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Chase business loans review

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Chase business term loans
3.0
★★★★★
Finder score

Chase business term loans isn't available on Finder right now. We recommend Lendio as an alternative.

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Min. Amount
$5,000
Max. Amount
$500,000
APR
Not stated

Our verdict

Contact your local branch to find out if this option is available to you.

Chase small business loans could be a good option if you’re a current Chase business customer looking to build your relationship. It’s one of the few big banks to offer loans as low as $5,000. But specifics like rates, fees and requirements can vary depending on your branch — if it even offers business loans at all.

For this reason, you’ll get a more accurate idea of what’s available to you by contacting your local branch directly. But if you want to make a quick comparison or need funding fast, this might not be your best choice. Instead, you may want to consider an online lender.

Pros

  • High maximum loan amounts
  • Low interest rates
  • Highly accessible
  • Quick funding

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question

Details

Product details

Min. Amount $5,000
Max. Amount $500,000
Loan term 12 to 84 months
APR Not stated
Requirements Hold a Chase business checking account, have a realistic business plan and visit a Chase location in person.

Our take on Chase Bank business loans

For this reason, you’ll get a more accurate idea of what’s available to you by contacting your local branch directly. But if you want to make a quick comparison or need funding fast, this might not be your best choice. Instead, you may want to consider an online lender.

Rates and fees vary by branch — but are likely low

All chase small business loans generally range from $5,000 to with terms from 12 to 84 months. But costs, maximum loan amounts and other specifics vary depending on your branch, according to a Chase representative I spoke with in 2020.

Bank loans tend to be one of the least-expensive financing options, with interest rates that run from around 3% to 10% APR. Most also come with a closing or origination fee when you take out the loan. These typically run from 1% to 5% on other business loan products.

Use our calculator to get an idea of how much you’d pay each month and in total based on different rates and terms.

Business loan calculator

See how much you'll pay on a Chase business loan
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How to get the lowest rates

Generally, the lowest rates go to borrowers with near-perfect personal credit, high revenue, few debts and several years in business. If your business isn’t strong on any on these fronts, you might get a rate higher than the average interest rate typically seen with business loans.

While Chase doesn’t have any hard requirements, you likely won’t even qualify if you have fair or bad credit, or your business is still in the startup phase.

How Chase compares to online lenders

Use our table to compare Chase with online business loan providers that your business can qualify for. For personalized results, fill out the form with information about your business.

1 – 5 of 5
Name Product Filter Values Min. Amount Max. Amount APR Requirements
Lendio business loans
Finder Score: 4.8 / 5: ★★★★★
Lendio business loans
$1,000
$5,000,000
Varies by lender
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Olympus Business Capital
Finder Score: 3.8 / 5: ★★★★★
Olympus Business Capital
$500
$100,000
Not stated
Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month
No credit needed. Funding up to $100k with a variety of finance options to best fit your business needs.
Go to site
American Express® Business Line of Credit
Finder Score: 4.4 / 5: ★★★★★
American Express® Business Line of Credit
$2,000
$250,000
N/A
Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000
Access lines of credit for your small business even if you aren’t currently an Amex customer.
Fundible
Finder Score: 4.9 / 5: ★★★★★
Fundible
$1,000
$10,000,000
Rates start at 1% per month
500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
Same day approval
Go to site
Fundera business loans
Finder Score: 4.9 / 5: ★★★★★
Fundera business loans
$2,500
$5,000,000
Varies based on lenders
$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.
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Reviews are negative, but few are from businesses

BBB accredited No
BBB rating A-
BBB customer reviews 1.1 out of 5 stars, based on 325 customer reviews
BBB customer complaints 3,624 customer complaints
Trustpilot Score 1.3 out of 5 stars, based on 566 customer reviews
Customer reviews verified as of 17 September 2021

The majority of Chase reviews aren’t specifically about its business loans. But they’re overwhelmingly negative — Chase has so many complaints on the Better Business Bureau it only publishes 20%. Many customers complain about poor service and difficulty reporting fraud.

Requirements vary by branch

You need to live near a Chase branch in an eligible state to qualify for a Chase business loan.

  • Arizona
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Kentucky
  • Lousiana
  • Michigan
  • New Jersey
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Texas
  • Utah
  • Washington
  • Wisconsin
  • West Virginia

But like rates and fees the requirements can also vary depending on the branch.

What information do I need to apply?

It depends on your business and its location. Typically, you need to submit business and personal tax returns, profit and loss statements, financial projections and a business plan to get a business loan from a bank.

What industries does Chase work with?

Chase doesn’t list any restricted industries. But high-risk industries like insurance companies and casinos might have a harder time getting financing.

