Is there a debt consolidation loan from Chase? This question is about Debt Consolidation Loan Offers

Chase does not offer debt consolidation loans, or personal loans for any purpose. However, that doesn’t mean it’s impossible to consolidate debt with Chase. Chase has two debt consolidation options: balance transfer credit cards and home equity lines of credit. Ways to consolidate debt with Chase: Balance transfer credit card. Chase offers one of the best balance transfer cards on the market, Chase Slate. For a full breakdown, check out WalletHub’s complete Chase Slate review. In addition, Chase Freedom and Freedom Unlimited are also good options. The two Freedom cards offer excellent rewards as well. Home equity line of credit. A HELOC works like a credit card in that you can borrow money up to a certain amount (based on the value of your home minus your mortgage balance) whenever you want. But you are never obligated to borrow. A HELOC is secured by your home, so Chase could foreclose on you if you can’t pay back the money you borrow. APRs on Chase HELOCs range from 5.75% to 8.39%. The advantage of using a balance transfer card for debt consolidation with Chase is that you get a 0% APR to start. If your debts are small enough, you may be able to pay them off before the regular APR kicks in. However, depending on what credit limit you get, you may not be able to consolidate all the debts that you’d like to. On Chase Slate, the balance transfers can’t exceed your credit limit (minimum of $500) or $15,000, whichever is smaller. HELOCs have the risk of using your home as collateral, but they offer extremely low interest rates for debt consolidation. Exactly how much you can borrow depends on how much equity you have. Chase provides a calculator on their website to help customers see how much they could save with a HELOC.

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Is there a debt consolidation loan from Chase?

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This question is about Debt Consolidation Loan Offers

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Adam McCann, Financial Writer

@adam_mcan • 06/27/19 This answer was first published on 06/27/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Chase does not offer debt consolidation loans, or personal loans for any purpose. However, that doesn’t mean it’s impossible to consolidate debt with Chase. Chase has two debt consolidation options: balance transfer credit cards and home equity lines of credit.

Ways to consolidate debt with Chase:

Balance transfer credit card. Chase offers one of the best balance transfer cards on the market, Chase Slate. For a full breakdown, check out WalletHub’s complete Chase Slate review. In addition, Chase Freedom and Freedom Unlimited are also good options. The two Freedom cards offer excellent rewards as well.
Home equity line of credit. A HELOC works like a credit card in that you can borrow money up to a certain amount (based on the value of your home minus your mortgage balance) whenever you want. But you are never obligated to borrow. A HELOC is secured by your home, so Chase could foreclose on you if you can’t pay back the money you borrow. APRs on Chase HELOCs range from 5.75% to 8.39%.

The advantage of using a balance transfer card for debt consolidation with Chase is that you get a 0% APR to start. If your debts are small enough, you may be able to pay them off before the regular APR kicks in. However, depending on what credit limit you get, you may not be able to consolidate all the debts that you’d like to. On Chase Slate, the balance transfers can’t exceed your credit limit (minimum of $500) or $15,000, whichever is smaller.

HELOCs have the risk of using your home as collateral, but they offer extremely low interest rates for debt consolidation. Exactly how much you can borrow depends on how much equity you have. Chase provides a calculator on their website to help customers see how much they could save with a HELOC.

Answer Question

Why is debt consolidation a bad idea?

Debt consolidation is a bad idea if it does not save you any money. This happens when the interest rate on your new loan or line of credit ends up being higher than that of your existing debts, which mostly defeats the purpose of consolidation. In that case, the only benefit would be having all your debts in one place. Debt consolidation may be a bad idea in other situations too, like if you work...

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Is debt consolidation a good idea?

Debt consolidation is a good idea for borrowers with high-interest debts owed to multiple lenders. Whether or not debt consolidation is wise depends largely on if you can get a new loan or credit card that will save you money compared to the current cost of your debts. The simplicity of a single payment can be helpful, too.

How Much You Can Save With Debt Consolidation

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Should I get a credit card consolidation loan?

A credit card consolidation loan is a good idea if it reduces the cost of your debt and allows you to repay what you owe sooner than you would otherwise. Furthermore, a credit consolidation loan is the best choice if it will save you more than the top balance transfer credit cards.

Credit card debt consolidation loans help put all your balances in one place. But they’re not worth it unless you also get a reduced interest rate...

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