Features

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 The loan has a fixed daily repayment that is automatically withdrawn from the company's Chase business checking account.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.

  • Loan Amount
    Starting at $5000
  • APR
    9% - 25%
  • Max Loan Term (Months)
    24
  • Credit Score Range
    560 - 850
  • No Prepayment Fee
  • Origination Fee
    1% - 1%
  • Business Loan Type
    • Unsecured Term Loan
    • Line Of Credit
    • Merchant Cash Advance
  • Intended Use of Funds
    • Business Debt Refinance
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Institution Type
    Bank
  • Approval Speed (Hours)
    12
  • Funding Time
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9/15/17 - When I logged onto my Chase Business account on this day, I found an offer for a Chase Business Quick Capital loan. I was excited to learn that Chase was making an effort to assist small business. The first click you need to check two boxes in Legal Agreements. (they'll do a soft credit check.) The 2nd click takes a few mins, but you are presented with a personalized offer. In my case I was offered $35k for up to 24 mos, at 15% APR ... + a 1% orig. fee = $350 much to my disappointment. It's like a loan shark deal and they want you to pay it back on a daily basis, M-F my min pmt = @ $75/day auto-debit. I signed off quickly and would much rather use a Chase Credit Card balance transfer for up to 18 mos @ 0% interest. Their competition is half the Int. rate with $0 orig. fees. This offer doesn't even compete with Chase's own credit card balance transfer offers. I hope Chase management is listening..."why do you need to be so greedy with Small Bus customers?" Please go back to the drawing board on this Chase Quick Capital, it could be a GREAT thing ! More Less


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