JP Morgan Chase, commonly known as Chase Bank, can help you when you are dreaming to buy an automobile, pay your child’s college education, make home renovations, pay off your mortgages, or even buy a home. The bank offers a complete range of personal finance options that include auto loans, home equity loans, mortgage loans, refinance loans and student loans.
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 personal loan lenders in the nation.
A large number of customers choose to bank with them because of their reputation and reliable history. Chase personal loans are, thus, a reality, but can only be had by people with fair to excellent credit score. There may, however, be some options for people with bad credit or those seeking unsecured personal loans.
How Chase Personal Loans Work
JPMorgan Chase is rated as one of the most popular lenders, based on its history of competitive interest rates & APRs, comparatively less stringent criteria, flexible loan terms, generous limits and positively reviewed customer service. Among its wide lending options include car & auto loans, home loans, installment loans, credit cards, debt consolidation & credit card consolidation loans and home equity lines of credit.
Not everyone qualifies for a Chase financing option. You need to check your credit report for any errors and get them corrected before proceeding to apply. Borrowers with a credit score of over 700 may find it easy to qualify for an unsecured loan whereas those with less-than-perfect credit score or with no credit at all may need to try a secured lending option or apply with a cosigner.
Beware of high risk personal loan lenders and companies claiming to offer guaranteed approval for borrowers with poor credit. A little search online will help you come across plenty of banks and lenders offering low interest loans.
Unsecured Personal Loan
If you are looking for some kind of financial assistance, you can get an unsecured personal loan and avoid putting any personal assets as collateral. The interest rates are often high with unsecured loans as these loans are offered without any security against the loan amount.
Unsecured personal loans are usually provided to individuals who are looking to carry out home improvement, renovations, buy a vehicle, pay urgent bills, or send children off to college. You may still get a competitive fixed rate if you have a good to excellent credit score.
Secured Personal Loan
A secured personal loan requires you to put your home or vehicle as collateral, which effectively puts the home or vehicle at risk if you are unable to make timely repayments. However, as you are offering a collateral, you will be able to qualify for lower interest rate and flexible terms.
It is always advisable to seek independent professional financial advice before making any type of loan application. You should keep your personal and financial information handy as Chase will require you to submit those information to meet US Federal Law requirements.
On the other hand, it is very important for the borrowers to know that the interest rates, loan amount, and the repayment term that they get will be largely based on their income status, credit history, and their financial affordability. If you have a bad credit score and you are going for the unsecured loan option, your personal loan rates may be slightly higher and it may take some time for the bank to approve your loan term.
Some benefits offered by Chase Bank include:
- Individual personal loans up to $25,000
- Online response to personal loan applications
- Availability of fixed and variable loan rates
- Competitive interest rates
- Quality services and security
- Several loan application options
- Online loan and interest rate calculator
- Upfront deposit to personal account on successful application
Personal Loan Application
Today, it has become quite easy to make your personal loan application and monthly repayments. Chase Bank provides online bill pay, which is an excellent online service through which you can pay your mortgage bills, personal loan payments, or any other type of utility bills.
All you need to do is register with online bill pay and link your Chase account, and you can start making payments anytime from anywhere. Making your loan application is also quite easy.
Visit the official site of the bank, choose the loan application option, provide some banking and personal information, and wait for the bank’s response. As soon as the loan term is approved, your loan amount will be credited to your account.
It is easy to contact the personal loan department and communicate with a Chase Bank customer care representative to ask your questions. You can call at 1-800-935-9935 for personal loan related queries. Visit the full site of the bank for faq on payment login details and other issues.