Learn all you need for the application
Chase Bank provides a wide array of financial services, including checking and savings accounts, mortgages, credit and debit cards, auto financing, investment advisory, and personalized personal loans.
The bank caters to both individuals and businesses, offering premium private management options. With a commitment to flexibility and accessibility, Chase Bank facilitates day-to-day transactions through its extensive branch network, ATMs, and a user-friendly mobile app.
One distinctive feature of Chase Bank is its approach to personal loans, which are intricately linked to the customer’s credit card. These loans are based on the available credit of the customer’s existing card, allowing for personalized loan amounts.
The application process is streamlined, requiring no credit check as the loan is tied to the credit limit. Clients can seamlessly manage their credit card usage while repaying the loan, providing convenience and ease of access.
If you believe that Chase Bank’s loan can meet your needs as a bank customer, keep reading.
Who can Apply?
Chase Bank’s unsecured personal loan service is aimed at customers with eligible credit cards.
The Chase Bank credit card portfolio includes various lines such as Iberia Visa Signature, British Airways Visa Signature, Disney Premier Visa, Marriott Bonvoy Boundless, United Gateway, and United Explorer. Additionally, there are business credit cards like INK Business Premier, United Business, World of Hyatt Business, and IHG One Business.
Chase Bank clarifies that this feature is not available for all credit cards. Therefore, it is recommended to log in to the bank’s online platforms and check the eligibility of your account.
How is the application process at Chase Bank Personal Loan?
If the customer is not qualified through their credit card, they can explore possibilities for an upgrade to an option that allows for a personal loan. Once the card is eligible for the loan, the customer needs to choose the loan amount.
To do this, the customer must access the website, mobile app, and internet banking services of their Chase Bank credit card account. The minimum amount to request is $500, and the approval depends on monthly spending, credit capacity, and other factors, according to Chase Bank’s rules. It’s important to note that the bank still retains a portion of the credit available on the credit card.
After selecting the loan amount, the customer needs to choose the repayment term, typically ranging from 12 to 36 months, depending on the customer’s credit capacity. Interest rates also depend on the relationship between the loan amount and the repayment terms. The monthly payment can be added to the credit card statement, consolidating both services into a single payment.
If the customer accepts all conditions and signs the loan agreement, they will receive the money directly into their bank account, usually within 1 to 2 business days. It’s worth noting that the customer can continue to use the Chase credit card normally after receiving the loan. Additionally, it is possible to make early payments or even request new loans.
Want to look at another option?
The U.S. market offers various types of personal loans for the public without necessarily linking them to credit cards. Wells Fargo, for instance, provides loans of up to $50,000 for customers with a bank account at the institution. If you want to learn more about this option, I’ll be happy to provide additional information about the brand.