Does Chase Bank offer personal loans? The simple answer is yes. It does so by offering an array of loan options that include auto loans, line of credit, home equity loan, mortgage, refinance, and student loans. You need to put assets as collateral at bank for secured type of lending option. If you have this and are willing to take the risk, you will find it extremely easy to obtain the personal loan. This is something you cannot avoid if you need a very large sum of money to buy a house or a car.
Recently, Chase is reported to have acquired nearly $1 billion worth of personal loans from Santander Consumer USA Holdings Inc. The portfolio comprises loans originated by LendingClub to borrowers with an average FICO score of about 700. The move is said to bolster the position of Chase as one of the top lenders in the nation.
There is another face of the coin. Suppose your requirement is not so big, or you do not like the idea of pledging a valuable asset as collateral. Your usual choice, in this case, would be an unsecured loan. The question we answered above surfaces again, with a slight twist in the language. Does Chase offer unsecured personal finance? Here again the answer is yes, with a note that it is not offered to each and every person who applies for the loan. There are obvious reasons for a bank to do so. It does not want to take the risk of borrowers defaulting on the loan.
This is why Chase bank seems to have shut its door for all who need personal loans so urgently. You must possess a very good credit score and no history of bankruptcy or default to qualify for the collateral loan.
Moreover, if you have a checking account in Chase Bank or are a trusted borrower of the bank, your application is likely to get noticed by the lending division of the bank. Those who are not likely to pass this acid test, or whose applications have been turned down in the past, can find it helpful to try other options of unsecured loans.
What is unsecured personal finance?
Chase Bank provides unsecured type of personal lending solutions where the borrowers are not required to provide any property or assets as collateral against the loan amount. A variety of loan terms comes with affordable interest rates, and the borrowers are advised to look for the best available rates before making their application.
In most cases, the loan interest rates will be determined based on a number of factors such as the loan amount, credit history and monthly income of the borrower, type of loan term, and the tenure of the loan term. An eligible borrower can borrow up to an amount of $25,000, which he can use for almost any purpose. Fixed and variable rate options are also made available according to the choice of the potential borrowers.
Who can apply for a loan?
You should have following eligibility criteria for a successful loan application.
- You should have United States citizenship
- Your credit score should be above 630
- Your DTI ratio should be below 43%
- A person should minimum 18 years old
- U.S. passport holder
- A monthly income source.
It becomes very convenient for the borrowers to make application with the online availability of the bank. However, the borrower should be eligible for the amount that he is applying for. In other words, the borrowers should have a fix income from a reliable source in order to qualify for his desired loan amount. One can also use loan calculator in order to get a better understanding of the various loan option and their terms and conditions.
What are the steps for application?
- Chase bank has lenders list details. You have to simply choose lender who offers best lending service at your area. Minimum interest rate is the best idea for lender selection.
- Make sure your loan rate. It is good idea to avoid market fluctuation higher or lower rate in coming days. You have to lock within 5 working days from the you select your personal loan. Otherwise rates everyday and every time change.
- Complete your application form. After finalized your application form, a Chase bank loan representative will call at your given phone number to provide closing date of your loan application.
It is very simple process to start application online or call Chase Bank at 1-800-873-6577. Just provide some financial and banking details of yours and get the urgent cash that you need to meet your expenses. If you do not have a very good credit score you may find it useful to try loans for bad credit.