How hard is it to get a personal loan from Chase Bank?
Even if you have Chase credit cards, a Chase mortgage, and Chase bank accounts in good standing, you can't get a personal loan through Chase. Fortunately, you have many personal loan lenders to choose from.
Average credit score required for a personal loan
0® of at least 660 and a FICO® score of around 670. Don't know your score off the top of your head? No problem.
What is the minimum and maximum amount of money I can request for My Chase Loan? The minimum amount you can request for My Chase Loan is $500. The maximum amount you can request can vary based on your monthly spending, creditworthiness and other factors.
You will almost certainly have no problems qualifying for a $5,000 personal loan if you have a strong income and good credit. However, you may struggle to get approved if your income is inconsistent, you have a low credit score, or you have a considerable amount of debt already.
My Chase Loan: This nifty option for existing Chase credit card holders can be approved in as little as 1-2 business days. Think of it as the express lane of loan approvals. Just remember, it's only available to eligible cardmembers.
You can't get a personal loan from Chase Bank, but you have other options if you need to borrow money. Rae Hartley Beck is a Credible authority on personal finance. Her work has been featured in Bankrate, MoneyWise, and Investopedia.
Chase credit card approval odds are best for people with a credit score of 700+. That means you'll need at least good credit to be approved. Chase credit card approval odds will also be influenced by the applicants' annual income and existing debts.
Your credit score can dip a few points when you formally apply for a personal loan, but missed payments can cause a more significant drop. Getting a personal loan will also increase the amount of debt you owe, which is one of the factors that make up your credit score.
My Chase Loan is a feature of Chase credit cards that provides a loan using a portion of a card's existing, available credit limit and get the cash needed for life's planned and unplanned expenses. There's no application, credit check or new account to manage.
You can pay off your My Chase Loan balance early without any penalties by paying your statement balance in full.
How much do you pay a month on a $5000 loan?
| Loan duration | Average monthly payments ($5,000 loan) | |
|---|---|---|
| Poor credit | Excellent credit | |
| 1–12 months | $472.05 | $437.59 |
| 13–24 months | $323.27 | $230.60 |
| 25–36 months | $203.35 | $159.58 |
- Upgrade: Best for poor credit.
- Prosper: Best for peer-to-peer lending.
- LendingPoint: Best for long repayment terms.
- Upstart: Best for thin credit.
- Avant: Best for fair credit.
- Oportun: Best for small loans.
- LendingClub: Best for co-borrowers.
- SoFi: Best for discounts.
| 8.00% | 12.35% | |
|---|---|---|
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time | $224.22/month, $3,453.03 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time | $178.40/month, $4,985.98 in interest over time |
How long does it take for an application decision to be made? Generally within 14 days of submitting your credit card application, you should receive a decision or a follow-up on your application. It can also take as little as an hour.
To qualify for a personal loan, borrowers generally need a minimum credit score of at least 580 — though certain lenders have even lower requirements than that. However, your chances of getting a low interest personal loan rate are much higher if you have a “very good” or “excellent” credit score of 740 and above.
Getting approved for a personal loan generally takes anywhere from one day to one week. As we mentioned above, how long it takes for a personal loan to go through depends on several factors, like your credit score. However, one of the primary factors that will affect your approval time is where you get your loan from.
There are many reasons why a lender could deny a personal loan application, such as a low credit score or a high DTI ratio. Or you might have requested to borrow more money than the lender thinks you can responsibly handle based on your income and other financial obligations.
| Bank | Approval Time | Interest Rate |
|---|---|---|
| CIMB | 1 day upon complete submission* | 4.38% - 19.88% p.a. |
| Maybank | 1 day upon complete submission* | 6.50% - 8.00% p.a. |
| RHB | 1 day approval and disbursem*nt* | 8.59% - 13.76% p.a. |
| Alliance Bank | 1 day under "Same Day Cash"* | 4.99% - 16.68% p.a. |
| Company | Forbes Advisor Rating | Loan amounts |
|---|---|---|
| U.S. Bank | 3.5 | $1,000 to 50,000 to existing U.S. Bank customers (up to $25,000 for noncustomers) |
| TD Bank | 3.5 | $2,000 to $50,000 |
| Discover | 3.5 | $2,500 to $40,000 |
| Wells Fargo | 3.5 | $3,000 to $100,000 |
Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.
What credit score do you need for Chase Bank?
Chase does not formally require a certain credit score for its credit cards. That said, it is one of the more premium card issuers. For most Chase credit cards, you need at least good credit to be approved, which is a credit score of at least 670.
If you have received a bonus for a Chase Sapphire Preferred® Card or Chase Sapphire Reserve® within the past 48 months, you cannot earn a new cardmember welcome bonus on a new Sapphire card. Period.
Requirements to receive a personal loan
This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.
Chase Bank does not offer personal loans. However, for other loan types like mortgages, auto loans or HELOCs, approval depends on several factors, including credit score, income, debt-to-income ratio and loan amount.
The amount you can borrow with a personal loan varies by lender and typically ranges from $250 to $100,000. Lenders consider factors like your credit score, income and outstanding debt to determine whether you qualify and how much you can borrow. Before applying, review your budget to see how much you can afford.
