Chase vs Regions Business Loans

(May 2024)

Chase vs Regions Business Loans

In This Article

Our Verdict

Chase business loan is the clear winner in this round of contest as a result of its variety of offerings, which far surpasses that of Regions business loans.

See some of the reasons why Chase business loan is way better than Regions business loans:

  • Chase Business Line of Credit has a higher maximum credit limit than Regions Bank Business Line of Credit ($500,000 vs. $250,000).
  • Chase Business Term Loan has a higher maximum loan amount than Regions Bank Business Term Loan ($500,000 vs. $250,000).
  • Chase offers four types of business loans, while Regions offers three

Both banks also offer SBA loans, which are government-backed loans with low-interest rates and extended repayment terms–a good reason to have any of them as your top choice.

What really matters is what you feel you need.

Are you comfortable with the $250,000 maximum business loan offers from Regions, or do you need more than that plus a commercial real estate financing that you enjoy from Chase?

Both of these options are good, but you already know which one is best for you. Don’t you?

Before you make that choice, be aware that Chase Business Line of Credit has a higher annual fee than Regions Bank Business Line of Credit (0.25% vs. $150-$250 or 1%) and Chase Business Term Loan may have prepayment fees for loans greater than $250,000.

For more details, contact the lenders through the addresses below:

 

National Bank By Mail

Mail Code OH1-0333

340 S. Cleveland Ave

Building 370

Westerville, OH 43081

United States

1-800-242-7338

www.chase.com/business/contact-us

 

1900 Fifth Avenue North

Birmingham, AL 35203, USA

1-800-734-4667, 1-800-472-2265

www.regions.com/small-business/business-financing/loans-and-lines-of-credit

Why Choose Chase

Chase Bank

Who Chase Business Loans is Best For

Apply for a Chase business loan if you:

  • Bank with Chase and like its services.
  • Want a bank lender that has numerous locations across the country.
  • Have an interest in an SBA loan and prefer to do business with a lender on the SBA’s preferred lender list..
  • Have established businesses with strong credit and financials
  • Need access to a credit line with spending flexibility
  • Need a sizable sum to spend for business expansion.
  • Need to spend money on buying, improving, or refinancing commercial real estate.

Who Chase Business Loans Is Not Right For

Don’t consider Chase business loans if you:

  • Have new or struggling businesses with poor credit or financials.
  • Want to borrow less than $5,000
  • Need quick access to funds.

Why Choose Regions Business Loans

Regions Bank

Who Regions business loans Is Best For

Opt for Region’s business loans if you:

  • Want a lender who’s transparent up-front about loan costs.
  • Need alternative banking services like invoice factoring or merchant cash advances.

Who Regions business loans Is Not Right For

Consider another alternative to Regions business loans if you:

  • Don’t live in the South or Midwest regions of the U.S.
  • Want free checking options or high savings APY.
  • Need large loans over $250,000.

Chase vs. Regions business loans: Main Differences

Chase Business Loans Wells Fargo Business Loans

Ideal For

  • Businesses with strong credit and financials
  • Businesses that need lump-sum financing for long-term and fixed working capital needs
  • Businesses that need flexible and revolving financing for short-term and cyclical working capital needs
  • Businesses that need financing for purchasing or improving commercial properties or fixed assets
  • Businesses that need low-interest and long-term financing for various business purposes

 

  • Businesses that need flexible and revolving financing for short-term and cyclical working capital needs
  • Businesses that need lump-sum financing for long-term and fixed working capital needs
  • Businesses that need low-interest and long-term financing for various business purposes,

Pricing

  • Business line of credit- $200 or 0.25% annual fee (with waiver option), and variable interest rate.
  • Business Term Loan and Commercial Real Estate Loan- No origination fee, and interest rate is fixed or variable.
  • No origination fee, and interest rate is fixed or variable.
  • Business line of credit- $150 for lines from $10,001 to $25,000 and 1% of  annual fee, and variable interest rate.
  • Business Term Loan and Commercial Real Estate Loan- Zero origination fee, variable prepayment fees, and fixed or variable interest rates

Eligibility Criteria

The bank does not make its eligibility criteria open to the public, so to qualify for any of Chase Business loans, contact the Bank’s customer service and go through verification of your credit score and your business financials, assets and liability.

