Chase Bank Personal Loans: 9 Alternatives to Consider
JW
Last updated 03/15/2024 by
Jessica WalrackChase Bank doesn’t currently offer personal loans. But, there are plenty of phenomenal lenders out there that will be happy to approve your application. Chase is a great bet for checking and savings accounts, but you’ll have to source a different lender for your loan.
Determined to stick with your favorite bank? Let’s go over some other types of loans Chase does offer. They could prove to be a good option for you. Then we will look at some better alternatives for personal loans through different options.
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What types of loans does Chase offer?
Chase does not offer personal loans, even though it is one of the biggest banks in the U.S. However, they offer credit cards, mortgages, home equity lines of credit, auto loans, and business loans.
What are the benefits of personal loans?
They are a great financing option with much lower interest rates than other avenues. But, since they are a more risky investment, some of the larger financial institutions like Chase don’t offer personal loans.
Chase is one of the largest financial institutions in the country. They offer savings and checking account products, auto loans, credit cards, banking, mortgages, and more. But, they do not offer Chase Bank personal loans.
If applying for personal is still is your best option, here are nine great alternatives to Chase Bank for you to consider.
1. SoFi
SoFi is a well-established direct lender that offers personal loans ranging from $5,000 to $100,000. While you must be employed to get approved, SoFi looks at more than just your score and debt-to-income ratio.
It also considers your education level, career, and estimated cash flow. This is good news for borrowers with less-than-perfect credit history.
When you choose this lender, you join their community, which comes with extra benefits. Benefits like career coaching, discounted interest rates, unemployment protection, and more.
Highlights:
- $30 billion in funded loans
- Loan amounts from $5,000 to $100,000
- Terms from 36 to 84 months
- Competitive interest rates (fixed and variable rates available)
- Community benefits
- Online prequalification with a soft pull
- No origination fees
- Choose from several loan choices
- Sign the loan terms electronically and have funds deposited into your account
- Service support is available seven days per week
- Considers more than just your debt-to-income ratios
- Temporarily pauses payments if members lose their job.
- Save 0.25% by setting up AutoPay.
2. LightStream
LightStream is a standout lender due to its high loan amounts and loan term limits. Further, it offers a large Autopay discount and charges no origination fees.
LightStream’s development officer, Todd Nelson, says, “Since financing is unsecured, LightStream underwrites the individual, rather than the collateral.”
He goes on to say, “As a result, LightStream’s customers can borrow money for whatever they need. Use the money to buy cars, boats, RVs, or motorcycles. Tackle home improvement projects, consolidate credit card debt, buy a horse, adopt a child. Use your approval to pay for almost anything.”
The company aims to reward those with excellent scores by offering them very attractive and competitive terms and conditions. However, LightStream also has competitive offerings for those with average to good credit as well.
Highlights:
- Great for well-qualified customers
- No fees
- Fixed interest rate
- Apply and get an instant decision
- Have compensation in your account as soon as the same day
- 50% AutoPay discount
- Secured/unsecured loans available
- Rate Beat program
- $100 satisfaction guarantee
3. Upgrade
Upgrade offers personal loans and lines of credit ranging from $1,000 to $50,000. While it does charge an origination fee on the loans, the company is more lenient when approving borrowers, having a minimum score requirement of only 620.
The company also aims to help people improve their financial situation by offering free financial monitoring, education features, and alerts.
Upgrade’s CEO, Renaud Laplanche, says, “We believe that combining personal loans with free financial monitoring, alerts, and education features provides a more comprehensive service than other personal loan lenders and make us more helpful to more people without adding more credit card debt to their portfolio.”
Highlights:
- Over $33 billion in loans
- Loans from $1,000 to $50,000
- Low fixed interest rate
- Apply online
- 36 and 60-month terms
- The loan will be distributed to your bank via ACH within one business day of acceptance and verification.
- A minimum score of 620 required
- Financial support resources
4. LendingClub
LendingClub is an online marketplace where borrowers can come to get loans funded by the investors. Loan amounts go up to $40,000.
The platform has funded over $33 billion in loans, has over two million customers, and maintains a high average customer rating.
Highlights:
- $33+ billion in loans
- An online marketplace that connects borrowers and investors
- Competitive fixed-rate loans
- The loan will be deposited into your bank account
- Apply online
5. Prosper
Prosper is another online lending marketplace that connects borrowers and investors. It has facilitated more than $12 billion in loans to more than 770,000 people. Choose from either a three- or five-year term and borrow up to $35,000.
Highlights:
- $12 billion funded through Prosper
- Apply online
- Fixed interest rates
- Terms of 36 and 60 months
- Upon approval, the loan will be deposited into your bank account.
6. Avant
Avant provides easy access to online personal loans up to $35,000. It serves customers with credit scores ranging from 600 to 700, so it can be a good fit for those with average-to-good credit. The loan will be originated by Web Bank and serviced by Avant.
Highlights:
- Loan terms begin at 24 months and go up to 60 months.
- Apply online.
- E-sign your contract and have the money directly deposited into your account.
