Learn How to Apply for Chase Bank Personal Loan

What do I need to know before applying for a loan with Chase Bank Personal Loan?

My Chase provides personal loan options starting at $500, with the borrowing limit determined by the spending habits and creditworthiness of the bank’s credit card customers.

Chase introduces a distinct form of unsecured personal loan known as My Chase Loan, designed to eliminate the need for collateral such as assets or real estate.

Essentially, funds from My Chase Loan are sourced from the available credit on the customer’s existing credit card.

Given that Chase’s various credit card lines come with their own monthly spending limits, customers can access these funds as a personal loan when their credit line has available funds.

The minimum withdrawal amount directly into the account is $500, while the maximum depends solely on the customer’s available credit line.

Chase’s platform does not explicitly outline the specific APR fees but assures customers that they are generally lower than the standard purchase APR applied to the account.

Typically, APR rates range between 8.99% and 29.99%, reflecting market norms in North America.

One notable feature of My Chase Loan is that cardholders can continue using their credit cards without any disruption even after obtaining a personal loan, as long as there is available credit.

To ensure uninterrupted card usage, it’s advisable not to utilize the entire credit line for the loan, as the card will still be needed for other transactions.

If you think My Chase Loan can help you in life, keep reading the article.

Who can Apply?

Since the personal loan is sourced from the credit card line, the primary eligibility criterion for the service is being a holder of a Chase credit card.

Moreover, the bank adheres to standard market requirements, including being at least 18 years old and maintaining good standing in the country, whether as a native-born American or a foreigner with a valid work visa.

It’s worth noting that these prerequisites are typically assessed during the credit card application process itself.

It’s important to recognize that the credit line may not always be accessible for the loan, as it considers various factors such as account activity and the financial capacity of the cardholder.

Thus, even if you possess one of Chase’s cards, approval for the loan is contingent upon the bank’s offer and availability.

How do I Apply for the Chase Bank Personal Loan?

The procedure for applying for a personal loan with Chase sets it apart from other companies offering similar services.

Furthermore, there’s no requirement to complete any application forms.

Instead, to initiate the loan process, you must access your card account via the desktop version of the website or the Chase mobile app.

Once in your account overview, you can select the option for My Chase Loan, which guides you to a menu where you can choose the loan amount and repayment term.

During this stage, you’ll receive all the pertinent loan details, including the available amount, total APR rate, repayment period, and fixed installment amount.

In the event of any issues, you have the option to contact Chase’s customer service via the platform or the app.

More Details

Once all contract details are finalized, you can expect to receive the funds in your bank account within 1 to 2 business days.

Chase does not impose origination fees or prepayment penalties, and borrowers can expect prompt deposits of funds into their bank accounts.

Repayment periods vary depending on individual agreements but usually span from 12 to 60 months. Therefore, it is possible to repay the loan at fixed rates over a period of up to 5 years.

Overall, Chase’s service is highly customized, saving time by bypassing the need for extensive applications or credit checks.

Want to learn about another option?

Wells Fargo is highly proficient in its financial services, offering loans of up to $100,000 for current customers of Wells Fargo plans.

The service is efficient and features advantageous payment terms. You can learn more about how to apply.

Written by

Gabriel Gonçalves