Chase Personal Loan Alternatives
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Updated on Friday, December 14, 2018

Consumers looking to take out a Chase personal loan will need to search elsewhere, as Chase Bank does not currently offer personal loans. Fortunately, there are several viable alternatives.
Personal loans can be a useful financial tool to address a variety of needs. Consumers can consolidate debt, make a large purchase, fund home improvement projects, handle an emergency or tackle other significant expenses.
The flexibility and relatively easy borrowing process make personal loans an appealing option for many borrowers.
Alternatives to Chase personal loans
While Chase Bank does not offer them, consumers in the market for personal loans can obtain them from multiple sources including traditional banks, credit unions and online lenders.
With so many options, borrowers should compare and shop personal loans to make sure they choose the loan with the most favorable terms for their situation. MagnifyMoney’s personal loan marketplace is a great way to see loan terms — rates, minimum credit score, fees and other criteria — from multiple lenders.
You could also prequalify for personal loans from up to five different lenders on LendingTree by clicking the button below.
Online personal loan options
The number of online lenders offering personal loans has increased significantly in recent history. They provide an attractive alternative to traditional means of financing, offering competitive terms and a quick application process.
Loan terms and borrowing requirements vary from lender to lender, so when looking at online personal loans, be sure to review your options carefully.
This table can help you compare online lenders and lending platforms to find a loan that best meets your needs.
Bank personal loans
Consumers who prefer the experience of borrowing from a traditional bank can easily find personal loans at brick-and-mortar institutions, whether it’s a national bank branch or a small regional or local bank.
Traditional banks may not be as competitive in their rates and terms when compared with other sources, but consumers who prioritize familiarity and a physical presence may be more comfortable borrowing from a brick-and-mortar bank.
Some banks may even offer customers who already have an account or other type of loan with them a discount on the interest rate or other incentives when taking out a personal loan.
- Average rates: The APR at traditional banks currently ranges from 6.99% to 16.99%, with the average rate on a 24-month loan being 10.12% as of August 2018.
- Term length: Personal loan terms at banks typically range from 12 months to 60 months, depending on the lender.
- Borrowing limits: Consumers can usually borrow anywhere from $2,000 to $50,000, with some banks allowing up to $100,000.
Credit union personal loans
Another source for personal loans is credit unions. In general, the rates at credit unions tend to be lower than those at traditional banks. Loan terms are often more flexible and borrower requirements less stringent.
Furthermore, consumers typically receive a more personal experience. Considering all these factors, many consumers choose to take out personal loans at credit unions over traditional banks.
- Average rates: The APR at credit unions currently ranges from 6.49% to 18.00%. As of September 2018, the average rate at credit unions for a 36-month personal loan is 9.33%.
- Term length: Depending on the lender, borrowers can choose terms from 12 months to 84 months.
- Borrowing limits: Loan amounts vary among credit unions with some allowing up to $25,000 while others permit up to $50,000.
How to compare personal loan offers
When deciding which personal loan to pursue, there are multiple factors to consider. It’s important to look at all of them to determine which loan has the most favorable terms.
- APR: The best way to compare the rates of loans side by side is by looking at their APR. The APR reflects the total cost of borrowing on a yearly basis, taking into consideration the interest rate as well as any other fees such as an origination fee or annual fee.
- Term length: The length of a loan has a direct effect on the monthly payment. For example, a $10,000 loan at a 7% APR with a 24-month term will have a much larger payment than the same loan with a 60-month term, $448 versus $198, because the debt is being paid over a shorter amount of time. When looking at personal loans, be sure to compare loans based on the same term length.
- Credit score requirements. The minimum credit score and other borrower eligibility criteria vary by lender, so make sure you review that when comparing loans. Not meeting a lender’s credit score requirement could mean getting a higher interest rate or not qualifying for the loan at all.
- Additional fees. Take a look at the origination fee, annual fee and other fees a lender may charge. Look to see if the lender has a prepayment penalty, which penalizes you in the event you choose to pay the loan off early.
- Interest rate discounts. As mentioned previously, some lenders may offer a discount on the interest rate for having multiple accounts with them or for setting up automatic payments. While these discounts tend to be just a fraction of a percentage point, they do provide savings over the life of the loan.
4 alternatives to a personal loan
Consumers looking to fund a purchase or consolidate debt have other options besides personal loans. Each alternative comes with its own benefits and drawbacks.
0% intro APR balance transfer credit card
If you are specifically looking to consolidate high-interest credit card debt, an introductory 0% APR balance transfer credit card can be a great alternative to a personal loan.
This option allows you to transfer an existing credit card balance to a new card and take advantage of an intro 0% APR for a specific amount of time. In most cases, there is a fee to transfer the balance — usually, a percentage of the amount transferred. Some cards do offer transfers at no charge if done within an introductory period.
Even taking the fees into consideration, doing a balance transfer can provide significant savings if you are able to pay off the balance within the promotional period. Review various intro 0% balance transfer credit card offers on our site to see if this solution is right for you.
Pros
- You can pay off high-interest credit card debt at 0%.
- Can be less expensive than taking out a personal loan.
Cons
- You must pay off the balance before the promotional rate ends to see savings.
- You typically need excellent credit to qualify.
- The balance transfer fee, annual fee and other charges diminish the amount saved by transferring.
- You increase the chances of going further into debt by adding to your available credit.
Home equity loan
Homeowners can borrow against their homes with a home equity loan. Consumers can take out a loan based on equity they have in their home. And just as with a personal loan, the funds can be used for any reason.
Pros
- Interest rates may be lower than personal loans.
- Fixed, predictable payments.
Cons
- You put your home at risk by using it to pay off unsecured debt.
- You increase the amount of time it will take to pay your home off.
- You will need to pay closing costs or additional fees associated with the loan.
Home equity line of credit (HELOC)
Similar to a home equity loan, borrowers can take out a line of credit against the equity in their homes. Instead of fixed monthly installments though, payments are based on how much is used or drawn, much like a credit card.
Pros
- Flexible use of funds.
- Interest rates may be lower than personal loans.
- You only use the amount you need when you need it.
Cons
- You may be charged an annual fee whether or not you use the funds.
- You put your home at risk by using it to pay off unsecured debt.
Cash-out refinance
Also an option for homeowners, a cash-out refinance is another alternative to a personal loan. If you have equity in your home, you can refinance your home and walk away with cash to fund an expense or pay off debt.
Pros
- Refinance rates are typically lower than personal loan rates.
- Could potentially provide interest savings when compared with your original mortgage.
Cons
- You put your home at risk by using it to pay off unsecured debt.
- You potentially increase the amount of time it will take to pay off your home
- You will need to pay closing costs.
Other loans offered by Chase
Even though Chase does not provide personal loans, some of their other loan options may meet your needs. The bank offers HELOCs and cash-out refinancing.
With its HELOC, Chase allows consumers to access their home equity line of credit up to 10 years with a repayment period of 20 years. As of the date of publishing, rates range from 5.5% to 7.89%, depending on the amount borrowed. Chase charges both a $50 origination fee and a $50 annual fee.
If you are considering refinancing your home, Chase offers a cash-out refinance. Rates and terms vary by your location.