Chase Personal Loans: Low Interest, Online, Bad Credit Alternatives

Chase personal loans are not available to any borrowers, no matter how good their credit rating.

So which lenders do issue personal loans? Wells Fargo, TD Bank, Citigroup, PNC Financial Services Group, and SunTrust Banks are among the many big name banks but in this review we show you the best Chase alternatives.

We compare personal loan providers to help you figure out which lenders offer the best personal loans?

Chase Personal Loans Alternative:
Prosper

If you struggled to get approved for a personal loan from a bank or credit union, or even if you simply want another financing route, Prosper is a peer-to-peer platform that connects borrowers with lenders.

You can borrow anywhere from $2,000 to $35,000 in 1 → 3 business days from the time you are approved.

The big idea behind Prosper is to provide borrowers with lower interest rate loans that last 3 → 5 years.

Depending on your risk category, you will be charged an origination fee that ranges from 1% → 5%.

As long as your credit score is north of 640 and you have a debt-to-income ratio less than 50% with no bankruptcies in the previous 6 months, you may be eligible for a Prosper loan.

SoFi Personal Loans

SoFi is best known as a student lender but it also issues personal loans.

If you have good credit and a history of paying your bills on time, SoFi personal loans may be a good option.

Unlike some other personal loan providers, SoFi won’t hit you with an origination fee.

You can borrow anywhere from $5,000 to $100,000 for anywhere from 3 → 7 years.

Both fixed rate and variable rate loans are available and funding timelines can be as fast as 7 days.

Prepayment fees won’t apply but late payment fees may hurt you. However, they are the lower of $5 or 4% of the due amount.

Unlike some other lenders, co-signer support is not provided and limited approvals are issued – you will need stellar credit and good financial history to qualify for a SoFi personal loan.

Chase Personal Loans Alternative:
Peerform

Like Prosper, Peerform is a peer-to-peer platform that connects borrowers with lenders.

If you don’t have the stellar credit needed to get a SoFi personal loan, Peerform loans are worth checking out.

You can borrow as much as $25,000 for loan durations of up to 3 years.

Usually it takes anywhere from 3 → 14 days to receive funding.

APR rates tend to be higher at Peerform than at SoFi, which is no surprise because less creditworthy borrowers are eligible for loan approvals at Peerform.

Origination fees apply to loan issuances too, and range from 1% → 5%.

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Bank Personal Loans

If you prefer to stick with a more traditional funding route, personal loans are available from Wells Fargo and Citibank.

Like SoFi, you may be eligible to borrow up to $100,000 for a personal loan.

It’s hard for big name banks to beat SoFi on rates, but you will likely still need a good credit score or better to qualify for a personal loan from them.

> Related: Chime Bank – The Online Bank

Credit Union Personal Loans

Credit unions tend to be more lenient when it comes to eligibility requirements.

Even if you have bad credit, you may still qualify for a personal loan from your local credit union.

However, the amount you can borrow will usually be limited compared to a bank or online lender.

Expect your local credit union to cap your loan amount below the limits imposed by brand name banks unless special circumstances apply.

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Is A Personal Loan Right For You?

To qualify for a personal loan, you often but not always need a decent credit rating.

If you are not sure what your credit score is, MyFICO has a bunch of great resources.

A personal loan may be a good option for you if you need money to pay for a personal event like a wedding.

Personal loans can also be a good alternative to racking up credit card debt. For example, you may wish to consolidate debt from a few credit cards into a single personal loan that offers a better rate.

Another possibility is to choose a 0% Balance Transfer credit card.

If you have medical expenses or dental costs, like a root canal, that are not fully covered by health insurance then a personal loan may be a smart choice too.

Looking for the best personal loans? Did you stumble on any great personal loan providers we missed? Let us know in the comments below.

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