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Chase Business Loans Review
Chase business loans at a glance
|Lender||Min Loan||Max Loan||APR||Terms||Key Benefit|
|Chase Bank||$5,000||No maximum||Not listed||12–84 months||Fixed and adjustable rates available|
What we like about it
The best part about Chase business loans is the long list of different types of options and specialty products available. Where some banks and lenders only have one type of business loan, Chase has several. These include small business loans, lines of credit, commercial real estate loans, SBA loans, equipment financing and trade financing.
It’s also nice to see extended repayment terms available with Chase business loans. Some lenders only offer shorter-term solutions of a year or a few years. While this may work for some, it could price out borrowers that need to stretch out the costs over a longer period. Chase loans can be repaid anywhere from 12 months out to 84 months.
Things to consider
Chase lacks some of the online tools and processes to help users quickly get preapproval to know where they stand or begin the application process. You will need to reach out to a loan agent with the bank or go into a branch location to start the process. While this might not be a big deal for many, it could be a deterrent for borrowers just looking to see what they could get approval for without having to invest a lot of time into the process.
[Read: Best Fast Business Loans of 2020]
What you need to know
Chase business loans are available in amounts as low as $5,000 and have no posted maximum. Term lengths span from 12 months to 84 months, giving borrowers a lot of flexibility in how they want to pay back their loans. APR ranges are not publicly posted and will be decided on a case by case basis through the bank. You can get fixed-rate or variable-rate APR, though, if you have a preference.
To apply for a Chase loan, you’ll want to follow these steps.
- Collect your personal and business financial documents. You’ll need your personal and business income tax returns, bank statements, copies of your business licenses, your articles of incorporation and anything else detailing assets, cashflows, expenses and other business finances. Having all of these ready ahead of time will help to expedite the process.
- Determine your exact funding needs. Chase will want to know how much money you need to borrow and what you are planning to use it for. In some situations, this may require quotes from vendors you are planning on purchasing goods or services from.
- Contact the bank to speak to a loan officer. Once you have all your ducks in a row, reach out to Chase Bank to begin the application and approval process. Unlike some other banks, there is not an online preapproval process that you can use. You will need to reach out to a bank agent via phone or at a branch location.
Fees and penalties
Chase Bank does not outline any fees or penalties associated with its business lending products. When you speak to a loan officer at the bank, request the specifics for the type of loan you are inquiring about. Common fees you may see with small business loans include origination fees, prepayment penalties and late payment fees.
You won’t find eligibility criteria for Chase’s business lending products posted publicly. The bank chooses to look at each situation individually and then make its assessment. This can be frustrating for some, but it could be a blessing in disguise. Without clearly defined lending eligibility requirements, you may be able to explain more complex situations and get approval where you otherwise thought it might not be possible.
Chase business loans vs. the competition
Bank of America
If you’re looking to get access to money fast, Rapid Finance offers up to $1 million in as little as one day. Payment flexibility is extensive with term lengths from 3-60 months and payments made daily, weekly or monthly (your choice). Loans from Rapid Finance are commonly used for things like debt consolidation, hiring new employees, location expansion and upgrading technology. When your business needs money fast, you need lenders willing to keep up.
We welcome your feedback on this article and would love to hear about your experience with the business loans we recommend. Contact us at firstname.lastname@example.org with comments or questions.