Chase Bank Personal Loan Alternatives
Chase Bank does not offer personal loans, but you can find other loan options whether through Chase or with other companies.
For instance, eligible Chase users can access a loan alternative with My Chase Loan, which lets cardholders borrow against their existing credit line. However, if you’re not a current Chase customer or a My Chase Loan won’t work for you, other lenders offer personal loans, including Citibank, Discover and LightStream.
Personal loan alternatives to Chase Bank
- APR
- 10.24% to 18.49%
- Amount
- $2k – $30k
Existing Citi customers with an eligible checking or savings account or a Citi credit card may be eligible to borrow up to $50,000.
- Term
- 12 to 60 months
- Origination fee
- None
- Min. credit score
- Not specified
- 0.5% APR discount if you autopay from the time of loan origination
- Funds can pay off creditors directly
- No late fees or prepayment penalty
- Higher minimum APR than some competitors
- Funds cannot be used to pay off Citibank credit cards or checking accounts
- Smaller loan amounts than competitors
Citibank is one of the largest financial institutions in the country, and one of the best banks that offer personal loans. Although you don’t need to be a Citibank customer to qualify for a loan, existing customers may be able to borrow more — up to $50,000 — and can receive their funds faster when deposited into their Citi bank accounts.
Citibank doesn’t specify its credit score or borrower requirements, but you can prequalify for a loan on its website. Read more about personal loan requirements and how lenders determine eligibility.
You don’t have to have an existing account at Citibank to get a personal loan, but current customers will get their loans funded faster and are eligible for an APR discount. However, if you have a Citi credit card, you must be an account holder for at least one year before you qualify for a personal loan.
- APR
- 6.99% to 24.99%
- Amount
- $2.5k – $40k
- Term
- 36 to 84 months
- Origination fee
- None
- Min. credit score
- 660
- Flexible repayment terms
- Option to pay many creditors directly
- No fees of any kind
- Can’t directly pay Capital One accounts, Discover credit cards or secured loans
- Longer repayment terms than some competitors
Discover is known for its fee-free approach to banking, as well as its hands-on customer service, with live representatives available 24/7 to assist with personal loan questions. While Discover doesn’t charge any prepayment penalties, unlike some competitors, it also doesn’t offer autopayment discounts.
Discover loans can be used to pay creditors directly but cannot be applied to any Capital One account or Discover credit card.
You’ll need to meet the following eligibility criteria to get a Discover loan:
- Age: Be at least 18
- Citizenship: Have a Social Security number
- Administrative: Have a physical address, an email address and internet access
- Income: Minimum income of $25,000 (individually or as a household)
- Credit score: 660+
- APR
- 9.99% to 24.94%
- Amount
- $5k – $100k
- Term
- 24 to 84 months
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 6.49% APR with a term of 3 years would result in 36 monthly payments of $766.11. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
- Origination fee
- None
- Min. credit score
- Not specified
- Will beat a competitor’s rate by 0.10 percentage points (conditions apply)
- Autopay discount of 0.50 percentage points
- No late fees, no origination fees
- Can’t check rates without dinging your credit
- Must borrow at least $5,000
- Borrowers with bad credit won’t qualify
For borrowers with excellent credit, the online lender LightStream offers a unique perk: a rate-matching program, Rate Beat. Borrowers may receive a rate that’s 0.10 percentage points lower than a competitor’s offer. LightStream doesn’t charge origination fees, which can be rare with online lenders, and borrowers can take out loans for as much as $100,000, which is more than many other lenders offer.
That said, good credit is crucial with LightStream. Borrowers with bad credit will not be approved. LightStream also doesn’t let you prequalify for a personal loan, so you’ll have to agree to a hard credit pull to check rates before applying. This can temporarily lower your credit score.
LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:
- At least five years of on-time payments for a variety of accounts (credit cards, auto loans, etc.)
- Stable income and the ability to handle paying their current debt obligations
- Savings, whether in a bank account, an investment account or a retirement account
How Chase Bank personal loan alternatives compare
| Lender | Citibank | Discover | LightStream |
|---|---|---|---|
| LendingTree rating | 4.1/5 | 4.6/5 | 4.4/5 |
| APR | 10.24% to 18.49% (with autopay) | 6.99% to 24.99% | 9.99% to 24.94% (with autopay) |
| Minimum credit score | Not specified | 660 | Not specified |
| Amount | $2,000 to $30,000
Existing Citi customers with an eligible checking or savings account or a Citi credit card may be eligible to borrow up to $50,000.
