Our Verdict
Chase emerges as the overall winner here because the bank has more geographical coverage than PNC. This lender offers varieties of business card options and has a user-friendly online platform and mobile app that allow customers to manage their accounts, make payments, and access other features. PNC on the other hand is not far from Chase as the financial institution offers specialized financing options for certain industries, such as healthcare, agriculture, education, and government. In addition, PNC has a dedicated team of business bankers and advisors who can provide personalized guidance and support to customers.
Do you value convenience, variety, and ease of use when it comes to choosing a business loan lender? Then choose Chase. However, if you value specialization, personalization, and customer care
Check out why this content rates Chase as the winner of this comparison below
has a larger and more widespread network of branches and ATMs across the country, which can make it more convenient and accessible for customers.
- Offers a wider range of credit card options for businesses, which can help them earn rewards, save money on interest, and manage their cash flow.
- Has a more user-friendly and intuitive online platform and mobile app, which can make it easier for customers to manage their accounts, make payments, and access other features.
- Has a larger and more widespread network of branches and ATMs across the country, which can make it more convenient and accessible for customers.
Understand that your decision is paramount Here. Know that the best bank to consider for your business needs depends on your individual needs and goals.
Why Choose Chase Business Loan
Who Chase Business Loan Is Best For
Consider a Chase business loan if you are a customer who:
- Has an existing relationship with Chase or wants to open one, as this may increase his/her chance of approval and access to better rates and terms.
- Needs a large amount of financing, as Chase offers loans up to $5 million for SBA loans, $500,000 for term loans, and $500,000 for lines of credit.
- Wants to earn rewards, save money on interest, and manage his/her cash flow with a Chase business credit card.
- Prefers to manage his/her accounts, make payments, and access other features online or on mobile devices— this is because Chase has a user-friendly and intuitive online platform and mobile app.
- Is looking for a convenient, flexible, and diverse lender that can offer him/her a variety of loan products, credit cards, and online services.
Who Chase Business Loan Is Not Right For
Know that a Chase business loan may not be the best option for you if you are a business owner who:
- Does not have a strong credit history or score. Be aware that Chase has strict eligibility criteria and may require a personal guarantee or collateral for some loans.
- Is looking for specialized financing options for certain industries, such as healthcare, agriculture, education, and government.
- Prefers a local or regional bank that has an immersed presence in your locality.
- Needs fast and easy approval and funding.
Why Choose PNC Business Loan
Who PNC Business Loan Is Best For
Settle for a PNC business loan if any of these options apply to you. Choose this bank if you are a business owner who:
- Is in certain industries, such as healthcare, agriculture, education, and government, because this lender offers specialized lending options for these sectors, such as healthcare practice loans, farm loans, education loans, and municipal loans.
- Needs personal loans, lines of credit, or student loan refinancing. PNC offers these products, which Chase does not.
- Wants to work with a dedicated team of business loan specialists and advisors who can provide him/her with guidance and support throughout the loan process and beyond.
Who PNC Business Loan Is Not Right For
Look for the alternative options if you are a business owner who:
- Does not live in the Midwest, Mid-Atlantic, or Southeast regions, as PNC has a limited presence in these areas and may not have a branch or ATM near them
Wants to earn rewards, save money on interest, and manage cash flow with a business credit card, as PNC does not offer any credit cards for businesses.
Prefers to manage his or her account, make payments, and access other features online or on mobile devices.
Chase vs PNC Business Loans: Main Differences
Ideal For
Chase is best for a borrower who wants a bank with a variety of lending products or a lender that offers convenience to its members. While PNC offers more personalized lending products for you and your organization.
Pricing
Don’t expect Chase nor PNC to disclose their interest rates and fees for their business loans online, so you will need to contact them directly or apply online to get a personalized quote for your specific loan needs.
Chase offers higher loan amounts and shorter terms for their unsecured business loans and lines of credit, while PNC offers higher loan amounts and longer terms for their secured business loans and lines of credit.
Account Integrations
Chase offers its integration when you use a Chase credit card. Chase can help you earn rewards, save money on interest, and manage your cash flow. You can also link your Chase business credit card with your Chase business loan account and your Chase online business banking platform. PNC has no integration with businesses and offers most of its services on a personal basis.
Standout Features
Know that Chase has a lot of options for you, whether you want to get cash back, travel rewards, or low-interest rates. You can also link your Chase business credit card with your Chase business loan account and your Chase online business banking platform. That way, you can manage everything in one place and enjoy some perks. Aside from its excellent user-friendly interface, you can get a welcome bonus of up to $750 when they open a qualifying business checking account and meet certain requirements. If you are in a specific industry, such as healthcare, agriculture, education, or government, you may want to go with PNC.
Chase vs PNC Business Loan: Standout Features
Chase Business Loan
- Choose from numerous lending options including credit cards.
- Allows you to control your credit card and your loan account simultaneously
- Get a welcome bonus that can reach $750
- Enjoy a user-friendly and intuitive online platform and mobile app that allow you to manage your accounts, make payments, and access other features.
- Borrow up to $5 million with an SBA loan or up to $500,000 with a term loan or a line of credit.
PNC Business Loan
- Gives you access to specialized financing options
- Gives you access to additional financing such as personal loans or individual lines of credit
- Access a dedicated team of experts and advisors that are ready to help you make the right decision
- Get up to $3 million either with a secured line of credit, business line of credit, or real estate financing.
