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JP Morgan Chase Bank has a presence in every state in the U.S. except Hawaii, so if you want to apply for a personal loan with them, you are sure to find a branch in your state where you can do it in person.
In addition, you can also become a customer of the bank through the Internet and then apply for your loan online.
How to apply for a Chase Bank personal loan?
Currently, Chase Bank does not offer personal loans as such, but it does offer several financing avenues that you can use if they suit your needs.
To apply for any of them, you will need to go to a branch near you, or you can apply through the bank's website or the Chase Bank mobile app.
Requirements to get money with Chase Bank
If you want to obtain financing with this financial institution you must be a legal resident of the United States and be of legal age. Depending on the state in which you reside, this minimum age will be 18 years or older.
The necessary information and documentation you must provide depends on the loan you are going to contract, but the most common is the following:
- Personal information: name, address, age, personal and work situation.
- Social Security Number (SSN).
- Identification document: such as a driver's license, state ID or passport.
- Proof of income: payroll, bank statement, pension or rent receipts, tax payments, etc.
What loans does Chase Bank currently offer?
If you need information about the money loans that Chase Bank allows you to contract, here we analyze its different financing options so that you can compare and make an informed choice if one of its loans is right for you or if it is better to go to other entities.
My Chase Loan
Chase Bank customers who have signed up for a credit card can use the balance available on it to get a personal loan directly into the checking account, enjoying a lower interest rate than that applied to the deferred purchases you make with the card.
With this loan you can apply for a minimum of $500 and a maximum of the limit you have on your credit card, which will depend on the plastic you have contracted and factors such as your credit history and the use you make of it.
- No origination or prepayment fees.
- No credit check.
- You can continue to use your credit card.
- You can apply online 24 hours a day, using the Chase Bank website or mobile app.
- The interest rate charged (APR) is lower than what you pay for deferring purchases you pay with your credit card.
Chase Bank Auto Loan
If you want to buy a new or used car, Chase Bank offers everything you need, from a complete online catalog of vehicles for sale nationwide, to the financing you need to acquire the car, whether it's one of the ones the bank has in its database or an external one.
The conditions of the Chase Bank Auto Loan, such as the amount you can apply for or the interest rate you will pay, depend on multiple factors:
- The state in which you reside. Remember that the bank offers its services in all the United States except Hawaii.
- Your credit score. It can be Excellent (800 - 850), Very Good (740 - 799), Good (670 - 739) or Fair (580 - 669). The higher your score, the lower the interest rate.
- The year the car was built. For newer cars, it is possible to get higher loan amounts.
Examples of Chase Bank Auto loans according to the simulator on their website (Simulation performed on 01/26/2023 for the state of New York):
|Example 1: |
- Year of the car: 2023
- Loan amount: $20,000
- Credit Score: Fair
|Loan rates: |
- 4 years: 13.19% APR ($538.44 / month)
- 5 years: 12.99% APR ($454.96 / month)
- 6 years: 13.24% APR ($404.02 / month)
|Example 2: |
- Year of the car: 2015
- Loan amount: $30,000
- Credit Score: Good
|Loan rates: |
- 4 years: 12.59% APR ($1,004.90 / month)
- 5 years: 11.99% APR ($789.87 / month)
- 6 years: 11.94% APR ($666.42 / month)
|Example 3: |
- Year of the car: 2020
- Loan amount: $50,000
- Credit Score: Excelent
|Loan rates: |
- 4 years: 6.94% APR ($1195.92 / month)
- 5 years: 6.74% APR ($983.94 / month)
- 6 years: 6.44% APR ($839.07 / month)
Home Equity Line of Credit (HELOC)
This product is not currently available for purchase with Chase Bank, but you can refinance your existing mortgage to get extra money.
In the United States it is very common for banks to offer lines of credit and home equity loans on properties that the customer already owns in order to obtain extra money for furniture, renovations, debt consolidation and other needs.
They are known as Home Equity Line of Credit or Home Equity Loan, which literally means: line of credit or loan for the liquid value of the property, but is more commonly translated as line of credit or home equity loan.
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Chase Bank offers this financing option in the form of a line of credit (HELOC), through which you can use the money as you need it up to the maximum limit granted.
You can do this for an initial period of 10 years (draw period), then you will move on to the repayment period, during which you will pay back the money used plus interest.
Chase Bank HELOC Features
Although we cannot specify the interest rate of a home equity line of credit offered by this entity, since it depends on multiple factors, such as your credit score or the loan-to-value ratio, we can offer you some details of this product:
What property can you provide as collateral?
Chase Bank only accepts as collateral for your HELOC the primary residence in which you live, it will not be possible to use second homes or other properties.
How much money can you apply for?
The maximum amount you can get depends on whether you already have a mortgage on the home, but at most you can get 80% of the value of the property.
What can you use the money for?
Chase Bank specifies in its Frequently Asked Questions section of its home equity line of credit that you can use the money to make renovations or repairs to the home that serves as collateral. Another indicated purpose is to refinance your current debts, such as personal loans or credit cards, to get a lower interest rate.
Español: ¿Cómo solicitar un préstamo personal de Chase Bank?