Chase Loan: Chase Personal Loans Information
Chase Bank is a large bank that offers many different types of financial services, including personal loans.
A personal loan is usually an unsecured loan that you can apply for at a bank like Chase.
Personal loans can be used for any reasons, like catching up on late bill payments, paying back a friend, or buying an expensive toy.
Today, I want to talk about Chase loans, and more specifically, Chase personal loans.
How Do You Get A Personal Loan With Chase?
For a bank that offers just about everything you would need in financial services, I found it a bit odd that there isn’t any straight forward information on their website about getting a personal loan.
A personal loan is one of the most common types of loan, which made this even more confusing. I searched and searched and still found nothing. From what I can tell, it looks like you’ll need to go into a Chase branch to apply for a personal loan. It doesn’t look like you can get a personal loan from Chase by applying online.
Chase also has other loan options besides personal loans. I recommend getting these other types of loans instead of a personal loan if that’s the actual type of loan you need. I talk more about them a little down below.
Steps To Obtaining A Chase Personal Loan
Before you apply for your loan, there are some steps you need to take. Basically, Chase won’t lend out money to everyone. For loans, it all comes down to risk. If they feel you are too unlikely to pay back the loan, they won’t lend you money.
To make sure you’re able to secure a loan, you’ll want to make sure you have the following steps completed before you go to Chase.
1. Know what your credit score is – The higher your credit score is, the lower your interest rate will be, and the more likely it is that you’ll receive a loan from Chase. People with higher credit scores are statistically more likely to pay back loans. Therefore, financial institutions like Chase are more willing to lend these people money and also lend them money with lower interest rates.
If you have a high credit score and you know this to be true (because you’ve checked it recently, for example) then you’re good to go.
If you have a low credit score, say less than 650, then you are in an area where you could be rejected from a Chase personal loan. This is based on the general average of where typical lenders begin to shy away from borrowers. I recommend improving your credit score first before obtaining a loan. Not only will you get better interest rates, you’ll be more likely to get approved for a loan. Click here to learn how to improve your credit score.
If you do not know your credit score, I recommend finding out what it is before you apply for a loan. This way, you’ll know if lenders are giving you a reasonable interest rate for the credit worthiness you have, and also it eliminates the chance of you damaging your credit score too much by needlessly applying for loans you will not get approved for if you have a credit score that isn’t good enough for a personal loan.
2. Determine your annual income – a big factor in determining how much money you will be loaned is how much money you make. You will need to show them proof of how much you make per year and if this income is received regularly. A few weeks of recent pay stubs can usually be enough to prove this.
3. Determine how much money you need – You don’t want to walk into a Chase location and just say I need money how much can you give me! That sound sketchy and nobody really does that. You’ll want to ask for a personal loan and say how much you want and also state why you need it. Banks need to trust you and they will trust you if you make sense.
Also, I recommend only applying for the amount of money you need and not borrow extra money just because you can. Remember, this is debt and you must repay it back some day, with interest I might add.
Chase Bank Personal Loans For Bad Credit
Like any good bank, Chase will consider applications from all people, good or bad credit.
If you have bad credit, you probably already know that it makes it harder for you to get a bad credit Chase personal loan.
I recommend the following things to help you secure a loan with Chase:
- Check your credit score – I mentioned it above, but if you have a super poor credit score, you don’t want to apply for a conventual personal loan. You won’t get approved. There are lenders who specialize in lending money to people with bad credit, called subprime lenders
- Borrow less money – the less money you borrow, the less risk the bank needs to take. Banks are more comfortable lending less money to people with poor credit. Consider borrowing less money if that suits your situation
- Talk to a Chase financial representative – The best thing to do is give Chase a call or visit them in person to ask about personal loan options for bad credit
Other Chase Loan Options
Personal loans with Chase are used for any general reasons, like paying for the costs to renovate your home or to put your child in daycare.
If you are looking for other specific type of loans, you should apply for those instead of a personal loan.
Here are links to other loan options offer by Chase:
If you specifically need to borrow money for the reasons above, then don’t get a personal loan. Get the type of loan above. I recommend going into a Chase branch to speak with a financial representative. They will fill you in on how to get these loans and help you figure out how to get you these loans.
A Brief History Of Chase Bank
You’ve seen Chase locations all over America. They are super popular and have perhaps the best travel credit card in the entire United States of America, the Sapphire Preferred. I like them a lot and I think a lot of other people would agree with me too.
Here’s a little more history about them, in case you are deciding if you should or should not reach out to them to inquire about getting a personal loan.
Chase has roughly 5,100 branches and 16,100 ATM’s across the US. They have assets of approximately 2.6 trillion US, and they operate in more than 10o countries. Chase is a subsidiary of JP Morgan Chase, and JP Morgan Chase is one of the big four banks in the United States.
Personally, I like to bank with big banks. I know smaller banks and credit unions have their own perks, but I prefer a bank that has a large financial backing and has been around for a long time. It doesn’t necessarily make them better but hey, they didn’t grow that big by accident.
Get A Loan With Chase If You Already Bank There
If you already have a relationship with Chase bank, like you have a savings account, checking account, or a credit card with them, then I recommend choosing Chase to get a personal loan, or at least inquiring about a personal loan with chase.
Because you already have a relationship with them and they know you, they can be more favourable to you in terms of getting you a loan. Remember, lending money comes down to risk, but if you’ve banked with them for 10+ years for example, they have history with you and can be more lenient with you when you apply for a loan.