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finder.com’s rating: 3.63 / 5.0
★★★★★
Bottom line: Chase business loans start low for a big bank and could be a good option for smaller companies. But costs and other factors vary by branch. Read our full review or get our 30-second take.
$5,000
Min. Amount
$500,000
Max. Amount
Not stated
APR
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. |
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.
All chase small business loans generally range from $5,000 to $500,000 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.
See how much you'll pay on a Chase business loan
Your loan |
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Loan amount |
$ |
Loan terms (in years) |
Interest rate |
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or
Principal | $ |
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Interest | $ |
Total Cost | $ |
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 higher rate.
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.
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.
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.
You need to live near a Chase branch in an eligible state to qualify for a Chase business loan.
But like rates and fees the requirements can also vary depending on the branch.
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.
Chase doesn’t list any restricted industries. But high-risk industries like insurance companies and casinos might have a harder time getting financing.
In addition to its business term loans, Chase also offers:
Read our review of Chase business lines of credit
You can only apply for a Chase business loan in person. Generally, you need to follow these steps.
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 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.
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.
Loan amount | $30,000 – $5,000,000 |
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APR | 10.25% to 11.25% |
Loan term | 10 to 25 years |
Requirements | 660+ personal credit score, US citizen or permanent resident, 2+ years in business, $50,000+ annual revenue, no outstanding tax liens, no bankruptcies or foreclosures in past 3 years |
Loan amount | $30,000 – $5,000,000 |
---|---|
APR | 10.25% to 11.25% |
Min. Credit Score | 660 |
Go to site
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.
Loan amount | $5,000 – $250,000 |
---|---|
APR | 29.9% to 99.9% |
Min. Credit Score | 625 |
Loan term | 3 to 24 months |
Requirements | 625+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account |
Loan amount | $5,000 – $250,000 |
---|---|
APR | 29.9% to 99.9% |
Min. Credit Score | 625 |
Go to site
4.75 / 5
★★★★★
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.
Loan amount | $500 – $5,000,000 |
---|---|
APR | Starting at 6% |
Loan term | 1 to 25 years |
Requirements | Operate business in US or Canada, have a business bank account, 600 personal credit score |
Loan amount | $500 – $5,000,000 |
---|---|
APR | Starting at 6% |
Min. Credit Score | 600 |
Go to site
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.
Chase business term loans is not currently available on Finder
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2 Comments
March 22, 2019
What is the amount of equity injection ? 10% 20%
March 24, 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