Chase doesn’t offer personal loans, but we can help you choose from several great alternatives on the market.
Chase is one of several banks that has yet to offer a personal loan option. This may change in the near future as the demand for personal loans is on the rise. The Washington Post estimates that personal loans have not been this popular since the pre-Great-Recession era. Thankfully, that means while you’re waiting on Chase personal loans to join the marketplace, there are dozens of other great options to choose from.
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Chase Alternatives to Chase Personal Loans
Not only does Chase offer no personal loans, but it has also pulled student loans from its offering and no longer offers personal lines of credit. If you insist on using Chase for your personal loan needs, that leaves only two options.
Chase Credit Card
One of the most common reasons Americans use personal loans is to pay off high-interest credit card debt. To this end, Chase provides a wide range of zero-APR balance transfer cards that you could consider. The Chase Freedom Flex Credit Card and Chase Freedom Unlimited Card offer interest-free payments for up to 15 months. There are also options for business credit card balance transfers.
Chase Business or Commercial Line of Credit
Another common reason people take on personal loans is to fund a business venture. Chase offers a business line of credit for small businesses and a commercial line of credit for businesses with much larger capital needs. The business line of credit provides access to $10,000 to $500,000 credit with no annual fee when usage is 40% or higher. Chase Commercial line of credit offers access to more than $500,000 in credit.
Competitor Alternatives to Chase Personal Loans
If you’re not looking for debt consolidation or business capital or you just prefer an installment loan, there are competitive personal loan offers on the market. These are three of the top contenders.
Lightstream by Suntrust
Lightstream consistently ranks highly on virtually all personal loan reviews. It allows consumers to borrow more at longer terms, compared to its top competitors. As a matter of fact, if you need to borrow more than $100,000 from Lightstream, you get referred to Suntrust. It also has some of the lowest rates in the industry, ranging from 2.49% to 19.99%. You may need a credit score of 660 or higher to qualify for this loan.
Marcus by Goldman Sachs
This is another highly rated personal loan offering backed by a big bank. One advantage it has over Lightstream is that it allows you to borrow less. You can borrow just $3,500, but it also tops out at $40,000. Interest rates range from 6.99% to 19.99%. This bank requires a high credit score for loan qualification. Only consider applying if you have a credit score of 680 or higher.
If you have a poor or short credit history, you may have a much more difficult time securing personal loans than others. This is because the bank has no asset to repossess if you default on payments. A minimum score of 580 can get you an APR of 7.99% to 35.97% with Upgrade, which is still better compared to many others. For example, Avant’s APR ranges from 9.95% to 35.99%. You can borrow as little as $1,000 or as much as $35,000 from Upgrade.
How To Choose the Right Alternative to Chase Personal Loans
Ultimately, the personal loan offer you choose may come down to what you qualify for. Banks may make their decisions based on not just credit score but also income, debt-to-income ratio and current credit utilization. If you have a high credit score, a high income and a low DTI, then you have far more options. Shop around until you find an offer that meets your needs and your budget.
Want more great banking advice? Check out our blog at MoneyMash.com.