- Get the opportunity for flexible registration.
Chase vs PNC Business Loan: Savings Accounts
No clear winner in this section. Because, both lenders offer two types of savings accounts, which are a standard savings account for a general purpose and a children’s savings account to help parents teach their children how to save and manage funds. Bear in mind that both banks charge $5 as a monthly maintenance fee. Likewise, the two lenders allow an auto-save feature on their saving account. Nonetheless, PNC gives you a high yield on your savings interest but Chase fights back by offering $150 as a welcome bonus on your savings account if you deposit $10,000 within your first 20 days of opening the account.
Chase vs PNC Business Loan: Checking Accounts
Chase comes out as the champion of this section. First, Chase offers four different checking accounts compared to PNC which only offers one single checking account. However, PNC’s checking account has three levels of features that you can choose from: Spend, Reserve, and Growth. Although PNC fights back by charging $7 as a monthly fee which is far cheaper than Chase’s $12, Chase wins the race by offering a higher welcome bonus of $150 and numerous benefits.
Pros and Cons of Chase Business Loan
- Pros
- Offers various kinds of business loans, like SBA loans, term loans, lines of credit, equipment financing, and commercial real estate loans.
- Has a larger network of branches and ATMs across the US.
- Offers competitive terms and rates
- Offers welcome bonus that begins at $150 and can be up to $750
- Pride itself as SBA preferred lender
- Cons
- Has strict eligibility criteria
- Offers no specialized loans such as industry-specific financial options
- Doesn’t allow alternative financing option
- Takes a longer period to secure approval
- Charges higher rates and fees
Pros and Cons of PNC Business Loan
- Pros
- Offers different kinds of business which include lines of credit, commercial real estate, equipment financing, and specialized financing options.
- Provides you with a dedicated team of experts and advisors to help make the right choice
- Offer competitive rates and flexible terms on its loans
- Activates auto-save feature on its business checking account
- Offers alternative financing like personal loans and individual lines of credit.
- Cons
- Has regional restriction
- Has no business credit cards
- Doesn’t give details information on its business loans online
- Doesn’t offers fast funding
Chase vs PNC Business Loan: Customer Reviews
PNC wins this section beyond doubt.
Know that both Chase and PNC have an A+ rating from the Better Business Bureau (BBB), which indicates that they have a high level of customer satisfaction and trustworthiness.
However, Chase has a lower rating than PNC on TrustPilot. Chase has a rating of 1.3 out of 5 stars based on 829 reviews, while PNC has a rating of 2.1 out of 5 stars based on 834 reviews.
On Consumer Affairs, another consumer review website, PNC also has a higher rating than Chase. PNC has a rating of 3.6 out of 5 stars based on 778 reviews, while Chase has a rating of 3.4 out of 5 stars based on 819 reviews.
Chase has a mixed reputation among its customers, while PNC has a slightly better reputation than Chase among its customers. Whatever the case may be, know that customer reviews are subjective and may not reflect the actual quality or performance of the lenders.
Chase and PNC Business Loans Competitors
Wells Fargo
loans in the US:
Choose Wells Fargo if you want to do business with one of the largest and most reputable banks in the US. You have access to a wide range of business loans, including SBA loans, term loans, lines of credit, equipment financing, commercial real estate loans, and specialty financing options for certain industries, such as healthcare, agriculture, and hospitality. With Wells Fargo, you can enjoy competitive rates and terms, flexible repayment options, online and mobile banking services, and a network of branches and ATMs across the country.
Bank of America
Choose Bank of America as your preferred lender and you can have access to various types of business loans, including SBA loans, term loans, lines of credit, equipment financing, and commercial real estate loans. Not only this but with Bank of America, you can also get a welcome bonus of up to $750 when you open a qualifying business checking account and meet certain requirements.
Kabbage
Do you need a financial institution that can provide you with fast and easy funding for your small business venture? If yes, choose Kabbage. You can get a line of credit up to $250,000 that you can access through an online platform or a mobile app. Kabbage also gives you flexible repayment terms of 6, 12, or 18 months. Can you imagine this online lender has no origination fees or prepayment penalties, and no minimum credit score requirement? However, Kabbage may charge higher interest rates than some traditional lenders.
Pro Tips
Know that getting a business loan can be a big decision, and you need to make sure you get the best deal and service for your needs. You can follow these pro tips to choose the right lender for yourself.
- Have a clear idea of how much money you need, how long you need it for, and how you plan to use it.
- Look for the lowest interest rate and fee combination that suits your budget and cash flow.
- Look for features and benefits that match your preferences and needs, such as credit card options, online platforms and mobile apps, sign-up bonuses, auto-save features, specialized financing options, or customer service.
- Apply for pre-approval from each lender.
- Choose the one that offers the best combination of cost, features, benefits, and service for your needs.
Recap
Know that Chase and PNC’s main differences are geographic coverage, credit card offers, lending specialization, online platform, mobile app, and sign-up incentives.
In conclusion, Chase and PNC have their strengths and weaknesses when it comes to business loans. Chase may be a better choice for you if you value convenience, variety, ease of use, rewards, and bonuses. PNC may be a better choice for you if you prioritize specialization, personalization, customer care, lower rates, and higher amounts. Don’t forget that the best bank for you depends on your individual needs and goals.
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