Chase Cash Loans: What You Need To Know

Chase offers cash loans to its customers through its My Chase Loan® service. This service allows eligible cardholders to borrow money from their existing card's available credit. The loan can be set up through the Chase website or mobile app, with no application or credit check required. The money can be deposited directly into the borrower's bank account and paid off early without penalty. However, it's important to note that the loan will not earn rewards, and the interest charged may vary based on the balance remaining.

My Chase Loan: what it is and how it works

My Chase Loan is a feature of Chase credit cards that allows eligible cardholders to borrow money from their existing card's available credit. The loan can be used for various purposes, such as business expenses, office improvements, technology upgrades, bill consolidation, or business travel.

To be eligible for a My Chase Loan, you must have an eligible Chase credit card and meet certain requirements based on your credit profile, card's credit limit, and past account behaviour. The loan amount is typically a portion of your card's available credit, allowing you to continue using your card for purchases or business expenses. The loan can be set up through your online account or the Chase Mobile app, and the funds can be deposited directly into your bank account.

One of the advantages of My Chase Loan is the lower, fixed Annual Percentage Rate (APR) compared to a credit card's standard purchase APR. This means that you can save money on interest charges. Additionally, there are no origination or early payoff fees, and you can pay off the loan early without any penalties by paying your statement balance in full.

When you set up a My Chase Loan, you can choose the loan amount and duration that works best for you. The loan balance will be added to your credit card's current balance, and the monthly My Chase Loan payment will be included in your credit card's minimum payment due each billing cycle. It's important to note that your new credit limit for purchases may be lower than before due to the loan.

My Chase Loan offers flexibility and convenience for eligible cardmembers who need access to cash using their available credit card credit. However, it's important to carefully consider your budget and spending habits before taking out a My Chase Loan, as it may impact your overall credit limit and financial planning.

Chase Pay Over Time: an alternative to My Chase Loan

Chase Pay Over Time is an alternative to My Chase Loan, which was discontinued in 2024. Chase Pay Over Time is a suite of instalment plans that allows eligible Chase customers to break up their eligible credit card purchases into budget-friendly payments.

Chase Pay Over Time is available after a purchase has been made or at checkout. After purchase, eligible users with eligible Chase credit cards can pay off a purchase they've already made over time in equal monthly payments. There's no interest for this purchase once it's placed in a plan, just a fixed monthly fee. At checkout, eligible Chase credit card members with participating Chase credit cards in their Amazon wallet may have the option to create a payment plan with a fixed annual percentage rate (APR) that's the same or lower than the standard variable purchase APR.

How to use Chase Pay Over Time

To use Chase Pay Over Time, sign in to your account on chase.com or the Chase Mobile app and select a participating credit card. Then, select "Pay Over Time" next to an eligible purchase of $100 or more and choose a plan duration that works for you. When your cart totals $50 or more, select your Chase credit card with "Financing offers available" during checkout.

Chase Pay Over Time vs My Chase Loan

My Chase Loan was a feature of Chase credit cards that allowed eligible card members to borrow money from their existing card's available credit. It offered a flexible, lower-APR loan with funds deposited directly into the cardholder's bank account. My Chase Loan was available on most Chase business credit cards, and eligible card members could use the feature through their Chase account online or within the Chase Mobile app.

My Chase Loan: eligibility and requirements

My Chase Loan is a feature of Chase credit cards that allows eligible cardholders to borrow money from their existing card's available credit. This money can be deposited into a bank account in as little as 1-2 business days. The loan amount is added to the credit card's current balance, and the minimum monthly payment due will include the monthly My Chase Loan payment.

My Chase Loan is available to eligible cardmembers with no application or credit check required. Eligibility is based on a variety of factors, including the cardmember's credit profile, the card's credit limit, and past account behaviour. It is not available to customers within the first 180 days of opening an account.

The minimum loan amount is $500, while the maximum amount can vary based on monthly spending, creditworthiness, and other factors. The loan duration can be chosen by the cardmember, and the loan is paid back over time with a fixed Annual Percentage Rate (APR) that is typically lower than the card's standard purchase APR. There are no origination or early payoff fees.

My Chase Loan is available on the Chase website or the Chase Mobile app. Cardmembers can log in to their account and navigate to the card with an eligible My Chase Loan offer to get started.

My Chase Loan: interest rates and charges

Chase offers two ways to pay down a large credit card purchase: Chase Pay Over Time and My Chase Loan. My Chase Loan is not a cash advance, but it allows you to borrow money from your existing card's available credit. This means that you can continue to use your card for purchases.

The interest rate on My Chase Loan is based on several factors but is typically lower than your credit card's standard purchase annual percentage rate (APR). The APR for My Chase Loan is usually lower than the standard APR your card charges for unpaid balances. The payback time frame ranges from six to 24 months, and you can pay off your loan early without penalties.

My Chase Loan is available with most Chase business credit cards, and you can use this feature through your Chase account online or within the Mobile app. There is no application or credit check required, and you can set up a My Chase Loan in a few minutes.

However, it is important to note that your loan will not earn rewards. Depending on what you qualify for, interest rates may still be high, and other loan options may be more attractive. Additionally, lower interest rates are not guaranteed. It may be worth shopping around for other options, such as a personal loan from a bank, credit union, or online lender, which may offer a lower interest rate.

My Chase Loan: how to apply

Chase offers My Chase Loan, which allows you to borrow money from your existing Chase credit card's available credit line. This loan is flexible and has a lower Annual Percentage Rate (APR) than your Standard Purchase APR. There is no need for a separate application, credit check, or new account to manage.

To apply for My Chase Loan, you must be an eligible cardmember. To check your eligibility, sign in to your Chase account online or via the Chase Mobile app. Navigate to the card that has an eligible My Chase Loan offer available. Once you have selected the card, you can choose the loan amount and duration of the loan. The minimum loan amount is $500, and the maximum amount varies based on factors such as your monthly spending, creditworthiness, and other factors.

My Chase Loan provides fixed monthly payments, and you can choose which bank account to transfer the funds to. There are no origination or early payoff fees, and you can pay off your loan early without any penalties by paying your statement balance in full.

It is important to note that My Chase Loan transactions do not earn rewards, and interest rates may still be high, depending on your eligibility. Therefore, it is recommended to consider other loan options and compare interest rates before proceeding with My Chase Loan.

Frequently asked questions