Chase

Name: Chase
Rating: 4.3

Is This Your Business?

4.3

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29 User Reviews

6.4

Overall Score

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4.3

star star star star star_half

29 User Reviews

6.4

Overall Score

Compare

The Good

The Bad

Bottom Line

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Company Details

Maximum Loan Amount

$5 Million

Quickest Time to Funding

1 Month

Number of Reviews 29

info Source of Information

Author: Kaitlyn Short

LAST UPDATED: August 4th, 2022

Chase is the U.S. consumer and commercial banking branch for JPMorgan Chase & Co, and has 5,300 branches and 15,500 ATMs throughout the United States. Offering online, smartphone, and on-the-go banking options, Chase has become a one-stop shop for financial services including debit and credit cards, personal banking, mortgages, auto financing, investment advice, small business loans, commercial banking, and payment processing. Chase goes to great lengths to keep personal information safe and secure by using technology to encrypt your information such as username, password, and account information. Consumers that choose Chase should remember that they must have a credit score of 550 or higher.

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The Good

Flexible Term Loans
Line of Credit Available
Multiple SBA Options

Flexible Term Loans

Chase's term loans up to $5 million can provide ways for a business to consolidate debt, and acquire equipment or capital goods. There are options for fixed or adjustable rate loans with term lengths anywhere from 12 up to 84 months. Payments are regularly deducted from your Chase business checking account.

Line of Credit Available

There are two options for lines of credit for your business through Chase. Which line of credit will depend on the size of your business. A business line of credit is optimal for a $10,000 to $50,000. This option can be used as overdraft protection if linked to the business' Chase banking account. There is a low annual fee depending on the amount of the line of credit. The second option is a Chase commercial line of credit. This would be best for a business seeking a line of credit over $50,000. There is no annual fee with this line of credit choice. Interest-only payments, and initial terms are 12 to 24 months.

Multiple SBA Options

Small business administration (SBA) loans are also available through Chase. There are several loan solutions: SBA 7(a) program, SBA express term loan, SBA 504 loan program, SBA express, and SBA CAPline. Each option differs in the loan amount, structure, and what the funds are needed for.

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The Bad

Low Approval Rate
Long Wait Periods
No Discounts Available

Low Approval Rate

Forbes.com states in an article, "The 5 Big Banks That Reject the Most Small-Sized Business Loans," that JPMorgan Chase is listed at number two with a 11.6 percent rejection rate. The article urges small business owners to build relationships with their local community banks, and use federal funded money from such institutions to help grow local businesses.

Long Wait Periods

While top business lenders are approving loans in as little as one day, Chase Bank can take upwards of a month. It can take as little as three weeks, but that'll depend on your paperwork being in order and the length of time of your business. The longer you have been in business the more likely you will be approved.

No Discounts Available

There are no prepayment penalties on a business loan, but Chase does not offer a pre-payment discount to reward a company that pays back their loan early. Some leading business loan companies will do just that.

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The Bottom Line

Chase is a well-known company that is committed to providing numerous services and products to best meet the needs of businesses. You will need to take the time to sort through all the information on their website, or speak to an agent that can help decipher what your business could benefit from. Chase offers business owners the best way to obtain necessary cash, finance the purchase of inventory and equipment as well as to obtain operating capital and funds for business expansion. Whether it be with a line of credit, SBA loan, or a term loan to help your business grow to it's full potential. Smaller businesses may have a more difficult time obtaining a loan, but it would be worth the time of finding out.

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User Reviews

Star Rating

4.3

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29 Reviews

Review Breakdown

5 grade

55%

4 grade

31%

3 grade

2 grade

10%

1 grade

Sentiment Criteria

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Service

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Tara Gillispie Hurricane, WV

Chase is probably one of the biggest and best banks I’ve ever been established with. I love being able to use their phone app to pay my bills and handle my accounts. I do wish they had more ATM’s but overall I would not bank anywhere else. My Chase Business account was the very first business account that I have ever had. It was so easy, quick, and a joy to get started with Chase Business

2 years ago Edited July 15, 2022

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Daniel Cebrero Henderson, NV

Getting a loan with Chase is a bite more harder than other lenders. But the process was very easy because I had a business account and credit card with them before requesting the loan. So all my information was readily available to them, which in turn saved Me time and effort. Once approved the money was in my business account within the week and it helped me purchase a new box truck for my business

2 years ago

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gricel valdez Yuma, AZ

The best part about Chase Business is the customer service and convenience. You can find a branch all most anywhere and the phone service is excellent. The only thing I didn't like was a lot of paperwork and the application/approval time took longer than expected. Other than that Chase is worth the wait!

2 years ago

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L Turner Avon, IN

I have been a member of chase for years. Before the pandemic needed help with a loan and had no issues with the rep. Was able to go into my local Branch and talk to someone in person. During the Pandemic my payments were deferred for a reasonable time til I can begin payment process again.

