My Chase Loan – Learn How to Apply
If you are a holder of one of Chase's various credit cards, you can learn all about personal loans based on your credit line; check it out!
What do I need to know before applying for a My Chase Loan?
JPMorgan Chase offers personal loan plans starting at $500, with the limit entirely based on the purchasing and credit profile of customers of the bank’s credit card lines.
Chase offers a different format of unsecured personal loan called My Chase Loan, maintaining the intention of not requiring assets or real estate as collateral to receive the money.
In fact, the funds from My Chase Loan come from the available credit on the existing credit card.
This is because the various lines of Chase credit cards offer their own monthly limits. And when this limit has available funds, the customer can take out this money in the form of a personal loan.
The minimum amount to make such a withdrawal of money directly into the account is $500, and the maximum will depend exactly on the credit line available to the customer.
On its platform, Chase does not provide an official explanation of the APR fee amounts, only promising that the values are lower compared to the standard purchase APR credited to the account.
In this sense, it should range between 8.99% and 29.99% APR, on average, based on what is done in the North American market.
Chase also does not charge origination fees or prepayment penalties, and the money should go quickly into the borrower’s bank account.
The time for repayment will also depend on each negotiation, but usually ranges from 12 to 60 months.
Who can Apply?
As the personal loan is drawn from the credit card line, the main requirement for the service is precisely to be the holder of a Chase credit card.
In addition, by default, the bank follows other basic requirements for the market, such as being at least 18 years old and being a citizen in good standing in the country, such as a native-born American or a foreigner with a work visa.
Indeed, all of these issues have already been verified by the bank for the credit card application itself.
You need to understand that the credit line is not always available for the loan, as it also takes into account other factors such as account activity and the financial capabilities of the cardholder.
Therefore, even if you have one of Chase’s cards, acceptance of the loan depends on the bank’s offer and availability.
How do I Apply for the My Chase Loan?
The application for the personal loan with Chase is quite different from other companies that offer similar services.
Moreover, there’s no need to fill out any application forms.
In fact, to proceed with the loan, you need to access your card account through the desktop platform of the website or even through the Chase mobile app.
Within the account overview, you select the option for My Chase Loan, which directs you to the menu to choose the loan amount and repayment term.
It’s during this process that you’ll know all the loan conditions, such as the available amount, total APR rate, repayment term, and fixed installment amount.
After finalizing all the contract details, you should receive the money in your bank account within just 1 to 2 business days.
In case of any issues, you can contact Chase’s customer service through the platform or the app.
More Details
An important aspect of My Chase Loan is that the cardholder can continue using the credit card without any issues, even after taking out the personal loan.
For this, you just need to have available credit. Therefore, the key tip is to not take out the entire credit line as a loan, as you’ll still need to use the card.
Nevertheless, Chase’s service is highly tailored to your needs and saves time without requiring an application form or a credit check.
