Loans without a direct credit check through the card!
Chase Bank offers personalized personal loan plans starting at $500, utilizing the available credit from an existing card in the customer’s name who is applying for the loan.
Firstly, Chase Bank’s personal loan stands out significantly from other plans in the U.S. market, mainly because it doesn’t require any form of collateral and doesn’t conduct a credit check on the customer’s name.
In reality, the loan is based on the available credit for the card, allowing the customer to continue using the credit card normally throughout the month, as long as it doesn’t exceed the total limit.
Therefore, if you are a customer of Chase Bank credit cards and believe you may need personal loans, continue reading this article.
Who is Chase Bank?
Chase Bank, operating under the name JPMorgan Chase Bank, is a national American company that originated as a bank in the early 19th century, bringing over 200 years of history to the United States. The current name is the result of the merger between Chase Bank and J.P. Morgan in the early 2000s, illustrating the brand’s transformations over decades of history with the American public.
Chase Bank boasts more than 4,700 branches nationwide, with a presence at over 15,000 ATMs and a comprehensive app for direct management on smartphones, tablets, or computers. The scope of services offered by Chase Bank includes checking and savings accounts, mortgages and mortgage refinancing, credit and debit cards, auto financing, investment advisory, and personal loans.
This extensive range of services allows Chase Bank to cater to both businesses and individuals, including premium private management options.
How do Chase Banks Personal Loan work?
Chase Bank’s personal loan is closely tied to the bank’s credit card system. Therefore, only customers who already have one of the bank’s credit cards can access this service. A personal loan is a portion of the credit card limit that can be deposited all at once directly into the customer’s account, typically within 1 or 2 business days.
Due to this arrangement, the loan amount is personalized, as each credit card account has its own limit. It’s important to note that the bank does not make the entire credit limit available for the loan, as it leaves a sufficient margin for the customer to continue using the card in their daily transactions.
While there is no maximum loan amount, there is a minimum loan amount, starting at $500. Customers have the option to combine the monthly credit card bill payment with the loan repayment, all in a single installment, to streamline time and effort.
Chase Bank offers lower APR rates and does not charge origination or prepayment fees.
What are the benefits of applying for a loan at Chase Bank?
- Ease and Speed: Credit card customers can apply directly through the app, saving time by not having to seek another service to obtain a loan in a time of difficulty.
- Customized Plans: The loan amount available depends on each customer’s credit card limit. Therefore, it is possible to tailor the loan to the specific needs of each case.
- Normal Card Usage: The personal loan does not hinder the use of the credit card; in fact, the plans do not utilize the entire credit limit, leaving a secure margin for continued card usage.
- No Credit Check: Chase Bank does not perform a credit check since the loan is based precisely on the customer’s existing card limit, streamlining the application process.
Possible Drawbacks
The main drawback of Chase Bank’s personal loan is directly related to its connection with the credit card service. In essence, those who are not customers of the bank’s service will not have access to credit.
Similarly, individuals with a lower monthly limit may not have significant opportunities for higher loan amounts, necessitating them to explore alternative options in the American market.
Want to learn how to apply?
Even though the customer is already familiar with how Chase Bank operates, they need to gain a better understanding of the conditions and application processes for the personal loan.