Best for Chase Business Customers
JPMorgan Chase bank offers multiple products for businesses in need of financing. Generally, business loans provided by Chase can reach as much as $500,000, though there are alternatives for businesses that must borrow more. For patrons who have already got a Chase business checking account, Chase delivers additional advantages and features comparable to lower introductory rates of interest.
In the event you’re searching for the best small business loans for low credit, Chase may not be the place to start out your search. Although Chase doesn’t publicly disclose its eligibility requirements, getting approved for many loans may be difficult without demonstrating that you’ve gotten a reliable, established business.
Chase Business Loans Pros and Cons
- Multiple loan options
- High maximum loan amounts
- Several repayment terms
- Lack of transparency
- Limited availability
- Low customer satisfaction scores
Pros explained
There are several upsides to Chase business loans, including having several loan options, its high maximum loan amounts and the length of its terms.
Multiple loan options
Chase Bank offers quite a lot of ways for your corporation to get funding. Chase’s financial products for business financing include small business term loans, business lines of credit, Small Business Administration (SBA) loans and industrial real estate financing. Each of those comes with flexible repayment options so you possibly can pay back your debts comfortably.
High maximum loan amounts
Chase offers maximum business loan amounts which might be higher than many of the best small business loans available on the market. The Chase business term loans and business lines of credit can reach a maximum of $500,000. SBA loans through Chase can reach maximums of $5 million through the SBA 7(a) loan program and $12.5 million through the SBA 504 loan program.
Length of repayment terms
The repayment terms for Chase’s financial products vary depending on the variety of loan and your corporation. Chase notes that you could pay certain forms of small business term loans for as much as seven years. Chase also offers monthly repayment options that may last as long as 25 years for some SBA loans and industrial real estate financing.
Cons explained
There are also some negative elements to Chase business loans. These drawbacks include the shortage of transparency in eligibility requirements and pricing, limited availability and low customer satisfaction scores.
Lack of transparency
Chase doesn’t disclose any information online about its pricing or eligibility requirements regarding its business loans. To find out if your corporation is eligible and if the terms of the loans are to your liking, you’ll need to fulfill with a Chase representative in person at an area branch.
This lack of transparency isn’t unusual for some lenders, but it surely makes comparing loans with other lenders harder and time-consuming. Because Chase doesn’t state its credit rating and income requirements, some business owners will spend a variety of time gathering the needed documentation to use for a loan only to search out out they aren’t eligible.
Limited availability
Chase business loans aren’t available in every state the bank has a branch in. Chase business loans are only available in 28 states:
- Arizona
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Idaho
- Illinois
- Indiana
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Michigan
- Latest Jersey
- Nevada
- Latest York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Texas
- Utah
- Virginia
- Washington
- Wisconsin
- West Virginia
Low customer satisfaction scores
Even though it’s some of the widely used banks within the U.S., Chase has low satisfaction scores on multiple third-party review sites. Chase Bank has a median rating of 1.3 out of 5 stars on Trustpilot. Of the over 1,300 reviews, greater than 85% are available in at 1 star. Probably the most common criticism from users is poor customer support.
Likewise, Chase’s customer review rating on the Higher Business Bureau (BBB) site can also be a low 1.1 out of 5. These reviews highlight unhelpful customer support representatives and difficulties making disputes.
Chase Business Loans Offerings
Chase offers several products for those searching for business financing solutions. These options include small business term loans, business and industrial lines of credit, SBA loans and industrial real estate financing.
Chase doesn’t disclose the main points about its application process or eligibility requirements online. To see if your organization qualifies for business funding from Chase, you’ll need to fulfill with a representative at an area Chase bank branch.
Small business term loans
One in every of Chase’s financial products is a small business term loan. Any such loan is a lump sum you need to use to fund your small business. Chase offers three various kinds of small business loans:
- Term loan: A loan that comes with a hard and fast repayment schedule
- Draw loan: A loan allowing you to attract from the fund for as much as a 12 months and repay it as a term loan afterward
- Advised line: A line of credit that means that you can borrow money against a pre-approved commitment amount for up to 1 12 months
Chase’s business loans start as little as $5,000 with terms of as much as seven years, and may have either fixed or variable rates of interest. Nonetheless, Chase notes that it’s best to consider a Chase business bank card in the event you need a line of credit of $10,000 or less.
Business line of credit
One other business funding product that Chase offers is its business line of credit. A business line of credit is a versatile source of funding that might help pay for unexpected expenses or grow your corporation. Your small business can draw from Chase’s business line of credit for a five-year term with renewal opportunities.
Chase offers business lines of credit that range from $10,000 to $500,000. These loans include a five-year repayment term. You need to make the greater of $100 or your accrued interest with 1% of your outstanding balance as your monthly payments. A industrial line of credit can also be available, which allows for funding over $500,000 and offers terms of 1 or two years.
