Finder experts pick Chase Business Term Loans as a 2020 best pick for business loans.
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Chase business loans review
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★★★★★
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.
$5,000
Min. Amount
$500,000
Max. Amount
Details
| Product Name | Chase Business Term Loans |
|---|---|
| Min. Amount | $5,000 |
| Max. Amount | $500,000 |
| Loan Term | 1 to 7 years |
| Requirements | Hold a Chase business checking account, have a realistic business plan and visit a Chase location in person. |
Expert review
Review by
Anna Serio
anna.serio@finder.comAnna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Fundera, Business.com, and ValueWalk feature her professional advice, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Expert review
Chase small business loans could be a good option if you’re a current Chase business customer looking to build your relationship. 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, find another option below.
Does Chase Bank offer business loans?
Yes, Chase Bank offers several business financing options, including small business loans. These loans start at $5,000 with terms from one to seven years. Costs, maximum loan amounts and other specifics vary depending on your branch.
How much will this loan cost me?
When we contacted Chase on March 9, 2020, a representative told us that rates and fees vary by branch. But bank loans tend to be one of the least-expensive financing options, with interest rates that run from around 3% to 10% APR.
You might also have to pay 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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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.
What do I need to qualify?
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.
What states are Chase business loans available in?
Chase business loans are available in the following states:
- 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
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.
What other types of business financing does Chase offer?
In addition to its business term loans, Chase also offers:
- Business lines of credit. A line of credit from Chase comes with credit limits starting at $10,000 and a five-year revolving term.
- Small Business Administration (SBA) financing. Chase offers government-backed financing to borrowers looking for SBA 7(a) or 504 loans. These can be used for a variety of purposes and often come with lower interest rates than equivalent term loans.
- Commercial real estate financing. You can buy, build or refinance real estate with a loan from Chase. These are good for up to 80% of the loan-to-value ratio and have terms of seven or 10 years.
- Business credit cards. Chase has a variety of business credit cards that you can use for regular ongoing expenses that don’t require large lines of credit.
- Equipment financing. Equipment financing from Chase may be able 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. If your company is ready to 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.
More about the Chase business line of credit
Chase’s business line of credit comes with limits that run from $10,000 to $500,000 and a five-year revolving term. This means you can draw from and repay your line as you need over five years. After that time is up, you repay your outstanding balance with a five-year term loan.
It comes with an annual fee, which Chase waives if your average line utilization is 40% or higher. So, if you have a $10,000 line and an average balance of $4,000 or more, you don’t have to pay that fee. It comes with a minimum monthly payment of all interest that’s accrued plus either 1% of the outstanding balance or $100, whichever is greater.
Pros
- Keep your finances in one place
- Multiple options available
Cons
- Not transparent about costs
- No online application
- Only available in 23 states
See other top business loan options
Updated April 4th, 2020
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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.
Do Chase business loans get good customer reviews?
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.
How do I apply?
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 — 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.
How do repayments work with Chase?
Chase small business loans come with monthly repayments over 1 year to 7 years. You can find the details about your repayment amounts and when they’re due in your loan documents.
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 six 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. $500
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 make weekly repayments, so make sure you have a steady cash flow before applying with this lender.
- 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 eligibility criteria, in order to qualify.
- Maximum loan. $500,000
- Minimum loan. $5,000
Compare Chase to other business loan providers by reading our guide to business loans.
Frequently asked questions about Chase
Business loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We 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.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.