JPMorgan Chase has long confounded personal loan seekers as it never revealed how one should go about applying for an unsecured loan product. The scarce information has led many to ask whether Chase offers a personal loan or a similar product. The following is an attempt to answer the common questions surrounding the myths of Chase personal loans.
What is a Personal Loan?
To begin with, one needs to understand what a personal loan is. Depending on how you intend to use, it can take a broader or narrower meaning. In the broader sense, it can include everything that is available for personal use. This brings mortgages, home equity loans, credit cards and even auto loans under the realm of personal finances. The narrower sense, however, takes into account only two kinds of special loans – secured and unsecured. While the former requires collateral, the latter can be had without putting anything of value.
Headquartered in Chicago, JPMorgan Chase is regarded as one of the four largest banks in the United States, with over 5,000 bank branches and more than 16,000 ATMs nationwide. Given the reputation of such a large bank, borrowers will simply turn to it when they need to make a financial decision. Easy application process, great customer service and low interest rates are some assumptions that boost the confidence of a personal loan seeker when looking at the current stock value of Chase Bank.
Does Chase still offer Personal Loans?
The present JPMorgan Chase Bank, N.A. has a history of mergers – Chase National Bank, Bank of the Manhattan Company, Chase Manhattan Bank, J.P. Morgan & Co., Bank One Corporation, and Washington Mutual. During the era of subprime loans, the bank or any of its constituents used to offer unsecured personal loans even for people with questionable credits. Now the situation reverses, and the bank focuses more on secured loans and less on unsecured loans.
What are the alternatives?
Homeowners may find it easy to obtain personal loans quickly and at lower interest rates and flexible terms. Among the possible secured loan alternatives include home equity loans and refinance loans, which are easy to qualify, even for people with less-than-perfect credit. If, however, you are looking for an unsecured loan option, then you would probably find credit cards a useful alternative. Chase is acknowledged as a great issuer of credit cards. Some of its credit cards, such as Chase Freedom and Chase Sapphire are extremely popular with personal loan seekers.
How about people with bad credit?
Big banks do not want to take risks, so they avoid bringing in a loan option for people with bad credit. As a result, there are usually no short-cuts to obtain a quick personal loan from a big bank like Chase. However, if you do not want the fund immediately and can wait for a few months, then you can consider applying for a secured credit card and wait until your credit score improves. Then you can explore options for Chase unsecured personal loans. Alternatively, you can also try a different lender, particularly a bad credit personal loan lender.