Chase Business Quick CapitalUnaffiliated
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Chase Business Quick Cash is a partnership between JPMorgan Chase and OnDeck Capital. The new business loan product was launched by Chase in April 2016.
How Does Chase Business Quick Cash Work?
For now, Chase is only offering Quick Cash to prescreened business that are already clients of the New York megabank. Chase has about 4 million small-business customers.
Businesses that are prescreened for Chase Business Quick Capital receive a personalized loan offer. Prescreened customers must sign in to their Chase online account to see the selection of loan amounts available. Once they select the loan they want and sign the necessary electronic documents, the loan amount could be available within the same day. The loan has a fixed daily repayment that is automatically withdrawn from the company's Chase business checking account.
What Are Chase Business Quick Capital's Interest Rates?
Interest rates range from 9% to 25% APR depending on -- among other things -- your credit history, revenue, and years in business.
How Much Money Can I Borrow From Chase Business Quick Capital?
Loan amounts range from $5,000 to $250,000 and repayment periods go from three to 24 months.
Which States Does Chase Business Quick Capital Operate In?
Chase Business Quick Cash is currently (January 2017) available in Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Michigan, New Jersey, Nevada, New York, Ohio, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin, and West Virginia.
What Is Chase Business Quick Capital Process Like?
The application process can take less than a day to complete. However, it is currently only available to existing Chase small business customers. Chase already has detailed financial information on these borrowers, so you would expect the application process to be fast.
How Is Chase Business Quick Capital Better than Other Lenders?
- The partnership between Chase and OnDeck makes it easier and faster for small businesses that already bank with Chase to qualify for a loan.
- The interest rates are competitive (9% to 25% APR).
- Loans range from $5,000 to $250,000
- Fast application and funding process.
- No prepayment penalties
On the other hand,
- There is a 1% origination fee, which will be deducted from the loan amount. Consider the origination fee when deciding how much you need to borrow.
270 Park Avenue
New York, NY 10017 USA
- Visit Site
- New Jersey
- New York
- West Virginia
|No Prepayment Fee|
|Credit Score Range||
560 - 850
850 300 560
|Immigration Status Considered||
|Verification Documents Required||
|Loan Amount||Starting at $5K|