JPMorgan Chase offers a range of personal financing options that can well be categorized into the two broad classifications of loans – secured and unsecured. A secured loan is definitely going to cost you less, but you must have suitable collateral to back it up. On the other hand, the unsecured option is open for almost anyone with a good credit.
If you look at the website of JPMorgan Chase, you won’t find anything that looks like a personal loan. This simply means that Chase no longer offers this kind of loan; however, there are a few ways you can seek financial assistance from the bank to meet your personal needs.
The 4 alternatives to personal financing at Chase
The first two options are suitable for those with no collateral and the last two options are for those who own a home.
1. Credit Card
Get an unsecured credit card, preferably the one with 0% APR and no annual fee. A great option would be Chase Freedom, which comes with no annual fee and 0% intro APR for the first 15 months of using it.
If you need a personal loan to make a large purchase or pay for something that can easily be paid with a credit card, you will definitely find this option useful. Please note that you need to have a very good credit score to get approved for a credit card from Chase.
2. Bank Overdraft
Another option for a personal financing assistance, if you don’t have collateral, is to use the bank’s checking account overdraft feature.
According to bankrate, a bank overdraft can work like a short-term loan whereby checking account holders can use a debit card to make purchases even if they don’t have sufficient funds in their account to cover them.
Chase overdraft protection can help you pay any overdraft transactions. To use it, you need to open a checking account at the bank and enroll for overdraft protection at no extra cost.
If you have a backup account (backed by an unsecured credit card or a savings account with the bank), you will be charged a $10 overdraft protection transfer fee, otherwise you will have to pay a $34 Insufficient Funds Fee each time you make a transaction.
To know more about Chase overdraft protection, you can call 1-800-935-9935.
A homeowner has quite a few more options to apply for a loan for personal needs. A home equity line of credit or HELOC can work great if you need to pay for education or home remodeling recurrently over a period of time.
A HELOC works like a credit card, but offers several significant advantages. The interest rate is much lower and you can save on taxes as well. Besides, you will enjoy no closing cost, convenience of online banking, flexible payment options and easy access of funds.
Chase can even offer an additional discount on the applicable interest rate for personal checking account holders.
Ensure that your debt-to-income ratio is less than 43% and your LTV is below 80%. You also need to have a good credit history before you proceed to apply either online or by calling 1-888-342-4273. You can also visit a Chase branch to apply for a HELOC.
4. Cash-out Refinance
According to Wikipedia, cash-out refinancing occurs when a loan is taken out on property already owned, and the loan amount is above and beyond the cost of transaction, payoff or existing liens, and related expenses.
It is a great option for homeowners who need to take a personal loan for debt consolidation, vacation, purchase, or clearing a medical bill. To apply for cash-out refinance, you can either get started online or call customer service representative.