Chase offers three main ways to borrow: personal loans, home equity lines of credit (HELOCs), and credit cards
Chase has different borrowing products depending on what you need the money for and how much you want to borrow. A personal loan is an unsecured loan you repay in fixed monthly installments over a set term—typically two to seven years. A home equity line of credit (HELOC) lets you borrow against the equity in your home and draw money as you need it, similar to a credit card. A credit card gives you a revolving credit line where you can borrow up to your limit, pay interest only on what you use, and carry a balance month to month.
Which one makes sense depends on the amount, how fast you need it, and whether you own a home. Personal loans have fixed rates and predictable payments. HELOCs typically have lower rates but require home ownership and put your house at risk if you default. Credit cards are fastest to access if you already have one, but carry higher interest rates.
Key Takeaways
- Chase personal loans range from $500 to $40,000 and require a credit check; approval typically takes one to three business days.
- HELOCs require you to own a home with equity and may take two to four weeks to close, but offer lower rates than personal loans or credit cards.
- Chase credit cards are the fastest option if you already have an account, but interest rates are higher than personal loans.
- Your credit score, income, and debt-to-income ratio determine whether Chase will lend to you and what rate you receive.
- You can start the process online, by phone, or in person at a Chase branch.
Chase personal loans: amounts, rates, and how to apply
Chase personal loans range from $500 to $40,000. The interest rate you receive depends on your credit score, income, employment history, and existing debt. Chase does a hard credit pull, which temporarily lowers your score by a few points. You can check your rate without a hard pull by entering basic information on their website—this gives you an estimate but not a may provide.
To apply, you can go online at chase.com, call 1-800-935-9935, or visit a branch in person. You will need to provide your Social Security number, date of birth, current income, and employment information. Chase will verify your income by checking tax returns or recent pay stubs. Approval typically takes one to three business days; if approved, the money can hit your account within one to five business days after you sign the promissory note.
Personal loans come with fixed interest rates and fixed monthly payments, so you know exactly what you owe each month. There is no prepayment penalty, so you can pay off the loan early without extra fees. The loan term ranges from 24 to 84 months depending on the amount and your creditworthiness.
Home equity lines of credit: borrowing against your home
If you own a home and have built equity—meaning you owe less than the home is worth—Chase offers HELOCs. You can typically borrow up to 80 percent of your home's equity. For example, if your home is worth $300,000 and you owe $150,000 on the mortgage, your equity is $150,000, and you could borrow up to $120,000.
HELOCs usually have variable interest rates tied to the prime rate, so your payment changes when rates move. Chase HELOCs typically have a draw period (usually 10 years) when you can borrow and repay, followed by a repayment period (usually 20 years) when you can no longer draw but must repay what you borrowed. Interest rates on HELOCs are usually lower than personal loans because your home secures the debt.
The application process is more involved than a personal loan. You will need to provide proof of home ownership, a recent mortgage statement, proof of income, and authorization for a home appraisal. Chase will order an appraisal to determine your home's current value. The entire process typically takes two to four weeks. If you default on a HELOC, Chase can foreclose on your home, so this option carries more risk than an unsecured personal loan.
Chase credit cards: the fastest option if you already have one
If you already have a Chase credit card, you can use your available credit immediately. There is no application process, no waiting for approval, and no separate funding—you simply charge what you need. This makes credit cards the fastest way to access money from Chase.
The downside is that credit card interest rates are much higher than personal loans or HELOCs. Chase credit card APRs typically range from 18 to 27 percent depending on your creditworthiness. You only pay interest on the balance you carry; if you pay off the full statement balance by the due date, you pay no interest. But if you carry a balance, interest accrues daily.
If you do not have a Chase credit card yet, you can apply online, by phone, or in a branch. Approval is usually instant or within minutes. Once approved, you can use the card immediately if you apply online or in person; if you apply by phone, the card arrives by mail in seven to ten business days.