A minimum annual revenue of $100,000 and a credit score between 580 to 850 makes you eligible for a Regions Bank business loan

How to Apply 

  • Visit their website Business Loans & Financing - Chase Bank to find the type of loan that suits your needs,  and find a local branch.
  • Prepare your business financial reports and documents, your personal and business evidence of tax payment for the recent three months, and other personal details including your SSN and address
  • Visit any of the Chase Bank local branches to apply in person or call its customer service, or send mail to P.O. Box 6185, Westerville, OH 43086, or do an online chat if you are already a customer.
  • Call  a Regions Bank business banker on 1-800-734-4667 or visit a local branch to speak with one, who can guide you through the application process and answer any questions you may have.
  • Provide your personal and business information, as well as financial documents.
  • Wait for the approval and funding process

 

Chase vs. Regions Business Loans: Standout Features

Chase Business Loans:

Chase Bank stands out in its Business loans product because it

  • Has a SBA Preferred Lender status, which means Chase is authorized by the U.S. Small Business Administration (SBA) to process SBA loans faster and with less paperwork than other lenders.
  • Offers a wide range of business financing products, including SBA loans, term loans, lines of credit, trade financing and commercial real estate loans, to suit different business needs and purposes
  • Offers loyalty benefits for repeat borrowers, such as lower rates and fees, higher credit limits and faster funding.

Chase vs. Regions Business Loans: Product Offerings

Chase Business Loans:

  • Business Line of Credit: A revolving credit line that lets you borrow up to $500,000 with a five-year revolving period and repayment term, and a 0.25% annual fee. To qualify for this product, you need to have been in business for at least two years and have an annual revenue of at least $100,000.
  • Small Business Loans: A lump-sum loan that lets you borrow up to $500,000 with monthly instalment payments and no origination fee.
  • Commercial Real Estate Financing: A term loan secured by commercial property that lets you borrow $50,000 and up with terms up to 25 years and no origination fee.
  • SBA Loans: A government-backed loan that lets you borrow up to $5 million with low-interest rates and long repayment terms. They also offer four different types which are SBA Express loans, SBA 7(a) Loans and SBA 504 Loans

Regions Business Loans

  • Business Line of Credit: A revolving credit line that lets you borrow as much as you need, up to your available credit limit, with variable interest rates and flexible repayment options.
  • Small Business Loans: A lump-sum loan that lets you borrow for various business purposes, such as equipment, inventory, expansion or working capital, with fixed or variable interest rates and terms up to 10 years.
  • Commercial Real Estate Financing: A term loan secured by commercial property that lets you purchase, refinance or renovate commercial real estate, with fixed or variable interest rates and terms up to 25 years.
  • SBA Loans: A government-backed loan that lets you borrow for various business purposes, such as start-up costs, working capital, expansion or acquisition, with low-interest rates and long repayment terms.

Pros and Cons of Chase Business Loans

  • Multiple types of business loans available, including SBA loans, term loans, lines of credit, trade financing and commercial real estate loans.
  • Loans larger than $500,000 are available for qualified borrowers who need more funding.
  • Competitive and flexible terms, depending on the loan type and borrower’s qualifications.
  • Strict eligibility requirements, especially for startups and businesses with poor credit or financials.
  • Limited information on terms and fees available online, requiring borrowers to apply in person with a Chase business loan specialist.
  • Low SBA loan volume relative to size, indicating that Chase may not be the most active or experienced SBA lender.

Pros and Cons of Regions Business Loans

  • Transparent up-front about loan costs, disclosing interest rates and fees on their website.
  • Alternative banking services, such as invoice factoring or merchant cash advances, available for borrowers who need more options.
  • Not widely available across the U.S., only serving 15 states in the South and Midwest regions.
  • No free checking options or high savings APY, charging monthly fees for most checking accounts and offering low-interest rates for savings accounts.
  • Limited loan amounts, capping most loans at $250,000.

Chase vs. Regions Business Loans: Customer Reviews

According to Trustpilot, Chase has a rating of 1.3 out of 5 stars based on 1,032 reviews, and according to Consumer Affairs, Chase has a rating of 1.5 out of 5 stars based on 1,131 reviews The majority of the reviews are negative, with customers expressed satisfaction with Chase’s products and services, as well as poor customer service, hidden fees, account closures and fraud issues.