2 years ago

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jeff molitor

Chase is a full-service loan provider that was the top choice from among all lenders I researched. Their response was fast and their process seamless, and all of it online without the hassle of talking to a representative that you feel might 'upsell' you to other banking products. It was a no hassle and anxiety-free process start to finish. Their online dashboard to manage the account is also simple and insightful. Highly recommended.

2 years ago

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Carol E Brown Harker Heights, TX

My husband and I have used Chase bank for our mortgage loan as well as credit cards. We are very pleased with the customer service we receive from Chase. We think they are a very solid company and would recommend to other people.

2 years ago

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Jerry Cantrell Louisville, KY

I borrowed money to finance a car for my business!! Their interest rates were the lowest available and their website makes it convenient to make payments and maintain documentation for taxes.

2 years ago

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Nancy Oliver Lake Orion, MI

I liked the interest rate, just did not care for the amount of paperwork involved. Pretty straight forward application process. Interest rate was very competitive. Worked hard for the money, but worth it in the end. Administrative/loan fees were in line with all the others.

2 years ago

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Rick Froid Park Ridge, IL

Our business loan has been a wonderful experience with Chase. The best interest rates available, online access is superior and customer service is very kind & helpful when needed.

2 years ago

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Brett Schiftner Weatherford, TX

When I needed a loan to grow my small business I chose Chase because I'd dealt with them before. The Ecole process was easy and rates very competitive. Very easy to work with.

2 years ago

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Trish webb Phoenix, AZ

I was a personal consumer with chase when I applied. I’m pleased I can see all my finances on my bank ap. While the approval process was a bit more restrictive then other ways and banks.

2 years ago

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Nxx Wang Mount Sinai, NY

It was hard to get hold of an agent to work with at the beginning. But once things get started it went smoothly. The agent guided me through everything with me patiently and the documents were reviewed rigorously.

2 years ago

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Joe O Hoffman Estates, IL

Chase Bank is just a group of salespeople and once they got what they needed, it was difficult to impossible to get support for other issues, questions, or problems. They treated us as if we were the problem when we had issues and were unwavering in attempting to help us with any issue. In fact they would often not help us then try to sell us something like a Credit card or another account refinance etc.

2 years ago

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Ryan Vett Phoenix, AZ

After talking to Chase bank about getting a small business loan to fund the production run of an electronic device I created, first thing I was told was that a Chase business checking account is required. You MUST apply inside a branch, and the application process is quite long.

2 years ago Edited March 30, 2022

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Susan G Seattle, WA

Their documentation did not even transfer from the Loan. I attempted to update (info came from ANOTHER UNRELATED 15 years ago transaction!) , they said I needed to wait another 30 days. Also, they requested flood insurance that was not requested by previous lender, All neighbors are not required either, When you call Customer Service , they are not in USA and difficult to understand.

2 years ago

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Mallory

Chase Bank is my favorite bank to do most of my business funding with. I also like that I have direct mobile banking with them.

2 years ago

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Russell Vastine Aurora, CO

I have been a chase customer for over 15 years. Very easy to qualify for a loan and can go to their branch and get everything taken care of.

2 years ago

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Laura Mccall Reno, NV

Chase employees went above and beyond to help me get a loan, they were super helpful and went outta their way to help me get approved. Thank you

2 years ago

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Victoria Mcculler FL

This bank is absolutely awesome. They are very helpful, friendly, and helped make it easy for the loan process.

2 years ago Edited May 3, 2022

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Michelle Crane Phoenix, AZ

We have a business account with chase and I am impressed with their customer service and great organization

2 years ago

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thomas Lovin Duluth, GA

Been a Chase customer since 2012. Their loan services are good. However, customer service was not up to personal par.

2 years ago

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Kenny Roberts Tampa, FL

Process is quick and easy. Very friendly people and easy to work with. Always great !!!

2 years ago

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Tiffany Robinson Richmond, VA

Helpful, concerned and friendly very considerate and concerned when you have a problem

2 years ago

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Stacy Carter Avon, CO

Chase business loans has been really great to work with. They have very helpful customer service.

2 years ago Edited March 29, 2022

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Demetrace Williams Milwaukee, WI

Chase has programs has helped me as a customers. They have great customers service.

2 years ago Edited March 22, 2022

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Martine Crugnale Madison, WI

Awesome employees.really take time and get whatever u r there for right the first time.

2 years ago

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JaylenOlivia

They have many flexible repayment options and answer questions throughly.

2 years ago

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Crystal Connell Denver, CO

Very awesome, great communication and willing to go above and beyond

2 years ago

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Thawkes2017 Picayune, MS

Last minute we had to submit all kinds of paperwork.

2 years ago