Chase Personal Loan Review: Alternatives to Consider

Chase Personal Loan Review: Alternatives to Consider

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Like several other large banking institutions, Chase does not offer personal loans. Despite this, the bank does provide a variety of other loans for specific needs, such as mortgages, auto loans and credit cards. Below, we've provided a quick overview of Chase's offerings, plus personal loan options from other banks, credit unions and online lenders.

Review: Should You Apply for Chase's Other Loans?

Unfortunately, Chase doesn't offer personal loans. However, the bank does provide other loan options that may fit your needs. Chase is well-known for its credit card offerings, banking products, but also provides consumers with mortgages and auto loans.

Here are some of the loans Chase offers and how they compare to other lenders.

Auto loans: If you're looking to take out a personal loan to finance a car purchase, take a look at auto loans offered by Chase instead. The bank has flexible 48- to 72-month terms, special relationships with a number of auto brands, and a car-buying service to help you get a fair price and discount.

Mortgages: Chase stands out for its lower origination fees and transparency compared to other mortgage lenders. The lender tends to give detailed information on its costs and fees, providing more accurate projected costs for borrowers. In general, Chase's customer satisfaction ratings are similar to its competitors. To read more about getting a mortgage with Chase, check out our full review.

Credit cards: Chase offers a variety of personal and business credit cards to cater to various types of consumers, including cards with rewards, airline miles, cash back and other benefits. If you're looking to use a personal loan for your next purchase, consider using a Chase credit card instead, especially if you are able to pay off the balance before interest accrues.To help you find the right card for you, we've compiled a list of the best Chase credit cards available.

Personal Loans From Alternative Lenders

Even though Chase doesn't offer personal loans, there are many other banks, credit unions and online lenders to consider. To help you find the best personal loan lenders, we've searched through dozens of companies. Here is a list of some of our top picks.

Banks

Many traditional banks only offer specific loan products, but we found some that offer personal loans with appealing terms.

Discover

on LendingTree's secure website
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Discover offers flexible personal loans for borrowers with a credit score of 660 and above. Rates start at 6.99%, and the lender offers a 30-day money-back guarantee if you find a better rate elsewhere, allowing you to return the money with no interest charged. You can borrow up to $35,000

from Discover, which is a relatively small amount compared to other lenders.

Citibank

on Citibank's secure website
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Citibank's personal loans work best for existing bank customers, especially borrowers with premier accounts or high deposit balances. If you are not a member of the bank, you can only borrow up to $12,500. As a member, you can get unsecured loans up to $50,000

and receive up to 1.5% off your rate if you have a qualifying account. Rates start at 7.99%, and loan terms range from 1 to 5 years .

Credit Unions

Credit unions set a rate cap of 18%, so they typically offer lower rates for borrowers with little to average credit history compared to other lenders. Many credit unions offer personal loans, but you will need to become a member of the credit union, which usually includes opening an account with them.

Pentagon Federal Credit Union

on PenFed's secure website
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Pentagon Federal Credit Union (PenFed) is a great lender for borrowers with fair to average credit, as it tends to have more lenient credit score requirements. PenFed lends up to $50,000 and rates start at Starting at 6.49%, which may not be the best option for borrowers with excellent credit history. Membership to the credit union is relatively accessible. If you aren't a service member or a relative of one, then you may qualify by paying a small fee to join a volunteer organization.

Digital Federal Credit Union

on Digital Federal Credit Union's secure website
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Digital Federal Credit Union (DCU) is also a good option for borrowers with fair or average credit, but membership is not open to everyone. To become a member, you'll have to be a member of an eligible organization, be related to a current member, or live in certain areas of Massachusetts or Georgia. DCU's rates start at 8% with a maximum loan term of 5 years. The lender only has brick-and-mortar locations in Massachusetts and New Hampshire.

Online Lenders

Online lenders have some of the best rates for borrowers with excellent credit history. Rates from these lenders can start as low as 3%, but they may reach 36%, which is double the rate cap at credit unions.

LightStream

on LendingTree's secure website
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LightStream is one of our top picks for personal loans, as it provides borrowers with low rates and loans up to $100,000 . The lender stands out with its quick funding, which is same-day in some cases. To qualify, you'll need a credit score of at least 660. LightStream also suggests that borrowers have a few years' worth of credit history, a variety of account types and a low debt-to-income ratio for a better chance of qualifying.

Avant

on LendingTree's secure website
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Avant is a good choice for borrowers with fair to average credit, as the company has lenient credit requirements compared to other lenders. APRs vary by state but generally start at 9.95%. On average, Avant provides funding to borrowers within one to two days. The lender also provides repayment flexibility, allowing you to choose your payment method and change your due date up to one day in advance.

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