Chase business line of credit review

Our verdict

Our verdict

The Chase business line of credit could be a good source of working capital for existing Chase customers who are happy with their experience. Plus, you can choose your monthly due date to align with your business's cash flow. But it has to be applied for in person at a branch and it's only available in 28 states. Chase's line of credit may not be ideal for long-term projects since you'll have to pay off the balance in full every five years.

Best for: Existing Chase customers who need financing for short-term working capital.

Pros

• Choose a monthly payment based on your cash flow
• Help desk available 24/7
• Flexible minimum monthly payments

Cons

• Requires full repayment every five years
• Only available in 28 states
• Must apply at a branch

Chase business lines of credit is not currently available on Finder

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Min. Amount

$10,000

Max. Amount

$500,000

APR

Varies

What makes a Chase business line of credit shine

The Chase business line of credit is ideal for small and midsize business owners with good to excellent credit. Credit lines run from $10,000 to $500,000 over a five-year revolving, renewable term, making it a handy choice for both working capital and medium projects without a fixed budget.

This means that during the five-year term, you’re only required to make a minimum monthly payment. Minimum monthly payments are either $100 or 1% of your balance, plus interest — whichever is greater. Once the term is up, you’ll have to pay off the balance in full to renew your credit line.

You get to pick your monthly payment due date, so you can make sure it suits your business’s cash flow. And you can use the credit line as overdraft protection on your Chase business bank account.

Where a Chase business line of credit falls short

You can’t apply for a Chase business line of credit online or by phone — you’ll need to visit your local branch to fill out an application in person.

Because you must visit a Chase location and speak with a loan representative to apply, it will likely take longer to receive your funds than with many online lenders. Typically, banks take a few weeks to a month to process applications. Current customers may see a faster turnaround time, since Chase already has a lot of the information it needs.

Plus, Chase requires full repayment every five years, typical terms range from five to ten years, so this is on the shorter end. It also comes with an annual fee between $150 and $500, though it’s waived if you use an average of 40% of your credit line.

Potentially low rates, based on your banking relationship

APRs aren’t disclosed online and vary depending on your banking relationship, credit history and collateral. However, while Chase doesn’t advertise a range of APRs it offers, large national banks tend to offer the lowest rates available. Here’s how pricing generally works for the Chase business line of credit.

• Chase bases its rates on your current relationship with the bank, in addition to credit history and collateral. If you already have an account in good standing, you could receive a competitive deal.
• The main fee to watch out for is an annual fee — though it waives this for some borrowers. If your average daily balance for the year was equal to 40% of your credit limit, you won’t have to pay a fee for that year.
• Chase may also charge other fees, such as origination, application or draw fees. But these vary by state. You can reach out to your local branch for more details.

Contact your local branch to see if you qualify

Chase doesn’t publish specific requirements to qualify for a business line of credit other than operating your business in an eligible state. You can find out if you’re eligible by reaching out to your local branch.

If your personal credit score is at least 670 and you have an existing business relationship with Chase, you’ll likely have a better chance of qualifying. You may also have a better chance of qualifying if you already hold a Chase business bank account or credit card.

Chase business lines of credit are available in 28 states

Chase also offers term loans and credit cards

Chase offers a variety of business solutions and merchant services, including:

• Business credit cards available include travel and cashback cards. Two come with no annual fee.
• Business loans don’t stop at just term loans. There are also SBA loans and commercial real estate loans for building, refinancing or expanding your business.
• Commercial lines of credit are also available outside the business line of credit. These are specifically for businesses that need access to credit limits over $500,000.

While Chase doesn’t offer personal loans, there are several Chase alternatives that offer similar rates and faster funding than your typical bank loan.

Consider the Chase commercial line of credit for large projects

If your business needs access to more than $500,000 in financing, a commercial line of credit may be the way to go. Here’s how it breaks down:

• Variable rates
• Initial terms from one to two years, renewable after that
• Interest-only payments
• Online payments and advances

Alternatives to Chase

Online lenders may offer better options for small businesses that don’t live in an eligible state or don’t have an existing Chase banking relationship. To compare lenders that your business might qualify for, select the ranges for the loan amount you need, your business revenue, time in business and personal credit score.

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Chase reviews are mostly negative

Chase has overwhelmingly negative reviews on the Better Business Bureau (BBB) and Trustpilot. Reviewers on both sites report high fees, account closures for no reason and long processing times as major complaints.

It’s important to note that these reviews reflect all of Chase’s products, not just its business lines of credit. However, reviews focusing on Chase’s business products echo similar complaints, especially unexplained account freezing and closures.

Save Chase lines of credit for short-term working capital

Chase business lines of credit could be a good option for Chase customers who need financing short-term working capital. The minimum monthly payments give you more flexibility for small expenses than lines of credit that turn each withdrawal into an installment loan.

But the five-year term could be inflexible if you’re financing a long-term project. And if you aren’t already a customer, you could face a long application process and higher rates than you would at your current bank.

Compare other options by checking out our guides to business loans and business lines of credit.