When looking for a financial boost, many people instinctively turn to their primary bank. If you bank with Chase, you might find yourself asking, "Does Chase Bank do personal loans?" It is a valid question, considering Chase is one of the largest and most accessible financial institutions in the United States. However, the answer is a little more nuanced than a simple "yes" or "no."
Historically, Chase has not offered traditional, unsecured personal loans in the same way that many online lenders or credit unions do. You generally cannot walk into a branch and apply for a lump-sum personal loan with a fixed interest rate and a 3 to 5-year term if you are not already a credit card holder. Instead, Chase focuses heavily on other lending products, such as mortgages, auto loans, and business lines of credit.
However, Chase does have a specific product that functions very similarly to a personal loan for existing customers: My Chase Loan. This feature allows eligible Chase credit card cardholders to borrow money against their existing credit limit. You can secure a lower interest rate compared to your standard card APR, and you pay it back in fixed monthly installments. This is Chase’s answer to the personal loan demand. It offers the flexibility of a loan without the need for a completely new credit application or a hard pull on your credit report, provided you are already a customer in good standing.
If you don’t have a Chase credit card, or if you are looking for a standalone personal loan to consolidate debt or fund a renovation, you might need to look at alternatives. Many competitors and online fintech companies fill this gap by offering competitive rates for unsecured loans.
Understanding your banking options is the first step toward financial wellness. Before applying for new credit elsewhere, it is always smart to check your current offers within the Chase mobile app to see if you have a "My Chase Loan" offer available.
To get a detailed breakdown of the options available to you, learn more here.