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What to know about using My Chase Loan with a business credit card

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    Quick insights

    • My Chase Loan® provides a convenient way to get cash using the available credit you have on your credit card.
    • My Chase Loan is available with most Chase business credit cards, and if you have an eligible offer, you can use this feature through your Chase account online or within the Mobile® app.
    • When you set up My Chase Loan, you can choose the loan amount and duration of the loan.

    When business owners have a big purchase on the horizon, they may want to consider cash flow. They may find that taking out a loan to cover the amount is a smart business decision. And if they have a participating Chase business credit card, they may be able to use their card’s credit to get a loan using My Chase Loan. In this article, we’ll discuss My Chase loan, how it works and the benefits for business owners. 

    What is My Chase Loan and how does it work?

    My Chase Loan is a feature of Chase credit cards that allows the eligible cardmember to borrow money from their existing card’s available credit. When setting up your My Chase Loan, you choose the amount of the loan and the payment duration (based on the loan amount).

    The amount owed will be incorporated into your card’s monthly minimum payment until the loan is paid off. The interest on My Chase Loan is based on several factors but is typically lower than your credit card’s standard purchase annual percentage rate (APR). Plus, My Chase Loan uses only a portion of your card’s available credit — so you can continue to use your card for purchases provided they do not exceed your available credit limit.

    Is My Chase Loan available on business credit cards? 

    My Chase Loan is available on Chase consumer and business credit cards. If your business needs to make a purchase that may take more than one billing cycle to pay off, you might want to consider a My Chase Loan. It allows you to pay off the expense over multiple cycles with a rate that is at or below your card’s standard APR.

    Keep in mind that your loan must be at least $500 and the maximum amount you can request may vary based on your monthly spending, creditworthiness and other factors. The monthly payment due for the loan is factored into your card’s minimum monthly payment. Failure to pay your My Chase Loan will be treated the same as delinquent credit card payments, which can result in late payment fees and higher APRs.

    What are some of the benefits of using My Chase Loan with my business card?

    Because My Chase Loan uses an existing card’s available credit, it can include fewer restrictions and requirements than a typical business loan. Some of the benefits of using My Chase Loan include:

    • No application or credit check required: Chase will not pull your credit to determine your eligibility for the loan nor will you have to fill out an application like most loans require.
    • Lower fixed APR: Rates will vary, but they are typically lower than a credit card’s standard purchase APR.
    • No origination or early payoff fees: You won’t pay fees to a loan originator, nor will you face a penalty if you pay off your My Chase Loan early.
    • Easy to set up: You can set up a My Chase Loan through your online account or the Chase Mobile app, and the process typically takes only a few minutes.
    • No new account to manage: Unlike opening a loan with a new provider, your My Chase Loan will be incorporated into your existing Chase account.

    My Chase Loan considerations

    When signing up for a My Chase Loan, keep in mind that your loan will not earn rewards. You may want to weigh the points or rewards you earn with any larger purchase over the potential interest you might pay if you put the entire amount on your card.

    Also consider that lower interest rates are not guaranteed. Depending on the rate you qualify for with My Chase Loan, it may still be higher than you’re willing to pay or higher than a rate you can get with another business loan.

    Eligibility is based on a variety of factors, such as your credit profile, your card’s credit limit and past account behavior. Additional conditions may apply. For example, My Chase Loan is not currently available to customers within the first 180 days an account is opened.

    How do I activate My Chase Loan?

    To get a My Chase Loan, log into your account online or via the Chase Mobile app. Navigate to the card that has an eligible My Chase Loan offer available. You should see an option for My Chase Loan or Pay Over Time. My Chase Loan can be requested by the primary cardmember, secondary cardmember or an authorizing officer.

    You can usually set up My Chase Loan in three steps:

    • Choose your loan amount. It must be more than $500.
    • Choose the loan payment duration that works best for you. This will include the loan duration and the APR.
    • Receive the funds directly deposited in your bank account within 1-2 business days.  

    Once you’ve completed your My Chase Loan, you can continue using your Chase credit card so long as you have available credit to cover purchases.

    In summary

    My Chase Loan can be a straightforward way to get a loan using the credit you already have available. If you have a Chase business credit card with a My Chase Loan offer, you can apply through your account and receive the funds in as little as 1-2 business days.

    Unlike traditional loans, there is no need for an application, credit check or separate account to manage. You may find that My Chase Loan gives your business more flexibility when planning larger purchases.

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