Chase business loans review
Chase business term loans isn't available on Finder right now.
- 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
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High maximum loan amounts
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Low interest rates
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Highly accessible
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Quick funding
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
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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.
Reviews are negative, but few are from businesses
BBB accredited | No |
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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 creditHow to get started on the application
You can only apply for a Chase business loan in person. Generally, you need to follow these steps.
- Find your local branch by visiting the Chase website, clicking ATM & Branch in the top menu and entering your ZIP code.
- Call to find out if your branch offers business loans and what rates and terms are available.
- Set up an appointment or drop by to get started on your application.
- 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 ★★★★★
- Can help you find a bank or SBA lender
- Discloses range of available rates and fees
- Shortens SBA loan turnaround time
- Not a direct lender
- May charge a broker fee
- Large loans take up to 30 days
Loan amount | $30,000 – $500,000 |
---|---|
APR | Prime Rate, plus 2.75% to 4.75% |
Loan term | 10 years |
Requirements | 650+ credit score, 2+ years in business, $50,000+ in annual revenue, no bankruptcies or foreclosures in past 3 years |
Loan amount | $30,000 – $500,000 |
---|---|
APR | Prime Rate, plus 2.75% to 4.75% |
Min. Credit Score | 650 |
OnDeck short-term loans
4.6 / 5 ★★★★★
- Accepts fair credit
- Easier to qualify for than a bank loan
- Repeat borrowers get reduced or waived fees
- High starting APR of 29.9%
- May come with prepayment penalty
- Daily or weekly repayments
Loan amount | $5,000 – $250,000 |
---|---|
APR | Average is 55.9% to 56.1%. |
Min. Credit Score | 625 |
Loan term | 3 to 24 months |
Requirements | Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account |
Loan amount | $5,000 – $250,000 |
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APR | Average is 55.9% to 56.1%. |
Min. Credit Score | 625 |
Lendio business loans
4.8 / 5 ★★★★★
- Network of 75+ lenders
- Can fund a loan within 24 hours
- Variety of financing options
- Potentially high rates and fees
- Mixed customer reviews
Loan amount | $1,000 – $10,000,000 |
---|---|
APR | Varies by lender |
Min. Credit Score | 520 |
Loan term | 3 months to 25 years |
Requirements | Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue. |
Loan amount | $1,000 – $10,000,000 |
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APR | Varies by lender |
Min. Credit Score | 520 |
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
Chase business term loans is not currently available on Finder
Have you considered Olympus Business Capital?
No credit needed. Funding up to $250,000 with a variety of finance options to best fit your business needs.
- Borrow up to $250,000
- Apply in 5 minutes
- Funding by next business day
- Required time in business: 6+ months
- Required monthly revenue: $10k+
- Min credit score: No credit needed
Your reviews
Anna Finder
Editor
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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
Lisa Moore
March 22, 2019
What is the amount of equity injection ? 10% 20%