Best Chase Bank Personal Loan Alternatives
Written by
John Csiszar
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Chase is a large, multinational bank offering a wide variety of financial products. But personal loans are not available at the bank. This might come as a surprise to customers who have other accounts — which range from checking and savings accounts to home mortgages and business lines of credit — at the bank.
Customers looking for additional funds for anything from debt consolidation to a home renovation have some alternatives to Chase when it comes to finding a personal loan.
Where Can I Find a Personal Loan?
There’s no shortage of options available when it comes to finding a personal loan. In fact, there are so many financial institutions offering personal loans that it can take some effort to sort out which might be best for you. Your reason for taking out the personal loan can help narrow the choices. Here’s a look at some of the best personal loan providers in certain categories:
- Best Overall Personal Loan: LightStream
- Best National Bank Personal Loan: Citibank
- Best for Debt Consolidation: Marcus
- Best for Good Credit: SoFi
- Best for Longer Repayment Period: Discover
| Chase Bank Personal Loan Alternatives | ||||
| Bank Name | Loan Limits | APR | Loan Term | Credit Score Range |
| LightStream | $5,000-$100,000 | 3.49%-16.79% | 24-144 months | 660+ |
| Citibank | $2,000-$50,000Â | 7.99%-23.99%Â | 12-60 months | Variable |
| Marcus | $3,500-$40,000 | 6.99%-28.99% | 36-72 months | Variable |
| SoFi | $5,000-$100,000 | 5.99%-20.89% | 2-7 years | Variable |
| Discover | $2,500-$35,000 | 6.99%-24.99% | 36-84 months | Variable |
Learn: How To Calculate APR
Best Overall Personal Loan: LightStream
When you need a great personal loan option, LightStream checks a lot of boxes. Although the minimum loan limit is a bit high at $5,000, the top loan amount of $100,000 is one of the highest available from any provider. Those looking for a long-term loan would be hard-pressed to find a better choice than LightStream, which offers personal loan terms as long as 12 years. Perhaps most importantly, for those with top-tier credit, the 3.49% annual percentage rate offered is almost unheard of in the personal loan industry, where rates typically begin at about 7% and go upward from there.
Related: Chase Interest Rates: How to Get the Bank’s Best Rates
Best National Bank Personal Loan: Citibank
Chase isn’t an option if you’re looking for a national bank that offers personal loans. But Citibank can fill the void. Citibank offers its clients loans of up to $50,000 for up to five years. Income requirements are modest at just $10,500 per year, but you must have had an open Citi account for at least three months.
See: Citibank Review: Is It the Right Bank for You?
Best for Debt Consolidation: Marcus
Marcus is a division of investment banking giant Goldman Sachs, so although it is a strictly online platform, it’s backed by one of the biggest names in the industry. Marcus is a good option if you’re looking to consolidate your debt — particularly high-interest credit card debt. You can borrow up to $40,000 with Marcus through a quick and easy online application. There are no fees with a Marcus personal loan.
Related: Marcus by Goldman Sachs Review — Savings Options With Competitive Rates
Best for Good Credit: SoFi
SoFi is a fintech company that offers its community of over 900,000 members the ability to save, borrow, spend, protect and invest their funds, all through a mobile app or online web page. The company’s personal loan product offers a generous range of options, from $5,000 to $100,000, with reasonably low rates for those with the best credit histories. SoFi also has no fees attached to its personal loans.
An additional free benefit that comes with SoFi loans is its Unemployment Protection Program. In the event you lose your job through no fault of your own, you can suspend your SoFi loan payments until you find a new job. This protection comes in three-month increments, with a maximum benefit of 12 months over the life of the loan. You can also benefit from SoFi’s free job placement assistance services during your period of unemployment.
Beyond its loan products, SoFi members enjoy a host of free member services, including financial planning sessions and access to career guidance via its relationship with Korn Ferry. Periodic VIP member events are also offered free of charge.
Related: SoFi Review — More Than Debt Refinancing
Best for Longer Repayment Period: Discover
Those looking for a longer-term personal loan might consider Discover personal loans. With Discover, the minimum term for a personal loan is three years and the maximum is seven years.
Loans are easy to apply for via Discover’s website. You can even learn your rate before you apply for a loan by providing the amount you need to borrow and your intended use of the proceeds. In some cases — if you receive a special invitation from Discover — you can take advantage of promotional rates. Simply enter the invitation number on the website and see what your promotional rate will be.
Discover offers a number of customer-friendly perks with its personal loans. First is the bank’s 30-day guarantee. In the event you change your mind about the loan, you can return the funds within the first 30 days and pay no interest. Discover also offers entirely U.S.-based customer service. And Discover personal loans come with no origination fees or closing costs.
Can I Get a Personal Loan From Chase?
Chase offers a wide array of financial services, but it doesn’t presently offer personal loans.
What Kind of Loans Does Chase Offer?
Chase offers mortgages, auto loans and home equity loans.
Why Doesn’t Chase Offer Personal Loans?
Surmising the reason for Chase not offering personal loans would be pure speculation. But there’s at least one good reason as to why this might make sense from a financial perspective for Chase. Personal loans are inherently risky from the lender’s standpoint, as they are unsecured. Just like with a credit card, when you take out a personal loan, you aren’t offering up any collateral to pay that loan back. Chase is essentially taking you at your word that you can pay back whatever you borrow, which is a risky bet for any bank. That’s why personal loan interest rates can be quite high, particularly for those with low credit scores. The risk management team at Chase has likely decided that the risk of offering personal loans outweighs the benefit for the bank.
More From GOBankingRates
- Best Personal Loans for People With Good Credit
- Here’s Your Chase Routing Number
- Questions To Ask Before Taking Out a Personal Loan
- How To Get a Personal Loan for Debt Consolidation
Rates are subject to change. Information on accounts is accurate as of March 3, 2020.Â
Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Chase.
*All loans are subject to credit approval by LightStream. If approved, your APR will be based on loan purpose, amount, term and your credit profile. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