More financing options available through Chase

In addition to its business term loans, Chase also offers:

  • Business lines of credit with credit limits starting at $10,000 and a five-year revolving term to fund working capital and ongoing expenses.
  • Small Business Administration (SBA) 7(a) or 504 loans are an option for small businesses that might not otherwise qualify for a Chase loan. These can be used for a variety of purposes and often come with lower interest rates than equivalent term loans.
  • Commercial real estate financing to buy, build or refinance real estate. These are good for up to 80% of the loan-to-value ratio and have terms of seven or 10 years.
  • Business credit cards for regular, ongoing expenses that don’t require large lines of credit.
  • Equipment financing to cover up to 100% of the cost of new equipment and up to 10% of the soft costs, including training, transportation and sales tax.
  • Trade financing to help your business expand into global markets. You can use Chase trade financing to cover importation costs, collect money from overseas or give third parties the ability to use funds from your account.

Chase doesn’t offer personal loans, but there are several Chase alternatives you might want to consider if you need funds to get a new business off the ground.

Read our review of Chase business lines of credit

How to get started on the application

You can only apply for a Chase business loan in person. Generally, you need to follow these steps.

  1. Find your local branch by visiting the Chase website, clicking ATM & Branch in the top menu and entering your ZIP code.
  2. Call to find out if your branch offers business loans and what rates and terms are available.
  3. Set up an appointment or drop by to get started on your application.
  4. Submit all required documents to verify the information in your loan application.

What happens after I apply?

Chase will review your application and contact you if there are any questions. Bank loans can take a few days or even weeks to process applications — especially if you’re applying for a large loan. Reach out to a representative at your branch if you have any questions about the process.

Chase business loan alternatives

Chase isn’t the only place to find a business loan. If you’ve decided Chase isn’t the best lender for you, these alternatives may suit your needs better.

SmartBiz business loans

4.5 / 5 ★★★★★

SmartBiz is an online connection service that partners with banks across the country. Its specialty is SBA 7(a) loans, but you can also find non-SBA bank loans through this provider. It can be a good place to start if you're looking for a bank to build a relationship with but would rather work with a local institution than a big national bank like Chase. And it may be easier to qualify in some situations.
Pros
  • Can help you find a bank or SBA lender
  • Discloses range of available rates and fees
  • Shortens SBA loan turnaround time
Cons
  • Not a direct lender
  • May charge a broker fee
  • Large loans take up to 30 days
Loan amount$30,000 – $500,000
APRPrime Rate, plus 2.75% to 3.75%
Loan term10 years
Requirements650+ credit score, 2+ years in business, $50,000+ in annual revenue, no bankruptcies or foreclosures in past 3 years

OnDeck short-term loans

4.6 / 5 ★★★★★

OnDeck doesn’t have the same strict requirements as many banks and other lending services. Instead, your application will be judged by your business’ performance and cash flow. You can also get your funds as soon as the same day you're approved — which often only takes a few minutes. But it's a lot more expensive than any bank loan, with rates starting at 29.9% on its term loans. Terms also start much shorter than you'll find at Chase, which can lead to high payments.
Pros
  • Accepts fair credit
  • Easier to qualify for than a bank loan
  • Repeat borrowers get reduced or waived fees
Cons
  • High starting APR of 29.9%
  • May come with prepayment penalty
  • Daily or weekly repayments
Loan amount$5,000 – $250,000
APRAverage is 60.9%
Min. Credit Score625
Loan term3 to 24 months
RequirementsCompanies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account

Lendio business loans

4.8 / 5 ★★★★★

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Lendio is an online business loan marketplace that partners with most types of business lenders — from SBA lenders to merchant cash advance providers. It can be a great resource if your credit score, revenue or time in business is too low to qualify for a Chase business loan. In fact, it's one of the few marketplaces with options for startup financing. But while the service is free to use, its partners may charge high interest rates and fees compared to a bank loan.
Pros
  • Network of 75+ lenders
  • Can fund a loan within 24 hours
  • Variety of financing options
Cons
  • Potentially high rates and fees
  • Mixed customer reviews
Loan amount$1,000 – $5,000,000
APRVaries by lender
Min. Credit Score500
Loan term3 months to 25 years
RequirementsOperate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue

Is Chase legit?

Yes, Chase is one of the largest banks in the country and has close to 4,500 branches. Its website uses SSL encryption to protect information you enter online. And it uses security measures like multiple authentication checks and fraud monitoring to protect your account.

Compare Chase to other business loan providers by reading our guide to business loans.

Top 10 best business guides

Explore the top business loan guides to help you along your business journey. From information on the best business loans on the market or your best startup loan options, to business loans that require little to no paperwork and more.

Business loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor
u003cpu003eWe rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.u003c/pu003eu003cpu003eRead the u003ca href=u0022https://www.finder.com/business-loan-provider-ratings-methodologyu0022u003efull methodology of how we rate business loan providersu003c/au003e to get a better picture of what goes into each star rating.u003c/pu003e

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Anna Finder

Editor

Hi there, looking for more information? Ask us a question.

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Lisa Moore

March 22, 2019

What is the amount of equity injection ? 10% 20%


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Ellie

March 23, 2019

Hi Lisa,


Thank you for getting in touch with Finder.


The standard equity injection required for SBA loans is 10%. None required for their standard business term loan. I hope this helps.


Thank you and have a wonderful day!


Kind regards,

Ellie


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