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Chase Business Loans Review

By
Matt D'Angelo
,
business.com writer
|
Apr 17, 2019
Home
> Finance
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Chase is one of America's largest banking institutions, and its small business lending program reflects this. There are several different lending options, including lines of credit, term loans and SBA-backed funding. Chase can support just about any amount needed, and you can expect to find financing options from $5,000 to over $500,000. Chase differs from alternative lenders in its more stringent requirements. However, if your business qualifies, Chase has some ideal funding options to help you grow it.

Chase Business Loans

Chase Business Loans

The Best Business Loan and Financing Options of 2019

The Verdict

Chase provides small businesses with several different types of loans, but the lack of online application process makes it challenging for busy business owners to get an idea of what a loan with Chase would look like.

To view all our recommendations for small business financing, visit our best picks page.

While it offers a lot of funding options, qualifying for a loan with Chase may be different from some of the alternative lenders we reviewed in this category. Regardless of what type of loan you decide to use with Chase, you'll have to head to your local branch to get more information and start the loan process. Chase provides a lot of great loan options, but if you're running a business that's new or won't meet the financial standards of a traditional bank, you may want to consider other funding sources. If you meet Chase's requirements, it provides good service and reliable funding.

Rates and Terms

Chase has varying rates and terms depending on what kind of loan you want to sign up for. The company doesn't list specific rates on its website; the only way to find out what rate you could qualify for is to get a quote at your local Chase branch. However, Chase does provide some good baseline information about lengths and amounts.

Term Loans

Term loans start at $5,000 and range from 12 to 84 months. You will have to make monthly payments on either a fixed or adjustable rate, depending on what type of deal you sign. Term loans are the traditional way to take out a loan you'll slowly pay back over time. This type of loan is good for long-term purchases or business improvements.

Lines of Credit

Chase provides business and commercial lines of credit. You can take out a business line of credit ranging from $10,000 to $500,000, or a commercial line of credit for amounts over $500,000. Business lines of credit have an annual fee ranging from $150 to $500, depending on how big the line you take out is. The rates are variable and can be indexed to the prime rate. Prime rates are variable rates that banks offer their preferred members or those with the highest credit. Commercial lines have defined terms from 12 to 24 months and no annual fee.

SBA Loans

Chase provides 7(a) program loans, express term loans and 504 loans. Chase is the most transparent about these kinds of loans. The 7(a) program includes loans up to $5 million, with varying terms based on what kind of loan you're looking for. Terms range from seven to 25 years. Chase can provide both fixed and variable rates, depending on what works best for your business. The express term loans can be for amounts up to $350,000. These terms are also seven to 25 years, and Chase can provide fixed or variable options. The 504 program has no maximum loan amount, with varying terms and rates depending on your business's financial situation.

These are three of Chase's basic loans. It also offers commercial real estate financing, equipment financing, business credit cards and trade financing. Again, it's hard to estimate the specific rates your business could qualify for without going to your local Chase branch. It may be worth it to explore your business's options with a Chase representative.

Features

Because Chase is a traditional bank, its loan process and qualifications differ from those of alternative lenders. It provides information about its various loan products online, but the best way to get an idea of what your business may qualify for is talking with a representative at your local branch.

Loan Process

Chase's loan process starts and ends in its local branches. This is different from some of the other banks we looked at, like Wells Fargo, which provides an online quote and application process. It's significantly different from the alternative lending process, which you can complete almost entirely online.

Terms

Terms vary by the type of loan you sign up for. Businesses can get both long- and short-term loans through Chase.

Qualifications

Qualifying for a loan from a bank is more difficult than qualifying with an alternative lender. The bank will likely conduct a credit check and want to look at financial details to verify that your business can handle a loan. Like most lenders, Chase wants to see that you have a solid financial history and good credit score.

Collateral

Chase will likely require some form of collateral, whether that's in the form of business assets, real estate or cash.

Time Until Deposit

This will depend on your business's situation, but expect it to take longer than if you worked with an alternative lender. Some alternative lenders can get funds to businesses on the day of approval. This may also be the case with Chase, but the application and approval process will likely take longer.

Special Documentation

Chase will require some kind of financial documentation based on what type of loan you apply for. It may ask for tax returns, profit and loss statements, monthly bank statements, or other documents. This is a good thing to ask the Chase representative when you inquire about the loan. Having all this documentation ready when you apply can speed up the loan process.

When to Use This Loan

Chase loans are ideal for established businesses looking to secure funding with a reputable institution. It's a flexible lender that can meet the needs of many different small businesses. The variety of loans means that you can use Chase for just about any business-related expense, from financing equipment to expanding your business. 

Reputation and Customer Service

Chase doesn't have stellar reviews from the Better Business Bureau. As of March 2019, the company scored an F with the BBB and has logged more than 2,000 complaints. These reviews were on par with some of the other large lending instructions. Keep in mind that Chase provides a multitude of financial services for both business and personal use. While the complaints are numerous and the scores low, it may not directly reflect the small business loan product.

Besides its BBB scores, Chase is a long-standing financial institution with a solid reputation. It's been financing small businesses for over 100 years and can provide you with the help and attention your business needs.

Limitations

Chase's lack of transparency and online application system is a limitation compared to other lenders. Most traditional banks have a more rigorous review process than alternative lenders, but some banks at least offer online application processes. Not being able to call Chase or get a better understanding of each type of loan is inconvenient for busy business owners looking to compare offerings from multiple outlets.

Editor's note: Looking for a business loan? Click the Compare Quotes button below to have our sister site Buyer Zone connect you with vendors that can help.

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Chase Business Loans

Chase Business Loans

The Best Business Loan and Financing Options of 2019

The Verdict

Chase provides small businesses with several different types of loans, but the lack of online application process makes it challenging for busy business owners to get an idea of what a loan with Chase would look like.

Matt D'Angelo
Matt D'Angelo
Matt D'Angelo is a staff writer covering small business for Business.com and Business News Daily. After graduating from James Madison University with a degree in journalism, Matt gained experience as a copy editor and writer for newspapers and various online publications. In addition to his writing and reporting, Matt edits articles. He reviews small business services, including PEOs, small business loans and GPS fleet tracking services. He's been with Business.com and Business News Daily since 2017.