Chase and Regions Business Loans Competitors

Here are some alternatives to Chase business loans:

  • Wells Fargo: Wells Fargo consistently ranks as one of the leading Small Business Administration (SBA) lenders, which makes it your viable choice as a business owner in search of an SBA loan from a prominent national bank. In addition to its range of business loan products, Wells Fargo provides various other options to meet the financial needs of businesses. These include term loans, lines of credit, equipment financing, and commercial real estate loans. Wells Fargo’s eligibility requirements are known to be stringent, and the bank has received low customer satisfaction scores.
  • Funding Circle: Funding Circle is an internet-based lending platform that provides term loans with a maximum limit of $500,000. The company prides itself on its ability to quickly disburse funds and offers interest rates that are competitive within the market. Funding Circle presents itself as an attractive choice for you if you possess the necessary qualifications to meet the requirements of a Chase business loan but prefer to avoid the delays associated with securing funding or navigating the complexities of a traditional banking institution. However, Funding Circle has the potential to impose origination fees and necessitate collateral as part of its terms and conditions.
  • American Express Business Blueprint™:The American Express Business Blueprint™ is a credit product that provides users with a range of repayment options and does not impose any penalties for early repayment. The American Express Business Blueprint™ offers you a viable option when seeking a revolving credit line that boasts minimal fees and generous borrowing limits. The American Express Business Blueprint™ programme may necessitate a strong credit score and annual revenue.

Here are some alternatives to Regions Bank business loans:

  • TD Bank: TD Bank is a financial institution operating as a regional bank, catering to a customer base spanning 15 states along the East Coast of the United States, as well as Washington D.C. TD Bank provides a comprehensive range of financial products tailored specifically for businesses. These offerings include business term loans, lines of credit, equipment financing, Small Business Administration (SBA) loans, and commercial real estate loans. TD Bank is an appropriate choice for you if you seek a lender that offers clear and transparent loan costs, boasts high customer satisfaction ratings, and provides specialized financing solutions tailored specifically for healthcare professionals. TD Bank’s availability may be limited, and its savings annual percentage yield (APY) may be low.
  • Fundbox: Fundbox is an online lender that offers invoice financing and lines of credit up to $150,000 with quick approvals and funding. Fundbox is a good alternative for you if you need fast funding with minimal paperwork and no minimum credit score requirement. However, Fundbox may impose elevated fees and enforce abbreviated repayment terms.
  • PayPal Working Capital: PayPal Working Capital is a merchant cash advance that offers funding up to 35% of your annual PayPal sales, with a maximum of $200,000 for your first loan. PayPal Working Capital is an attractive choice for you if you are a PayPal merchant who needs quick access to funds with automatic repayments and no credit check. However, PayPal Working Capital may impose high fees and impose loan limits.

Pro Tips

  • Consider your business needs and goals. What type of loan do you need? How much do you want to borrow? How fast do you need the funds? How long do you want to repay the loan? These questions can help you narrow down your options and find the best loan product for your situation.
  • Compare the interest rates, fees, repayment terms and customer service of both banks. You can use online tools, such as calculators, comparison sites or reviews, to get an idea of how much each loan will cost you and how easy or difficult it will be to work with each lender. You can also contact the banks directly and ask for a quote or a prequalification.
  • Check your eligibility and qualifications. Both banks may have strict eligibility requirements, such as minimum credit score, revenue, time in business and collateral. You can check your credit score and business financials before applying to see if you meet the criteria and improve your chances of approval.
  • Apply for the loan that best suits your needs and qualifications. You can apply online, by phone or in person, depending on the bank and the loan type. You will need to provide some personal and business information, such as your name, address, Social Security number, tax ID number, business name, industry, revenue, expenses and bank statements. You may also need to provide some documents, such as your business plan, financial statements, tax returns and legal agreements.
  • Wait for the approval and funding process. Depending on the bank and the loan type, the approval and funding process may take from a few hours to a few weeks. You may need to sign some documents, provide some additional information or verify some details before receiving the funds. Once you get the funds, you can start using them for your business purposes.

Recap

Now that you have robust knowledge of the options before you, consider all the advantages and disadvantages of each business loan offers and make a good choice.

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