Chase Personal Loan Alternatives

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Updated on Friday, December 14, 2018

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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.

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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.

Company
APR
Terms
Credit Req.
LendingTree

As low as 3.49%

24 to 60

months

Minimum 500 FICO®

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on LendingTree’s secure website

LendingTree is our parent company

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Disclaimer


As of 17-May-19, LendingTree Personal Loan consumers were seeing match rates as low as 3.49% (3.49% APR) on a $10,000 loan amount for a term of three (3) years. Rates and APRs were based on a self-identified credit score of 700 or higher, zero down payment, origination fees of $0 to $100 (depending on loan amount and term selected). Terms Apply. NMLS #1136

4.99% - 19.99%*

with AutoPay

24 to 144*

months

Not specified

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on LendingTree’s secure website

Advertiser Disclosure

*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 may be 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 $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.
SoFi

5.99% - 18.53%*

24 to 84

months

680

Minimum Credit Score

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on LendingTree’s secure website

Advertiser Disclosure

Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
Marcus by Goldman Sachs®

6.99% - 19.99%

36 to 72

months

Not specified

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on LendingTree’s secure website

Advertiser Disclosure

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

5.99% - 29.99%

36 or 60

months

640

Minimum Credit Score

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on LendingTree’s secure website

Advertiser Disclosure

The Annual Percentage Rate (APR) is the cost of credit as a yearly rate and ranges from 5.99% to 29.99%, which may include an origination fee from 0.99% - 6.99% that is deducted from loan proceeds. Any origination fee on a loan term 4-years or longer will be at least 4.99%. The loan term and the APR offered will depend on your credit score, income, debt payment obligations, loan amount, credit usage history and other factors. Additionally, the APR offered is impacted by your loan term and may be higher than our lowest advertised rate. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate.

Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC. Equal Housing Lender. "Best Egg" is a trademark of Marlette Funding, LLC. All uses of "Best Egg" on this site mean and shall refer to "the Best Egg personal loan" and/or "Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan," as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available. Residents of Massachusetts have a minimum loan amount of $6,500; New Mexico and Ohio, $5,000; and Georgia, $3,000. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $50,000. Borrowers should refer to their loan agreement for specific terms and conditions. Your verifiable income must support your ability to repay your loan. Upon loan funding, the timing of available funds may vary depending upon your bank's policies.

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

10.68% - 35.89%

36 or 60

months

Not specified

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on LendingTree’s secure website

9.95% - 35.99%*

24 to 60**

months

600

Minimum Credit Score

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on LendingTree’s secure website

Advertiser Disclosure

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.

Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.

18.00% - 35.99%

24 to 60

months

Not specified

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on LendingTree’s secure website

Advertiser Disclosure

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $400. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
PenFed Credit Union

Starting at 6.49%

60

months

Not specified

SEE DETAILS Secured

on PenFed Credit Union’s secure website

8.69% - 35.99%

36 or 60

months

600

Minimum Credit Score

SEE OFFERS Secured

on LendingTree’s secure website

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.


Compare Personal Loans

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.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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