Chase business loans review

Video how to apply for chase business loan

Our take on Chase Bank business loans

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.

Rates and fees vary by branch — but are likely low

All chase small business loans generally range from $5,000 to 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.

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How to get the lowest rates

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.

How Chase compares to online lenders

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.

Reviews are negative, but few are from businesses

BBB accredited No 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.

Requirements vary by branch

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 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.

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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.

More financing options available through Chase

In addition to its business term loans, Chase also offers:

  • Business lines of credit with credit limits starting at $10,000 and a five-year revolving term to fund working capital and ongoing expenses.
  • Small Business Administration (SBA) 7(a) or 504 loans are an option for small businesses that might not otherwise qualify for a Chase loan. These can be used for a variety of purposes and often come with lower interest rates than equivalent term loans.
  • Commercial real estate financing to buy, build or refinance real estate. These are good for up to 80% of the loan-to-value ratio and have terms of seven or 10 years.
  • Business credit cards for regular, ongoing expenses that don’t require large lines of credit.
  • Equipment financing 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 to help your business 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.

Chase doesn’t offer personal loans, but there are several Chase alternatives you might want to consider if you need funds to get a new business off the ground.

Read our review of Chase business lines of credit

How to get started on the application

You can only apply for a Chase business loan in person. Generally, you need to follow these steps.

  1. Find your local branch by visiting the Chase website, clickingATM & Branchin the top menu and entering your ZIP code.
  2. Call to find out if your branch offers business loans and what rates and terms are available.
  3. Set up an appointment or drop by to get started on your application.
  4. Submit all required documents to verify the information in your loan application.
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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 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 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.

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.

Compare Chase to other business loan providers by reading our guide to business loans.