When you face financial challenges, you may not know where to turn. Chase Bank offers mortgage loans, business loans, and auto loans, but not personal loans. Yes , there isn’t such thing as Chase personal loan as Chase currently does not offer that kind of credit line.
However, there are many alternative lenders who offer personal loans. They can be used for several reasons.
Who is eligible for a Chase loan?
To be eligible for a Chase loan, you must:
- Be 18 years old and above
- U.S. permanent resident or citizen
- And lastly, have a good credit score
However, you may need to meet other requirements or criteria depending on your type of loan.
What are the types of loans Chase offers?
Chase does not offer a personal loan to pay off credit card debt, take a vacation or meet other needs. Instead, Chase offers business, mortgage, and auto loans ranging from $5 billion to $5 million.
Finance a new or used car or refinance an existing car loan. Use Chase’s online calculator to estimate payments and rates based on your creditworthiness and the type of car you are financing.
Buy or refinance a home with a fixed interest rate or an adjustable rate mortgage with a term of 10, 15, 20, 25 or 30 years. Although interest rates depend on the term.
These loans are used by lenders to consolidate the debt of business or to purchase equipment and goods, and they have terms ranging from one to seven years.
You may need answers to these questions:
Are loans from Chase safe?
Chase uses 128-bit encryption to protect your banking information. Their site is also protected by SSL encryption, which encrypts your information to make interception more difficult for hackers.
If you have problems with the website or application, you can call Chase Customer Service.
How much does it cost to borrow from Chase?
The cost of a Chase loan depends on your overall creditworthiness and other factors.
After applying for a loan, Chase calculates your interest rate based on your credit score, credit history and other factors. Chase will then provide you with a credit estimate detailing the total cost of your loan, including APR, interest rates, loan terms and other key details.
How to apply for Chase loan
The process varies slightly from loan to loan, but you usually go to Chase’s website and choose the loan that interests you. From that moment on, you will:
- Log in or create an online bank account.
- Enter your personal details and date of birth.
- Describe the property or car you are interested in financing or information about your business for a business loan.
- Provide financial information, including your annual income, tax returns and banking information.
- Make an appointment with a banker to complete your credit.
How do I get an auto loan from Chase?
Applying for a Chase auto loan is not the same as applying for a Chase mortgage. Follow the steps below to apply for Chase auto loan:
- View your financing options and estimated monthly payment using the Chase calculator on their website.
- Buy your car at a Chase dealership. You can find a dealership close to you on the Chase website.
- Submit your application with the loan amount, car information and the selected dealer.
- Chase will send your approved application to the dealer, all that is left for you to do is sign on the dotted line.
How do I get a mortgage loan from Chase?
- Permit Chase to review your credit history.
- Gather your financial information, including family income, debt, personal loans and assets. You also need information about the property, such as the type of property, the purchase price and the amount of the deposit, as well as the name and number of your real estate agent.
- Chase will create a complete mortgage application package for you including the estimation of the loan. Please read this document carefully, as it contains information on the cost of the loans, the interest rate, the conditions of the loan and as well the monthly amount to be paid.
- Go through all the documents in your file, sign and return any necessary form.
Types of Chase Mortgage Loans
A jumbo mortgage is generally available on a property with a value of more than $417,000 to $3 million. Choose a jumbo fixed-rate Chase mortgage with a term of 15, 20 or 30 years or a fixed-rate mortgage with a term of five, seven, 10 or 30 years. The interest rate on a jumbo mortgage used by Chase varies depending on the conditions and as well your qualifying factors, such as your credit score and history.
Chase Fixed- or Adjustable-Rate Mortgage
Chase offers fixed-rate mortgages with terms of 10, 15, 20, 25 and 30 years. With a fixed-rate mortgage, you always know how much you are paying each month, including principal and interest. You may be eligible for one of Chase’s low down payment options when you apply for a loan.
The adjustable-rate mortgage of Chase fixes your interest rate for five, seven, or ten years, after which it becomes adjustable for the remaining term of the loan.
Chase VA loan
If you qualify for a VA loan, you may not need to make a down payment or buy private mortgage insurance. With 100% available financing, you can get a fixed-rate loan with a term of 10, 15, 20, 20, 20, 25 or 30 years.
If you got not-so-perfect credit score , the following article might me useful for you : VA Loan With 580 Credit Score
Chase FHA Mortgage Loan
Chase also offers FHA mortgages, government loans. With an FHA loan, you can buy or refinance a one to four units and choose a fixed interest rate with a term of 10, 20, 25 or 30 years. You can also use the gifts funds for your deposit for as low as 3.5%.
Chase DreaMaker Mortgage
Meet the required income limits and benefit from a Chase DreaMaker mortgage, which only requires a 5% down payment and can come from a grant or a gift. The DreaMaker mortgage also offers flexible financing options to close costs, reduce private mortgage insurance requirements and lower monthly payments.