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. 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.
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
Bank of America SimpleScore: 3.6/5
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. 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.
Much like Bank of America and Chase, Truist (SunTrust) offers an extensive list of lending products for small businesses, including SBA loans, term loans, commercial mortgages, lines of credit, and equipment and vehicle financing. A unique product that Truist advertises is an SBA export loan. This loan is designed to help you boost overseas revenue by expanding your product’s reach into new markets. 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.
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.
Too long, didn’t read?
Chase Bank business loans are sized to meet all needs, have flexible repayment plans available out to seven years and come from a bank with extensive lending experience. If you’re looking for a specialty small business borrowing need like equipment financing or trade financing or an SBA loan, you can get it through Chase. If you want options when it comes to your business financing and the ability to get in-person help at branch locations, you should consider Chase Bank as your lender.
- How to Qualify for a Small Business Loan
- Small Business Guide to SBA Loans
- Microloans: Small Loans for Small Businesses
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.