Chase Business Loans Review

If you’re searching for the best business loans to help your small or medium-sized business meet its funding needs, a Chase Bank business loan could be of assistance.

Fixed APR
Undisclosed
Loan Amount
Starting at $5,000
Term
12 to 84 months
SimpleScore
N/A / 5.0
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SimpleScore Chase N/A
APR N/A
Loan Size N/A
Product Variety N/A
Resources N/A
Fees N/A

Loans are available with no posted maximum, flexible repayment terms that stretch out to seven years and a wide array of specialty business lending products to meet most needs.

Making its home in New York City, New York, Chase Bank was founded in 2004. Currently, the company manages assets over $2.6 trillion under the direction of CEO James Dimon, who has been leading the bank since 2005.

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In this article

    Chase business loans at a glance

    LenderMin LoanMax LoanAPRTermsKey Benefit
    Chase Bank$5,000No maximumNot listed12–84 monthsFixed 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.

    1. 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.
    2. 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.
    3. 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.

    Eligibility criteria

    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.

    [Read: A Loan to Build a Dream On: Where to Find Small Business Funding]

    Chase business loans vs. the competition

    Bank of America

    Compared to Chase, Bank of America is much more publicly transparent about loan limits, eligibility requirements, rates, and loan terms available. Read our full Bank of America review.

    Fixed APR
    N/A
    Loan Amount
    $10K–$100K
    Term
    12–60 months
    SimpleScore
    3.8 / 5.0
    close
    SimpleScore Bank of America 3.8
    Rates 4
    Loan Size 4
    Product Variety 2
    Resources 5
    Fees 4

    Another option for small businesses that want to work with a major banking partner is  Bank of America. The bank offers a lot of flexible products (both secured and unsecured) to help with your financing needs. Options include credit lines, unsecured term loans, commercial real estate loans, equipment loans, SBA loans, healthcare practice loans, secured lines of credit, and secured term loans. It’s a healthy list that provides uniquely tailored options to fit whatever your funding need.

    Truist (Suntrust)

    This is a great fit for business owners that might be new to international operations, as the product comes with a team of specialists to walk you through the process. Read our full Truist (SunTrust) review.

    Fixed APR
    Varies
    Loan Amount
    Varies
    Term
    up to 20 years
    SimpleScore
    N/A / 5.0
    close
    SimpleScore Truist N/A
    APR N/A
    Max Credit Line Amount N/A
    Draw Period N/A
    Resources N/A
    Fees N/A

    Check Your Business Loan Rates

    View our top-rated lenders and find the best rates today. It’s quick and easy.

    Rapid Finance

    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 inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore™

    We break down each of these five factors and their rating criteria for our review of the best auto loan companies of 2020.

     

    Why do some brands have different SimpleScore on different pages?

    Some brands offer a variety of financial products, which is why they have different SimpleScores on different pages. We rate individual products that brands offer — not the brand as a whole. 

    For instance, in our American Express personal loans review we rated the company a 4.25 out of 5 based on rates, loan amount, customer satisfaction, customer support and fees. In our review of the best small business loan rates, American Express earned a 3.4 out of 5 SimpleScore based on its business loan product. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of each brands’ services and how they compare to competitors’ products.

    Median APR

    Lenders with a lower median APR are awarded higher scores — because even if you’re APR is average, your business is not.

    Maximum loan size

    Lenders that dole out loans with high maximums are also rewarded with higher scores. It takes money to run a business, and businesses need access to as much capital as it takes.

    Product variety

    Need more than just a business loan? Lenders that offer more than one type of financial product for businesses score higher than others that don’t.

    Educational Resources

    We gave out higher scores to lenders that have the following subjects covered in their blogs: loans, marketing, employee and staff, and credit or finance resources.

    Fees

    Fees can add up fast and eat into operating costs –– that’s why we give a higher score to lenders that have fewer fees.

    Jason Lee

    Contributing Writer

    Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

    Reviewed by

    • Courtney Mihocik
      Courtney Mihocik
      Editor

      Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.