Chase Personal Loans Review
- March 10, 2017
- Posted by: Jeff Gitlen
- Category: Personal Loans
When facing financial challenges, you may not know where to turn. Chase Bank offers auto loans, mortgages, business loans, but they do not offer personal loans.
There are many alternative lenders who do offer personal loans however. They can be used for a variety of reasons, which you can read about below. At LendEDU, we allow you to compare multiple quotes from personal lenders for free with our simple application. Click below to get started.
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Situations in Which a Personal Loan May Benefit You
If you have a decent credit score, then you may be eligible for a personal loan from a lender other than Chase. As indicated below, there are several reasons why someone would opt for an unsecured personal loan.
- Wedding - While there are some lenders that provide an unsecured loan specifically for wedding expenses, most larger banks like Chase do not offer that type of loan. Instead, many offer a personal loan (which Chase does not). You can use the borrowed money in any way you want, including a wedding.
- Travel - It may seem like a good idea to rack up expenses relating to travel on a credit card, but in reality, a personal loan may be a better option. A personal loan typically has a lower interest rate, therefore, you would not spend an excessive amount on interest, which ultimately saves you money.
- Medical - If you do not have health insurance or the policy you have does not cover the entire cost of your medical issues, you are going to need cash. Unfortunately, this is an all too common scenario in which an individual does not have enough money on hand to cover the high cost of unexpected medical issues. In a situation like this, taking out a personal loan may be the best option.
- Education - If you do not qualify for financial aid, you may not have the extra funds available for college tuition and books. In a case like this, a personal loan may be the perfect solution.
- Debt Consolidation - One of the most common reasons people seek out personal loans is so they can consolidate credit card debt. Debt consolidation loans allow you to roll all of your monthly credit card payments into one convenient and more affordable payment.
The Application Process
To apply for a personal loan, you can go through our free application or review some of the best lenders (here is a list of online personal loan companies). You may need to have your social security number, date of birth, income information, and possibly other information on hand once you choose a lender and go through to apply on its site.
After your information is submitted, the representative will be able to tell you if the loan was approved based on your credit history, as well as your income information. If you submit your information, you may receive pre-qualification in a matter of minutes. From there, you can determine the estimated amount of money you want to borrow. You will also be given the opportunity to view interest rates, and then choose the one that best fits your loan.
Life is comprised of scheduled events and unexpected challenges. Sometimes, a personal loan is needed. Though Chase bank does offer several loan options, it does not offer personal loans. Alternatively, you could look towards Wells Fargo, Citizens Bank, or PNC Bank whom all offer persona loan products.