| $2,500 to $40,000 | $5,000 to $100,000 |
| Term | 12 to 60 months | 36 to 84 months | 24 to 84 months
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 6.49% APR with a term of 3 years would result in 36 monthly payments of $766.11. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
|
| Origination fee | None | None | None |
| Bottom line | Citibank offers smaller loans and shorter terms than some other personal loan lenders, which may be ideal for borrowers who wish to take out a small loan. That said, its APR is higher than some competitors’ APRs. Citibank customers may also receive funds as soon as the same day after approval. | Discover offers a lower APR than some competitors and doesn’t charge any fees. But its minimum term is also longer, which could cause borrowers to pay more in interest. Live customer service agents are available 24/7, which could make Discover ideal for people who want expert guidance throughout the process. | LightStream offers larger loans than some competitors, but its minimum loan amount is higher, which might not be ideal for some borrowers. LightStream may also beat a competitor’s interest rate by 0.10 percentage points, with stipulations, but it doesn’t offer prequalification. A hard credit inquiry is required, which could temporarily lower your credit score. |
How to choose a Chase Bank personal loan alternative
Before you sign any personal loan agreement, make sure you understand its terms. Otherwise, you could end up spending more than you intended. Here are the key details to consider.
- Compare APRs, not just interest rates: Interest rates are important, but APR (annual percentage rate), which takes into account both interest and other costs like origination fees, illustrates the total cost of borrowing.
- Check fees: Fees can quickly drive up the cost of an unsecured personal loan. In addition to origination fees, check for late fees, as well as prepayment penalties if you plan to make extra payments.
- Look at loan amounts and repayment terms: The loan amount and repayment term determine how much interest you’ll pay over time. A personal loan calculator can help compare borrowing costs.
- Review eligibility requirements: Different lenders have different eligibility requirements. You’ll find this information on lender websites, and many include easy forms to see if you prequalify for a personal loan without a hard credit check.
- Consider lender speed and user experience: Some lenders offer same-day funding for personal loans, but others take longer. Consider how soon you’ll need to receive the money and check lender reviews to see how customers rate their experiences.
- Choose based on your borrowing purpose: How you plan to use the funds could determine which loan product best suits your needs. If you’re buying a car, for example, secured auto loans offer lower interest rates. Note that other expenses, like tuition, cannot be paid with personal loans.
When in doubt, consult representatives at a few different lenders to determine what solutions might be best for you.
Other ways to borrow from Chase
In lieu of Chase Bank personal loans, there are still other ways to borrow if you’re a customer. The best solution will depend on exactly how you plan to use the funds.
- Chase credit cards: Chase offers a wide variety of rewards, travel and business credit cards. Cardholders can use Chase Pay Over Time to break up large purchases into fixed monthly payments, or access funds from their available credit limit, though cash advances often carry higher interest rates and fees and don’t offer a grace period.
- My Chase Loans: Chase Bank customers can use My Chase Loans to borrow from their available credit. No application is required, and borrowers make one monthly payment to Chase each month.
- Home equity line of credit (HELOC): If you own your home, you may qualify for a home equity line of credit, which can carry lower interest rates than credit cards. Borrowers can access up to 80% of their home value and as often as needed up to the total line of credit, but if payments lapse, you could lose your home.
- Cash-out refinance: Another option for homeowners, cash-out refinancing lets you swap out your old mortgage for a new one and collect on the equity you’ve built in your home as a lump sum.
- Auto loans: You can prequalify for an auto loan on Chase’s website to learn how much money you can borrow. Decisions are available as early as two to three hours after you submit an application, and no down payment is required.
- Home loans: Homebuyers can borrow from Chase with down payments as low as 3%, and you can start the preapproval process in minutes. Chase also provides $5,000 grants to eligible homebuyers in select areas, with stipulations.
- Business loans and lines of credit: Business customers can secure business lines of credit and small business loans of up to $500,000 through Chase, as well as commercial real estate financing with terms up to 25 years.
Frequently asked questions
No. Although Chase Bank does offer home and auto loans, it does not offer personal loans for general use.
Existing customers may be eligible for personal loan alternatives from Chase. One such option is My Chase Loan, which lets you borrow a lump sum from the available credit on your Chase credit card and pay it off over a set period of time at a lower APR.
You can still use your Chase credit card while repaying the loan, provided you have sufficient credit left over.
Unlike traditional loans, which typically require an application and credit check, My Chase Loans allow existing Chase Bank customers to borrow from the available credit on existing credit cards.
Borrowers receive one streamlined bill from Chase each month, and loans start at $500. The loan maximum depends on a variety of factors, including monthly spending and creditworthiness.
If you don’t qualify for a personal loan, alternatives include:
Make sure you clearly understand all terms and conditions, including the total cost of borrowing, as well as potential consequences for late or missed payments.
Get personal loan offers from up to 5 lenders in minutes