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  Chase Business Lines of Credit

Chase Business Lines of Credit

in Business Lines of Credit from Chase Bank

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Chase Business Lines of Credit

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in Business Lines of Credit from Chase Bank

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Highlights
APR  (Fixed APR) N/A
Credit Score Range 560 - 850
Loan Amount $10,000 - $500,000

Chase Business Lines of Credit Review

Chase Business Lines of Credit is offered by Chase Bank, a bank founded in 1877 and based in New York, NY. Chase Business Lines of Credit is available in 23 states across the USA.

Chase Business Lines of Credit FAQ

What APRs does Chase Business Lines of Credit offer?

Chase Business Lines of Credit offers a fixed APR product, but they do not disclose their rates.

Does Chase Business Lines of Credit charge an origination fee?

Yes, Chase Business Lines of Credit charges an origination fee.

What limitations does Chase Business Lines of Credit set on the purpose of the line of credit?

Chase Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Hiring
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Product or Service Expansion
  • Working capital

Does Chase Business Lines of Credit charge prepayment fees?

No, Chase Business Lines of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from Chase Business Lines of Credit?

Line of credit amounts start at $10,000 and go up to $500,000.

What is the maximum term you can get with Chase Business Lines of Credit?

Chase Business Lines of Credit offers business lines of credit with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Chase Business Lines of Credit?

Applicants with a credit score of at least 560 and up to 850 may be eligible for Chase Business Lines of Credit.

Chase Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Chase Business Lines of Credit product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Chase Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Business formation documents
  • Proof of identity

What are the business financing requirements for Chase Business Lines of Credit?

To apply for Chase Business Lines of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does Chase Business Lines of Credit report your account activity to credit bureaus?

Yes, Chase Business Lines of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does Chase Bank offer?

Chase Bank only offers unsecured lines of credit.

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Availability

  Available in 23 states
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Kentucky
  • Louisiana
  • Michigan
  • Nevada
  • New Jersey
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Texas
  • Utah
  • Washington
  • West Virginia
  • Wisconsin

Feature Breakdown

No Prepayment Fee  
Annual Fee $150 - $250
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 560 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
  • Inventory
  • Payroll
  • Hiring
Approval Speed 12 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
Loan Amount $10,000 - $500,000
Loan Term Up to 60 months

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