Chase's Loan Options: What's Available For Customers?

Chase currently does not offer personal loans. However, Chase does offer two flexible financing options, Chase Pay Over Time and My Chase Loan, which allow cardholders to borrow money from their existing card's available credit. These options can be used to pay down large credit card purchases and for business expenses.

Chase Pay Over Time

There are two ways to use Chase Pay Over Time: after purchase and at checkout. With the after-purchase option, eligible users with eligible Chase credit cards can pay off a purchase they've already made over time in equal monthly payments. There is no interest for this purchase once it's placed in a plan, just a fixed monthly fee. The after-purchase option is available on most consumer credit cards and select business cards.

With the at-checkout option, eligible Chase credit cardholders 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 their standard variable purchase APR. This option is currently only available on Amazon.com for select Chase cardholders.

To set up a Chase Pay Over Time plan for an eligible purchase on your credit card, sign in to your account on the Chase website 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. You can have up to 10 active plans on a single credit card account.

My Chase Loan

Each My Chase Loan offer will include an APR and the number of billing periods it will take to pay the balance in full. The APR is based on several factors, including your credit profile, the card's credit limit, and past account behaviour. The exact amount of interest charged each month of the loan term will vary based on the remaining balance.

To set up a My Chase Loan, you can log in to your account on chase.com or the Chase Mobile app. You can then choose the loan amount and payment duration that works for you. After setting up the loan, the loan amount is added to your credit card's current balance, and the minimum payment due each billing cycle will include the monthly My Chase Loan payment.

Chase doesn't offer personal loans

Chase does not currently offer personal loans. However, Chase does offer two "flexible financing options" called Chase Pay Over Time and My Chase Loan. These options allow cardholders to pay down large credit card purchases. My Chase Loan allows eligible cardholders to borrow money from their existing card's available credit and pay it back over a set period, with a fixed annual percentage rate (APR) that is lower than the standard purchase APR. There is no need for a credit check or separate account to manage. The money can be deposited into a checking or savings account. However, interest rates may still be high, and other loan options may be more attractive.

My Chase Loan is available to eligible cardholders, who can request it through the Chase website or the Chase Mobile app. Eligibility is based on various factors, such as the credit profile, the card's credit limit, and past account behaviour. It is important to note that My Chase Loan transactions do not earn rewards. Additionally, the loan amount is added to the credit card's current balance, and the minimum payment due each billing cycle will include the monthly My Chase Loan payment.

While Chase does not offer personal loans, there are alternative lenders that provide personal loans, such as U.S. Bank and Wells Fargo. These lenders may be worth considering if you are in the market for a personal loan.

My Chase Loan interest rates

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 amount can be chosen by the cardholder, and the payment duration is flexible. The loan is then paid off over time with a fixed Annual Percentage Rate (APR) that is typically lower than the standard purchase APR.

The APR charged on a My Chase Loan is based on several factors, including the cardmember's credit profile, the card's credit limit, and past account behaviour. The lowest amount that can be borrowed with My Chase Loan is $500, and the maximum amount depends on factors like monthly spending and creditworthiness. The payback time frame can range from six to 24 months.

While My Chase Loan offers a lower APR than the standard purchase APR, it is important to note that interest rates may still be high, depending on the cardholder's qualifications. Other loan options may provide more attractive interest rates. For example, balance transfer credit cards often offer an introductory 0% APR period for a year or more, although a balance transfer fee of 3% to 5% of the balance is typically charged.

Additionally, My Chase Loan transactions do not earn rewards, and the loan amount will apply against the user's credit card limit. This may impact the cardholder's credit utilisation and, consequently, their credit score. It is recommended to explore various loan options and consider seeking out other alternatives to ensure the most favourable terms for one's financial situation.

My Chase Loan eligibility

Chase offers two ways to pay down a large credit card purchase: Chase Pay Over Time and My Chase Loan. My Chase Loan is a feature of Chase credit cards that provides a loan using a portion of a card's existing, available credit limit. This allows you to borrow money from your existing card's available credit and pay it back over a set period of time based on your loan amount with a fixed Annual Percentage Rate (APR) that's typically lower than your standard purchase APR.

My Chase Loan is available to eligible card members. Eligibility is based on a variety of factors, such as your credit profile, a card's credit limit, and past account behaviour. Additional conditions might prevent My Chase Loan offers, for example, My Chase Loan is not currently available to customers within the first 180 days an account is open.

If you are eligible for a My Chase Loan offer, you will see the loan payment options after choosing an amount. You can set up automatic payments for My Chase Loan because monthly payments are factored into credit card statements after the loan is set up. There are no origination or early payoff fees with My Chase Loan. However, the terms of your credit card still apply during the loan term, so in certain situations, other account fees may be charged, such as late payment fees.

You can usually set up My Chase Loan in three steps: first, choose an amount and a payment duration that works for you; second, have the money deposited directly into your bank account in as little as 1-2 business days; and third, pay it off over time with a lower, fixed APR.

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