Chase business term loans review July 2018 | finder.com
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Chase business term loans review

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Chase business loans allow you to borrow a large amount to support your business’s bottom line.

When you’re looking to start a business or expand into new areas, finding the right financing is critical. You need the right terms, the right rates and the right amounts to make things work. Fortunately, Chase business loans can help. If your business already has a Chase checking account and you’re ready to go with a business plan that outlines why you need a loan, you may be able to snag the money you need for your business.

What is a Chase business term loan?

Chase business term loans offer small business owners loans of $5,000 to $500,000 and terms that range from one to seven years. Interest rates vary depending on credit history and the type of business you have, so you’ll have to discuss these specifics with a Chase loan advisor.

Monthly payments are fixed to make managing your budget easier, and if you qualify, you may even be able to borrow an SBA loan, which can lower your rates.

Product details

Product nameChase business term loan
Interest rateVaries by business
Minimum loan term12 months (1 year)
Maximum loan term84 months (7 years)
Minimum loan amounts$5,000
Repayment typeFixed

What other types of business financing does Chase offer?

Compare business loans from top lenders

Rates last updated July 18th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$2,000
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly revenue.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
Balboa Capital Small Business Loan
Short-term business financing with no minimum credit score or physical paperwork required.
$2,500
$250,000
Must make $300,000 in annual revenue and be established for at least one year prior.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What are the benefits and drawbacks of a Chase business term loan?

Pros

  • High maximum loan amounts. You may be able to snag a term loan for up to $5 million if you have a solid business plan, great credit and opt for an SBA term loan.
  • Low interest rates. Your interest rate will depend on your credit and financing needs, but you may be able to snag a lower rate than with other, similar business loans.
  • Highly accessible. Chase has more than 5,000 branches across the US to make it easy for you to meet in person and discuss your loan terms.
  • Quick funding. Your funds will be deposited directly into your Chase checking account once your loan is approved.

Cons

  • In-person application. You must visit a Chase branch to apply for a business loan.
  • Open only to Chase accountholders. You must hold or open a business banking account in order to qualify for any of the business loan options offered by Chase.
  • Down payment required. Chase requires you to have a down payment for many of its business loan options.
  • Fees and interest rates. Interest rates and applicable fees aren’t available online, so you won’t know the total cost of the loan until you meet with a banker in person.

More information on Chase business lines of credit

A business line of credit is a mixture of a credit card and a term loan. You’ll have access to as much money as you need whenever you need it, and rather than pay interest on a lump sum, you’ll instead only pay interest on the amount you withdraw. Your interest will be variable and based on the Prime Rate.

  • Less than $50,000: Annual fee of $150.
  • $50,000 to $250,000: Annual fee of $250.
  • $250,000 to $500,000: Annual fee of $500.

Chase also offers a commercial line of credit if you need more than $500,000 at no annual fee. These are meant to cover large working capital needs and have terms lasting from 12 to 24 months.

Is my business eligible for a Chase business term loan?

Your approval will depend on the type of business you’re running, your personal credit and the credit of your business, the amount of your down payment and the terms of your loan.

You must also:

  • Hold a Chase business checking account
  • Have a realistic business plan
  • Visit a Chase location and meet in person

What happens after I receive a business loan from Chase?

Once you’ve got your loan, you can use your funds for the purpose you outlined in your loan application, whether that’s opening your business or expanding into new markets.

Keep in mind that your loan is drawn automatically from your Chase checking account. In order for your payments to process, you should have enough to cover them in your account each month. To save money on interest, you should also attempt to pay more than the minimum payment each month. This will help decrease the life of your loan, thus decreasing its total cost.

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.

Kabbage

Kabbage offers business lines of credit, not term loans. The length of your loan will be short, with most lines of credit lasting from 6 to 12 months. However, Kabbage has a complex fee schedule that may make it difficult to calculate how much you’ll owe, and your business must have an annual revenue of at least $50,000.

  • Maximum loan. $250,000
  • Minimum loan. $2,000

LoanBuilder

LoanBuilder is a PayPal service for business owners who have a credit score of at least 600 and a business that makes at least $100,000 annually. You’ll only pay a one-time fixed fee for your loan. Unlike some of its competitors, LoanBuilder requires you to pay weekly, not monthly, so you must have the cash flow to cover each payment.

  • Maximum loan. $500,000
  • Minimum loan. $5,000

OnDeck

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 must have at least $100,000 in gross revenue per year and be based in the US, among other eligility criteria, in order to qualify.

  • Maximum loan. $500,000
  • Minimum loan. $5,000

Bottom line

Chase business term loans can be an excellent source of funding if you have good credit and a well-rounded business plan. However, it may pay off to consider the alternative options listed above and to compare your business loan options to see if you qualify for better rates or lower fees elsewhere.

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