What Chase looks at when deciding whether to lend to you
Chase uses several factors to decide whether to lend and at what rate. Your credit score is the primary factor—the higher your score, the lower your rate. Chase typically requires a credit score of at least 620 for a personal loan, though better rates go to borrowers with scores above 700. For HELOCs, the minimum score is often higher, around 680 to 700.
Chase also looks at your debt-to-income ratio—the percentage of your monthly income that goes to debt payments. If you earn $5,000 per month and already pay $1,500 toward existing debts, your ratio is 30 percent. Chase typically wants this ratio below 43 percent, though it varies by product. They verify income through recent tax returns, W-2s, or pay stubs.
Employment history matters too. Chase prefers to see at least two years at your current job, though they may lend with less if your income is stable. If you are self-employed, you will need to provide two years of tax returns. Any recent late payments, collections, or defaults on your credit report will hurt your chances or result in a higher rate.
Timeline from application to money in your account
| Product | Application Time | Approval Time | Funding Time | Total |
|---|---|---|---|---|
| Personal Loan | 15–30 minutes online | 1–3 business days | 1–5 business days after signing | 3–8 business days |
| HELOC | 30–60 minutes online or in person | 5–10 business days (includes appraisal) | 5–10 business days after closing | 2–4 weeks |
| Credit Card | 5–10 minutes online | Instant to minutes | Immediate if online/in-person; 7–10 days if by mail | Immediate to 10 days |
Personal loans are the middle ground: faster than a HELOC but slower than a credit card. If you need money urgently, a credit card is your fastest option. If you need a large amount and can wait, a HELOC offers the lowest rate but takes the longest.
What happens if you miss a payment or default
If you miss a payment on a Chase personal loan, you will be charged a late fee (typically $25 to $35 for the first late payment, more for subsequent ones) and your interest rate may increase. After 30 days late, the missed payment appears on your credit report and damages your credit score. After 120 days late, Chase may charge off the account and refer it to a collection agency.
HELOC defaults are more serious because your home is collateral. If you miss payments, Chase can begin foreclosure proceedings after 120 days of delinquency. This is why HELOCs carry more risk than personal loans—you can lose your home if you cannot pay.
Credit card late payments follow the same pattern: late fees, rate increases, credit report damage after 30 days, and potential charge-off after 120 days. If you fall behind on any Chase debt, contact them immediately to discuss a hardship plan or payment arrangement. Chase sometimes offers temporary payment reductions or deferrals for borrowers facing financial difficulty.
Frequently Asked Questions
Can I get a Chase personal loan with bad credit?
Chase typically requires a credit score of at least 620 for a personal loan, though approval is not may provide at that score. If your score is below 620, you will likely be denied. If it is between 620 and 660, you may be approved but at a higher interest rate. Building your credit score before applying will result in a better rate.
What is the difference between a fixed-rate personal loan and a variable-rate HELOC?
A fixed-rate personal loan has the same interest rate for the entire loan term, so your monthly payment never changes. A variable-rate HELOC's rate moves with the prime rate, so your payment can increase or decrease. Fixed rates are predictable; variable rates are riskier if rates rise but can save money if rates fall.
Do I need to be a Chase customer to borrow?
No. You can apply for a Chase personal loan or HELOC even if you do not have a Chase checking or savings account. However, having an existing relationship with Chase may make approval easier. You will need a valid bank account (at any bank) to receive the loan funds.
What if Chase denies my application?
If denied, Chase will send you a notice explaining the reason—usually low credit score, high debt-to-income ratio, or insufficient income. You can wait a few months, improve your credit or income, and reapply. You can also ask Chase to reconsider, though this rarely changes the decision. A personal loan from another lender or a credit card may be options if Chase denies you.
Can I borrow money from my Chase savings account instead?
If you have a Chase savings account with a balance, you cannot "borrow" from it in the traditional sense, but you can withdraw your own money. If you want to borrow against your savings without withdrawing it, Chase offers savings-secured loans where you pledge your savings as collateral. These are easier to get than unsecured personal loans because the risk to Chase is lower.