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Chase Personal Loan Alternatives
Chase is a leading financial institution in the US, with operations around the world and serves almost half of America’s households with a variety of financial services, from personal banking to mortgages, auto financing, and small business loans. However, if you are looking to get a Chase personal loan, you will need to look for alternatives because the bank doesn’t offer this type of loan. Still, there are many alternatives to Chase personal loans to consider.
Chase personal loans alternatives
If you think that a personal loan will best suit your financial needs, there is a wide variety of lenders that you can consider, from traditional banks and credit unions to online lenders.
|Lender||Loan Amount||APR||Terms||Key Benefit|
|Discover||$2,500 – $35,000||6.99% – 24.99%||36 – 84 months||30-day money-back guarantee|
|PNC||$1,000 – $35,000||7.24% – 36.99%||6 – 60 months||No application, prepayment or origination fee|
|Truliant||$500 – $35,000||8.49% – 14.74%||6 – 72 months||90-day deferrment option|
|Alliant||$1,000 – $50,000||6.24% – 10.24%||1 – 5 years||Lower rates|
|Upstart||$1,000 – $50,000||8.13% – 35.99%||3 or 5 years||Considers more than credit score|
|Upgrade||$1,000 – $35,000||7.99% – 35.97%||36 or 60 months||Lower APR with autopay|
|Avant||$2,000 – $35,000||9.95% – 35.99%||24 – 60 months||Mobile app for account management|
|Marcus||$3,500 – $30,000||6.99% – 19.99%||36 – 72 months||No fees|
Discover prides itself on enabling 2 million people to reach their goals with their personal loans that span flexible repayment terms — 36, 48, 60, 72 and 84 months. The company offers loans ranging from $2,500 to $35,000 at fixed rates that start at 6.99% and go up to 24.99% APR. Loans come with no origination fee and no other fees as long as you stay current with your repayments. This type of loan can be useful for medical expenses, consolidating debt or home improvement.
PNC Bank offers unsecured personal loans from $1,000 to $35,000 and very competitive rates, especially at the lower end of the range. Although PNC does not disclose the minimum credit score requirement, it does state that the low rate is available to well-qualified applicants, which makes it a suitable financing solution for those with good credit. The company charges no application, no prepayment and no origination fee. If your credit isn’t great, you can apply with a cosigner to better increase your chances of approval. Keep in mind that PNC does not allow pre-qualification, so applying will be a hard credit check.
Truliant loans come with one unique and quite helpful feature — an option to defer your payments for up to 90 days to allow you extra breathing space. This makes it convenient if you are facing a considerable cash shortfall and need financing to tide you over until you get your feet on the ground. Keep in mind that the interest will accrue from the closing date of the loan until your payments begin, which means that you will pay the interest during the deferment period, only later. Truliant personal loans are also suitable for those who need a smaller loan as a quick help with finances because the company offers loans that start at only $500, while the competitors’ loans start at higher amounts. You can apply online and get approval usually the same day. Truliant charges no fees.
Alliant’s unsecured personal loans are a good option for those that have good credit and can benefit from comparatively lower rates this credit union offers — as low as 6.24%. Although Alliant does not publish its credit requirements publicly, credit unions tend to charge relatively lower rates compared to online lenders, but will also require higher credit scores in return. However, before you apply for a personal loan, you need to become a member. Although the application process is streamlined and easy, it adds an additional step before you get the funds deposited on your account.
Upstart is an online loan platform founded by ex-Googlers to offer fair and fast personal loans. The company believes that other factors are contributing to your creditworthiness beyond your credit score. It takes into account your education and job history, as well as your study area because these are indicative of your future earning potential, which can help you to get a lower loan rate. Also, the company takes into account your credit score and years of credit to examine your credit profile.
If you think that your educational and work background work at your advantage, it’s worth checking your rates by answering a few quick questions about your education and employment, as it won’t affect your credit score. The loans have 3 and 5-year terms and come with APRs ranging from 8.13% to 35.99%.
Unlike many other lenders, Upgrade charges a 2.9% to 8% origination fee, which is deducted from the final loan amount, making it a more expensive option compared to its competitors. This loan is suitable if you need funds quickly and have no other financing option. In this case, you should be aware that Upgrade charges late fees, which makes it even more expensive financing if you face further financial difficulties while repaying the loan.
Marcus is an online lender founded by Goldman Sachs, a leading global investment banking, securities and investment management firm. The advantage of Marcus’ unsecured personal loans is that the rates range is lower compared to other online peers with APRs from 6.99% to 23.99%. These loans are particularly convenient if you have a good credit score as only the most creditworthy applicants qualify for the lowest rates and longest loan terms. In this case, you can benefit from a relatively competitive rate similar to a traditional bank loan with the convenience and ease of application of an online lender.
Chase Bank loans
While the bank doesn’t offer personal loans, there is a variety of other alternatives to Chase personal loans to choose from. Best Chase loans include mortgages, auto loans and business loans.
Chase offers mortgage loans at fixed and variable rates. But if you own a home and need cash, you can get cash from your home’s equity with a home equity line of credit. This type of loan is convenient when you have a major home improvement project or a big-ticket purchase, but it can also come handy when you want to consolidate debt. Chase also provides auto loans for cars purchased from a dealer in the Chase network with rates as low as 3.34% and no down payment required. Chase also offers a new, free of charge concierge car buying service called Auto Preferred that connects you to local dealers with discounted pricing.
Finally, Chase offers a variety of financing options for small businesses. For example, Chase’s business line of credit is a good match for those businesses that need easy access to cash for working capital. This financing option ranges from $10,000 to $500,000 and you pay interest only on the amount of credit you use. Other financing options available at Chase include equipment financing, trade financing, commercial real estate and SBA loans.