- Most clients have a score from 600 to 700.
7. LendingPoint
LendingPoint is a lender that aims to help clients across the credit spectrum. It looks for more reasons to say “yes” and give personal loan alternatives to potential borrowers who may have had trouble getting approved by other online lenders. If you keep getting denied, this online lender may be able to offer loan options to you up to $25,000.
Highlights:
- Loaned more than $500 million
- Terms from 24 to 48 months
- Receive compensation as soon as the next day
- Customers with scores in the 600s are okay.
- Considers more than your credit score
- Apply online without hurting your credit and get an instant decision
8. Rise
Rise is an alternative to predatory payday loans, offering better rates and terms on their products. Borrowers with no credit history or bad credit can get approved for financial products like loans and lines of credit. Further, the big benefit of this company is that returning customers can get a discount on their APR.
Highlights:
- Apply online and get an instant decision
- Solutions for people with bad or no credit
- Receive compensation as soon as the next day
- Loan amount, APR, and terms vary by state.
- Repayment terms up to 26 months
- Rates can decrease over time for returning customers.
9. OppLoans
OppLoans is a direct lender that targets borrowers with subprime credit and positions itself as a better alternative to payday loans that also offers attractive lower rates to this somewhat underserved client base.
While the rates and terms won’t be as favorable as other lenders on the list, the company will approve borrowers that the others won’t and get money in your pocket.
Highlights:
- Installment loans for borrowers with subprime credit
- Apply online without hurting your credit
- Quick approvals
- Payday loan alternative-lower interest rate and longer repayment terms
- Great reviews from past customers
- Personal service
- Terms up to 36 months
Deciding which one is right for you will depend on many factors, including your preferences, your credit situation, where you live, and what offers they can give you. Conveniently, most lenders allow you to apply online without any negative impact on your credit if you use SuperMoney’s loan offer engine.
FAQ on alternatives to Chase personal loans
Which banks offer personal loans?
Chase and other larger competitors like Wells Fargo consider personal loans a risk. But, there are still many banks that offer personal loans. Whether it’s on their website, a third-party website, or another type of bank, there are always going to be accounts and financial products out there for your situation and your credit history. Make sure you’re considering all your options. Do you own a small business? You could also look for business loans in addition to your personal loans search.
For a comprehensive list of potential lenders, click here. If you’re looking for even more information about personal loan products and services, we are here to help you find the best experience and ease of application. Click here for our complete guide on personal loans.
How can I get a small personal loan?
You can get a small personal loan by finding and applying with a lender that is a good fit for you. Many lenders now allow you to apply online without hurting your credit score. If you are approved and agree to the terms, you can often get funds transferred to your bank account within one business day.
You get to decide the loan amount you apply for. This way, you’re not going to receive a higher loan amount than your comfortable with paying off but enough compensation to use the loan amount for what you need it for.
By banking online, you also get to thoroughly read over the loan terms and fully understand the monthly payments you’re getting into before you sign. In-person at a bank like Chase or Wells Fargo, sometimes you can feel rushed when it comes time to sign.
Are personal loans hard to get?
Many online lenders have cropped up in recent years, so getting a personal loan is easier than ever before. There are companies catering to almost the entire credit spectrum. On top of that, these types of loans offer a better alternative to credit cards since they don’t trap you in the revolving debt cycle. These online options have made applying and getting approved for a loan easier than sending an email.
However, it may be more difficult to get a loan from an offline, brick-and-mortar lender. Your local credit union, Wells Fargo, and JPMorgan Chase bank think these loans are too risky for them.
Can I use a loan to pay off student loans or credit cards?
A personal loan is a good application for these debts. Finding and applying to the right lender is key. It all comes down to the APR, or the annual interest percentage rate you can lockdown.
Student loans already have such a low-interest rate themselves that it is hard to find a loan with a more competitive rate and save money on the payback. Credit cards, on the other hand, usually have incredibly high APR especially if your credit score is less than stellar.
By applying with the right lender you can secure funding at a lower APR. Save yourself a ton of money and boost your credit by paying off your high-interest balances with your lower interest personal loan.
Now that you know where to look when you leave Chase, are you ready to find the best personal loan for you?
Chase bank personal loan alternatives: How to find the best option
Different personal loans come with different rates, fees, and requirements. Check out what the best personal loans are to ensure that you choose the best option for you. Even though large banks like Chase, or even Wells Fargo, don’t offer them, it doesn’t mean a personal loan isn’t for you.
We understand it’s disappointing to not have the ease of using a bank like Chase. Even local credit unions won’t offer these products. But, these online alternatives to Chase and credit unions put a loan back in your reach.
Shopping around and comparing lenders can be a lot of work. If you’d like to save time and quickly find out which lender is best for you, check out SuperMoney’s personal loan engine.
After answering a few basic questions, email, and such, you can receive multiple offers from industry-leading lenders. Compare prequalification offers side-by-side, with no harm done to your credit score. Yes, shopping around just got much easier.
Find your best loan offer from competing lenders!
JW
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.
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