With Rise, you can-
- Apply online and get an instant decision
- The rise has solutions for people with bad or no credit
- Receive compensation as soon as the next day
- Loan amount, APR, and terms vary by state.
- Repayment terms up to 26 months
- Rates can decrease over time for returning customers.
OppLoans is a direct lender that targets borrowers with subprime credit and positions itself as a better alternative to payday loans that also offers attractive lower rates to this somewhat underserved client base.
While the rates and terms won’t be as favorable as other lenders on the list, the company will approve borrowers that the others won’t and get money in your pocket. OppLoans, is one of the alternatives to the chase bank personal loans have-
- Installment loans for borrowers with subprime credit
- Provision for applying online without hurting your credit
- Quick approvals
- Payday loan alternative-lower interest rate and longer repayment terms
- Great reviews from past customers
- Personal service
- Terms up to 36 months
Chase does not offer personal loans, even though it is one of the biggest banks in the U.S. However, they offer credit cards, mortgages, home equity lines of credit, auto loans, and business loans.
They are a great financing option with much lower interest rates than other avenues. But, since they are a riskier investment, some of the larger financial institutions like Chase don’t offer personal loans.
You can get a small personal loan by finding and applying with a lender that is a good fit for you. Many lenders now allow you to apply online without hurting your credit score. If you are approved and agree to the terms, you can often get funds transferred to your bank account within one business day.
Many online lenders have cropped up in recent years, so getting a personal loan is easier than ever before. Companies are catering to almost the entire credit spectrum. On top of that, these types of loans offer a better alternative to credit cards since they don’t trap you in the revolving debt cycle. These online options have made applying and getting approved for a loan easier than sending an email.
A. Yes. What you do with your loan depends on you. A personal loan is a good application for these debts. Finding and applying to the right lender is key. It all comes down to the APR, or the annual interest percentage rate you can lockdown.
These are the best alternatives to chase bank personal loans. By applying with the right lender you can secure funding at a lower APR. Save yourself a ton of money and boost your credit by paying off your high-interest balances with your lower-interest personal loan.
Check all the requirements of each lender before you go on to take a loan from them. I hope reading this has been enlightening.
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