Chase is a bank that many prefer when it comes to personal loans. It’s often easy to take out a personal loan with Chase, but the interest rates can be a bit higher than with some other loan companies. There are two ways that personal loans are offered. One is a secured loan while the other is unsecured. There are pros and cons with each type depending on the amount of money that you need to borrow and how much you can pay back each month.
One of the things to keep in mind with both types of loans is that the application is lengthy. You have to include your income, personal information and any information for someone who is interested in going on the loan with you. After the application is reviewed, you’ll usually get a decision fairly quickly. If you complete the application online instead of mailing it in, you can almost guarantee that the loan won’t be approved if you get a message after entering the information that lets you know that you’ll receive a decision in the mail. If the application is approved, then you’ll usually get a response about how much you can borrow within a few hours. It’s important to check your email as this is typically how the information will be sent before your paperwork is mailed.
Unsecured loans are often easier to get as you don’t have to use any assets when getting the loan. However, if you get a secured loan, your assets that you include with the application can be taken if you don’t make the payment each month. If you have bad credit, then it’s usually very hard to get a personal loan with Chase as this is one of the aspects that the company looks at during the approval process. Your income amount is also a big factor when you’re applying for a loan with the company.