How do I obtain a Chase Business Quick Capital loan?
If you have received an offer for a Chase Business Quick Capital loan, follow these steps:
- Sign in to apply. You may need to provide personal information of the owner(s) and a member of senior management of the business.
- If eligible, choose the loan amount, payback term and repayment option that fit your business needs.
- Confirm your information.
- Review your loan agreement and accept the terms.
I didn’t receive an offer. How do I obtain a Chase Business Quick Capital loan?
At this time, Chase Business Quick Capital loans are only available to selected business deposit clients. If you are interested in other lending products, please visit https://www.chase.com/business-banking/business-loans.
I received information that says I qualify for up to a certain dollar loan amount. Can the loan amount change?
Yes. When you apply for the loan by accepting the Initial Terms, we will further evaluate your business’ credit eligibility in real-time, including the guarantor. Based on the results of that check, your business may be eligible for a higher offer amount. If approved, your business’ final offer amount will be displayed immediately following acceptance of the Initial Terms, and is the amount that will be available until the offer expiration date. You can then choose the loan amount, term and repayment options that best suit your business needs. Your offer expiration date is noted in your marketing materials and at the top of the webpage when you apply for the loan.
Why do I have to provide personal information about the business owner(s)/member of senior management?
Chase is required to verify the owner(s) and member of senior management of the business and the information provided is used to complete the verification process.
When will I receive funds in my account?
If you sign the loan agreement by 5 p.m. Mountain Time on a business day, you will receive the funds in your associated Chase business checking account on the same day. This excludes weekends, holidays and other days that JPMorgan Chase Bank, N.A. is not open.
How do I repay the loan?
Depending on the loan term you select, you may repay your loan over an available term up to 24 months. We will deduct your loan payment from your Chase business checking account when the payment is due. For a daily payment loan, repayment starts the business day after you receive the loan amount in your account, and for a weekly payment, loan repayment starts the following week on the same day of the week that you received the loan amount.
What loan amount can I qualify for?
Your loan amount eligibility is based on the credit characteristics of the business and business owner along with banking relationship data.
What are the rates for Chase Business Quick Capital?
We offer rates that range from 9% to 25% APR (simple interest rates range from 4% to 21%). Each business’ loan pricing will be customized to the credit risk of the business and the specific loan term selected.
What is Annual Percentage Rate (APR)?
Annual Percentage Rate (APR) represents the total cost of the loan (Total Interest and the Origination Fee), expressed as an annual rate. The APR calculation takes into account the amount and timing of scheduled periodic payments, and is annualized based on the number of payments in a calendar year - 252 for a daily repayment schedule (there are 252 business days in a full calendar year) and 52 for a weekly repayment schedule. APR is not used to determine your Total Interest; it is only for comparison purposes. APR is most effective when comparing loans of equivalent terms.
The checkout process and your loan agreement supplement also provide pricing information to help you better understand loan pricing, including total interest and the calculation of your payment amount.
What is simple interest?
Simple interest is a rate of interest that is calculated by dividing the Total Interest by the principal amount of the loan; it represents the total amount of interest that you will pay as a percentage of the amount borrowed. It does not include the Origination Fee. It is not annualized and you should use caution in comparing it to interest rates expressed in annualized terms or to loans with different durations.
The checkout process and your loan agreement supplement also provide pricing information to help you better understand loan pricing, including total interest and the calculation of your payment amount.
I received an offer for a renewal loan. What is a renewal loan and how does it work?
Existing Chase Business Quick Capital customers may receive an offer for a renewal loan even if their existing loan is not fully paid off.
If you qualify for a renewal loan, you choose your renewal loan amount, term and repayment options, similar to the process for your last loan. Part of the renewal loan pays the principal on your existing loan. Since the principal balance on your existing loan is paid off, you will not pay any more interest on the existing loan. The remaining portion of your renewal loan is deposited into your Chase business checking account minus a 0.5% renewal loan origination fee on the amount of the renewal loan. Then you start paying back the renewal loan.
The minimum principal amount of the renewal loan must be $10,000 greater than the outstanding principal balance of your existing loan. For example, if the outstanding principal balance of your existing loan is $20,000, your renewal loan will be at least $30,000.
Can I keep my existing loan and obtain a renewal loan too?
No. You may only have a single Chase Business Quick Capital loan outstanding per business at any given time.
What are the fees for Chase Business Quick Capital?
We charge an origination fee of 1% of the loan’s principal amount to help cover the cost of setting up and servicing the loan. We will deduct the origination fee before we fund your account. For example, a $100,000 loan will have a $1,000 origination fee and a total payout of $99,000. For renewal loans, the origination fee is 0.5% of the renewal loan’s principal amount. There are no other fees for this product.
Is there a prepayment penalty?
No. If you pay off your entire loan early, there will be no penalty fee.
What if I want a larger loan or a longer term?
For information on other loan options, visit https://www.chase.com/business-banking/business-loans.
Does my offer expire?
Yes. This offer’s expiration date is on the information you received and on the checkout screens.
Can I access Chase Business Quick Capital account information on chase.com?
After you are approved and accept the loan agreement terms, your loan will appear online with your chase.com business accounts. Please allow 2 to 3 business days after funding for the loan to appear online.
What if I have other questions about this loan?
Call us at 1-888-899-2619 or email us at customerservice@quickcapital.chase.com.
