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 Bank no longer offers personal loan; however, there are a few ways you can seek financial assistance from the bank to meet your personal needs.
4 ways to apply for Chase Personal Loan
There are 4 alternative ways for easy application in 2020. 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.
How to Find the Best Loan Rates at Chase Bank?
This bank’s personal finance is an unsecured type of loan where the borrowers are not required to provide any property or assets as collateral against the loan amount. A variety of personal loan terms comes with affordable interest rates, and the borrowers are advised to look for the best available loan rates before making their application.
In most cases, the personal loan 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 purposes.
Fixed and variable rate options are also made available according to the choice of the potential borrowers. Generally, the interest rates for a fixed-rate mortgage (a type of secured personal loan) fall between 4% and 7%. Note that the rate can go up significantly in case of an unsecured loan.
Remember that it is not easy to get approved for a personal loan. Borrowers can look for other options as well, such as a business line of credit, a business term loan, a low-rate credit card or a home equity loan. It is always easier to qualify for a secured loan than an unsecured loan. Moreover, the former also comes with a lower interest rate and better terms of payment.
Chase Bank Personal Loans Application Process?
It becomes very convenient for the borrower to make personal loan 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 borrower should have a fixed income from a reliable source in order to qualify for his/her desired loan amount.
One can also use a personal loan calculator in order to get a better understanding of the various loan option and their terms and conditions. To make online application borrowers can visit the official website of the bank (chase.com), where they will find all information on how to make their application.
Just provide some financial and banking details of yours and get the urgent cash that you need to meet your expenses. According to a source, credit score needed to apply for a personal loan at Chase must be at least 700 or more. If you do not have a very good credit score you may find it useful to try personal loans for bad credit at some other lenders that we feature on this page.
Chase Bank can prove to be of great financial help in times of emergency needs and unexpected expenses. Chase Bank is one of the four leading banks in the United States and they are widely popular for their huge variety of banking services and products.
If you are in urgent need of emergency cash to cope with certain unplanned expenses such as vacations, wedding, or if your bills are mounting up, then all you need is a personal finance with easy repayment term. It is totally up to the borrowers to decide how to use their loan amount.
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.