You need to know what people are saying about the business loans to ensure you are getting the best deal for your company. Chase Business loans are an excellent solution for small business owners who are looking for an easy, fast, and convenient way to take their business to the next level. Not only for small business owners, Chase Business loans are also ideal for entrepreneurs looking to grow their business and investors who want to make a smarter asset across the USA.
A lot of people are also fond of this because it is managed by one of the largest bank in the USA. Get your business going with a little more breathing room from Chase Business loans.
Qualifying for Chase Business loans
Qualifying for Chase Business loans can be a bit of a challenge. With their multitude of lending products, they want to make sure that they are giving you the right loan. If you are applying for a Chase Business Loan you will need to provide documentation that would support your business. Not just that, but also the following requirements:
Credit Score required: Chase Business loans requires borrowers or businessmen to at least have a credit score of 670. This number is considered to be relatively good to average and is a perfect requirement if you want to get a higher chance of eligibility.
Annual revenue required: If you want to acquire Chase Business loans, your business should have an annual revenue of $100,000 to $250,000.
Time in business: Aside from credit score and annual revenue, Chase Business loans only accepts business with a 1 to 2 years’ experience in the industry.
Chase Business Loans Interest Rates and Fees
Interest Rate: All of Chase Business loans’ interest rates are fixed and adjustable. It doesn’t depend on how much you wish to borrow or your credit score.
Late payment and prepayment fees: Chase Business loans charges a late payment fee and prepayment to their borrowers but the certain amount is not disclosed. So make sure to read all the terms and conditions before agreeing to anything.
Origination fees: The origination fee of Chase Business loans is 1% of your borrowed funds. Meaning, if you borrowed a loan of $100,000 for your business, the origination fee of that particular amount is $1,000.
Advantages and features of Chase Business loans
Widely available across United States of America: Chase Business loans are available to business owners across the United States of America. Chase Business loans are available from a wide variety of financial institutions, including Chase Bank – which is one of the largest bank in the country.
Preferred Lender of SBA: Chase Business Loans, the Preferred Lender of the Small Business Administration, offers a wide range of financing options designed specifically to help your business grow.
Offers a lot of financial products: As a business owner, you need a loan to get your business off the ground. With Chase Business loans, you have access to a variety of competitively priced products and flexible product terms to help your business succeed.
How to apply for Chase Business loans?
Although Chase Business loans application process is not fully disclosed by the bank, their customer service representative says that a small business banker will walk you through the application. Just go to one of their branches and a Chase Business loans will be happy to assist you. Moreover, it is highly recommended that you prepare the following requirements:
- Profit and loss statement of your business
- Recent bank statements
- Recent tax returns
- Information about the owner including Social Security Number
Frequently Asked Questions
- Does Chase Business loans have a good reputation?
Unfortunately, Chase Business Loans have received a total of 1.1 star on Better Business Bureau and just 1.6 out of 5 stars on TrustPilot. There are also many complaints of Chase Business Loans being dishonest and not giving borrowers what they were promised.
Business Loans are a great way to jumpstart a business and provide the money that your business needs to grow. Despite the bad reviews they have, Chase Business loans can be a perfect loan for a businessman who wants to grow their business but doesn’t have the funds to do so. And if you want to avoid all the pitfalls said by many, make sure to read all the terms and conditions before signing into anything. Do not just do your research, but also ask every question you need to ask to understand every detail.