Chase Personal Loans: Compare Alternatives

Chase does not offer personal loans. However, the alternatives below include our top-rated partners that offer competitive rates.

These lenders include LightStream, Upgrade, and Upstart. Read on to find out whether these alternatives to Chase personal loans meet your financial needs.

Alternatives to Chase Personal Loans

Personal loans can be used for any purpose. If you have the credit and income to qualify, there’s no limit to what you can do with the funds. First, you need to find a lender who is willing to allow you to borrow at the lowest rates.

Here are three alternatives to Chase personal loans:

LightStream

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Rates (APR): 7.99% – 25.49%
Loan Amounts: $5,000 – $100,000
Credit Score: 660+

LightStream is our top-rated personal loan lender. The lender offers a wide range of loan products that continue to rank highly amongst its competition. If you meet the eligibility requirements, LightStream is a good place to start your search.

Credit score category: Excellent, good
Soft credit pull to check rates: Not available
Deposit time: As soon as the same day
Origination fee: 0%
Late fee: None
Discounts: 0.50% interest rate reduction for enrolling in autopay
Repayment terms: 24 – 144 months^**

Upgrade

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Rates (APR): 8.49% – 35.99%
Loan Amounts: $1,000 – $50,000
Credit Score: 580+

Upgrade is a great option for borrowers with bad or fair credit, as well as those that need smaller loans. You can check rates without affecting your credit score. Borrowers also have the opportunity to add a cosigner to their loan to improve their application.

Credit score category: Fair, bad
Soft credit pull to check rates: Yes
Deposit time: As soon as the next day
Origination fee: 2.9% – 8%
Late fee: $10
Repayment terms: 36 or 60 months

Upstart

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Rates (APR): 6.12% – 35.99%
Loan Amounts: $1,000 – $50,000
Credit Score: 580+

Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.³ This model leads to 27% more approvals and 16% lower rates than traditional models.⁴

Credit score category: Fair, bad
Soft credit pull to check rates: Yes
Deposit time: As fast as one business day
Origination fee: 0% – 8%
Late fee: $15 or 5% of payment
Repayment terms: 36 or 60 months

What You Need to Know About Personal Loans

Before taking out a personal loan, it’s important you understand exactly how these loans work and what the approval process is like.

Eligibility Requirements

When you get a personal loan, you’ll submit an application to a lender to borrow money. Factors used to determine whether you’ll be approved include:

Your credit score
Your income and proof of employment history
The amount you want to borrow

Many personal loans are unsecured, so there’s no guarantee you’ll pay back the loan other than your promise to repay it. Some are secured, which means you must provide collateral. With a secured personal loan, for example, you might put $500 in a special savings account and use that as collateral for a $500 loan.

Lenders – particularly for unsecured loans – want to evaluate all of your financial information to make sure you can repay the loan. They will do a hard credit pull to ensure you will be able to repay the loan in most cases.

Many lenders have minimum credit score requirements. If you have excellent credit or even good credit and make enough money, you should easily be approved for a loan at a reasonable interest rate.

If your credit score is low or you don’t have proof of income, you may be denied a loan unless someone will cosign for you. Otherwise, you will likely be charged a higher interest rate or will have to look specifically for bad credit loans.

Rates & Terms

Different personal loan lenders charge different rates and have different terms for their loans, so comparison shop carefully. Be aware some offer fixed rate loans in which the loan rate and payments stay the same throughout the loan term.

Others offer variable rate loans and your rate could go up. Some variable rate loans may have a lower starting rate, but when you’re comparing loan offers, consider the risk that your rate will rise.

Interest is an important factor but isn’t the only factor in deciding which loan is right for you. You also want to make sure the monthly payments are affordable. The shorter your loan repayment period, the higher your monthly payments will be, but the less interest you’ll pay over time. You’ll need to understand how the loan term affects both your monthly costs and total interest paid as you decide which lender is best.

Uses & Repayment

Once you’ve applied for a loan and it’s been approved, you’ll receive the funds and you can use them for anything. Because these loans generally have a lower interest rate than credit card debt, many people use a personal loan to repay existing money they owe, but you can use the funds for any purpose.

As you repay your loan, the lender reports payments to credit bureaus, so your payment history affects your credit score. Be sure you’re responsible in repayment when you take out a personal loan, and you don’t borrow more than you can afford to pay back.

What Loans Does Chase Offer?

While Chase Bank doesn’t offer personal loans, you can still get a car loan or a mortgage through Chase. Chase also offers line of credit options to some borrowers, such as their home equity line of credit. Visit the bank’s website to explore your options for these other financial products.

You Have Plenty of Alternatives to Chase Personal Loans

The good news is, you don’t need Chase personal loans if you hope to borrow funds to fulfill financial goals. You can choose one of many other great lenders that offer financing at competitive rates. You just need to compare your loan options to find the financing that’s right for you.

^*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 are 0.50% points 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 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.

¹The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

²Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

³Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.

⁴Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.