SBA loans
Chase Bank is an SBA-preferred lender, meaning getting an SBA loan via Chase could also be faster than through other institutions. You need to use an SBA loan to launch or grow your corporation, consolidate debt, buy equipment or inventory, and more. SBA loans include advantages comparable to rate of interest caps and longer-term lengths but could also be difficult to qualify for.
Chase’s two important SBA loan programs are the SBA 7(a) and SBA 504. SBA 7(a) loans offer term loan amounts of as much as $5 million for general business expenses. SBA 504 loans provide more funding, reaching as much as $12.5 million. You need to use these larger loans for purchasing real estate, construction equipment or other large expenses.
Chase also offers SBA Express loans. These loans offer a faster turnaround time, and you’ll receive a response to your application inside 36 hours of applying. The utmost funding amount of an SBA express loan is $500,000.
Chase lists the materials required to use for an SBA loan, which include:
- Written overview and history of your corporation
- Required financial statements
- List of ownerships and affiliations
- Copies of vital business documents
- Accomplished borrower form
- SBA personal history forms
Business real estate financing
Business real estate financing is a method to buy, renovate or refinance real estate to eliminate any leasing uncertainties and add value to your corporation. These loans start at $50,000 and have repayment options of as much as 25 years. Chase also offers construction loans with interest-only payments during your draw period.
Chase Business Loans Pricing
Like its eligibility requirements, Chase doesn’t disclose its business loan rates of interest or fees. There also is not a business loan calculator on its website. To find out the pricing of a selected financial product for your corporation, you should visit an area Chase branch and meet with a representative in person. Chase bases its rates of interest on aspects comparable to if you’ve gotten a Chase business checking account, your credit history and your collateral.
Chase Business Loans Financial Stability
A longtime financial institution, JPMorgan Chase Bank has served customers for over 200 years. The bank has an Aa1 rating from the credit standing agency Moody’s, which indicates the bottom level of credit risk. Fitch Rankings gave JPMorgan Chase a -AA rating which is given to firms which might be expected to have a really low risk of default.
Chase Business Loans Accessibility
Chase Bank business loans are accessible to an organization that meets the bank’s eligibility requirements.
Availability
Chase Bank currently has locations in all of the lower 48 states, excluding Alaska, Hawaii and the U.S. territories. Nonetheless, business loans from Chase are only available in 28 states.
Contact information
Chase customer support representatives can be found through multiple outlets. In the event you are an existing Chase customer, you possibly can log in to your Chase business checking account and speak to a representative through the secure message center. It’s also possible to contact Chase through its business customer support line at 1-800-CHASE38 (1-800-242-7338).
The official Twitter handle for Chase business customer support is @ChaseSupportTwitter, and is out there Monday through Friday from 7 a.m. to 11 p.m. ET and Saturday and Sunday from 10 a.m. to 7 p.m. ET. Chase representatives are also available in person at local branches.
User experience
The Chase website is user-friendly and simple. It offers Chase business banking online — which uses fraud protection services to safeguard your corporation — and provides easy ways to maneuver money and manage your corporation account from any location. Text and mobile banking are also available through Chase.
Chase Business Loans Customer Satisfaction
While Chase’s customer review rating on the Higher Business Bureau website is 1.09 out of 5, BBB has given Chase the rating of A+ (Excellent). Moreover, the corporate has responded to most complaints lodged against it on the BBB platform.
Chase Business Loans FAQ
What credit rating does Chase use?
Chase bank business loan requirements, which include the minimum credit rating needed to secure a loan, aren’t made public. To find out if your corporation is eligible for a Chase business loan, you should contact your local branch and arrange a gathering with a Chase representative.
What do it is advisable to open a Chase business account?
In the event you do not need a tax identification number, you possibly can open an account together with your Social Security number. To find out the initial deposit amount required, you should speak with an area business banker.
How can I apply for Chase business line of credit?
Chase Bank offers business lines of credit for businesses that meet its eligibility requirements. To find out if your corporation meets Chase’s requirements and to use for a business line of credit through Chase Bank, you’ll have to fulfill one among its specialists in person at an area Chase branch.
How We Evaluated Chase Business Loans
We checked out the next criteria when reviewing Chase business loans:
- Financial products offered
- Financial stability
- Transparency
- Loan terms
- Fees
- Third-party rankings
- User experience
- Application process
- Customer reviews
- Eligibility requirements
Summary of Money’s Chase Business Loans Review
Chase offers multiple financial products to assist finance your corporation’s needs. Its high loan amounts and long repayment terms could also be helpful to your corporation, but the shortage of transparency and limited availability across the U.S. may cause you to look elsewhere. For more options besides Chase Bank, take a look at our article on the best unsecured business loans.