For eligible Chase cardmembers, accessing additional cash does not necessarily mean applying for a traditional Personal Loan. My Chase Loan® allows qualifying customers to use a portion of the available credit on an existing Chase credit card and receive the funds directly in an eligible bank account.
The feature combines the convenience of an existing Chase account with a fixed APR and structured repayment. There is no separate application or credit check, and customers can review the terms available to them before deciding whether My Chase Loan fits their financial needs.
My Chase Loan
No credit check No feesBenefits of My Chase Loan®
My Chase Loan offers several advantages for eligible Chase cardmembers looking for a convenient way to access cash.
- No separate application: Because My Chase Loan is connected to an existing eligible Chase credit card, cardmembers do not need to complete a traditional loan application.
- No credit check: Setting up My Chase Loan does not require a new credit inquiry. This can be particularly convenient for customers who want to access financing without an additional credit check.
- Fixed APR: Each My Chase Loan comes with a fixed APR, helping borrowers understand the cost of financing and providing greater predictability throughout repayment.
- Potentially lower APR than regular card purchases: Chase indicates that My Chase Loan offers may have a lower APR than the card’s standard Purchase APR. The actual rate depends on the offer available to the individual cardmember.
- No origination fee: There is no origination fee for setting up My Chase Loan, eliminating a common upfront cost associated with some other financing products.
- No early payoff fee: Cardmembers can repay their My Chase Loan early without an additional early payoff charge.
- Convenient access to funds: The loan amount can be deposited into an eligible bank account, giving customers access to cash for different financial needs.
- Existing Chase account management: My Chase Loan is managed as part of the cardmember’s existing Chase credit card account, so there is no completely separate loan account to manage.
How Does My Chase Loan Work?
My Chase Loan uses a portion of the available credit on an eligible Chase credit card. It does not provide an additional credit line, and it is not a traditional Personal Loan or cash advance.
Eligible cardmembers can access their Chase account to see whether a My Chase Loan offer is available. Chase determines the amount that can be borrowed based on factors related to the account and available credit.
If an offer is available, the customer can choose an amount within the available range and review the applicable APR, payment information, and repayment options before accepting.
Once the My Chase Loan is created, the amount used reduces the available credit on the Chase card. The borrowed amount is then repaid through structured payments as part of the existing credit card account.
Funds can be transferred to an eligible bank account, with the actual deposit timing depending on the account and transfer process.
Rates and Fees
There is no universal APR for My Chase Loan because rates are personalized. The APR offered depends on the individual cardmember and the specific offer available through the Chase account.
One important feature is that the APR is fixed for the My Chase Loan. This provides more predictability than carrying a revolving balance whose applicable rate and cost may work differently.
Chase also indicates that the My Chase Loan APR may be lower than the standard Purchase APR associated with the customer’s credit card. However, borrowers should always compare the actual offer rather than assuming the loan will automatically be the least expensive financing option.
There is no origination fee and no early payoff fee for My Chase Loan. Before accepting an offer, cardmembers should review the APR, payment amount, repayment period, and total financing cost presented by Chase.
Eligibility Requirements
My Chase Loan is not available to everyone. It is designed for eligible Chase credit cardmembers, and Chase determines eligibility based on the individual account.
Factors such as the card’s available credit, account history, credit profile, and other criteria may affect whether an offer appears and how much financing is available.
The feature is also not automatically available immediately after opening a new Chase credit card account. Eligibility can change over time, which means a cardmember who does not currently see an offer may have different options in the future.
There is no traditional application process that allows someone without an eligible Chase credit card to request My Chase Loan. The financing option must be available through the customer’s qualifying Chase account.
How to Get a My Chase Loan
The process is simpler than applying for a traditional loan because eligible customers start from their existing Chase account.
1. Sign in to your Chase account: Access your eligible credit card through Chase online banking or the available account-management experience.
2. Check for an offer: If you are eligible, My Chase Loan options may appear within your account.
3. Choose an amount: Select an amount within the range Chase makes available to you.
4. Review your terms: Carefully check the fixed APR, repayment options, payment amount, and other conditions before proceeding.
5. Select your deposit account: Provide or choose the eligible bank account where you want the funds deposited.
6. Confirm the loan: After reviewing the information, complete the process. Chase will then arrange the transfer of the funds according to the applicable processing timeframe.
Because there is no separate loan application or credit check, the process can be considerably more straightforward for cardmembers who already have an eligible offer.
Frequently Asked Questions
1. Is My Chase Loan the same as a cash advance?
No. Although both involve accessing funds through your credit card account, Chase specifically distinguishes My Chase Loan from a cash advance. My Chase Loan has its own fixed APR and structured repayment terms.
2. Can I continue using my Chase credit card after getting a My Chase Loan?
Yes, provided you still have available credit. However, the amount used for My Chase Loan reduces the available credit on your card, which means you will have less credit available for regular purchases until the balance is repaid.
3. Does My Chase Loan create a new loan account?
No. My Chase Loan is connected to your existing Chase credit card account rather than creating a completely separate Personal Loan account. You continue managing it through your Chase account.
4. Can I have more than one My Chase Loan?
The availability of additional My Chase Loan offers depends on your account, available credit, and Chase’s eligibility criteria. Customers should check their Chase account to see what options are currently available rather than assuming another loan will automatically be offered.
Final Considerations
My Chase Loan® offers eligible Chase cardmembers a convenient way to turn part of their available credit into cash without completing a separate loan application or undergoing another credit check.
Its fixed APR, structured repayment, absence of origination and early payoff fees, and integration with an existing Chase account make it an option worth considering. However, using My Chase Loan reduces the credit available on your card, so it is important to review the impact on your overall credit usage and budget.
If you are an eligible Chase cardmember and need access to additional cash, check your Chase account to see whether a My Chase Loan offer is available and review your personalized terms before deciding to proceed.
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