Details Emerge About the OnDeck – JPMorgan Chase Deal
- OnDeck will get fees to originate and service loans for Chase up to $250,000
- Chase’s small business loans will have terms of 6, 9, and 12 months
- Chase customers won’t know OnDeck is involved at all
- OnDeck will not get Chase’s declines
- OnDeck will process Chase’s business loan applications in a matter of hours instead of weeks
Perhaps most interesting of all is that Chase will be doing 6-12 month small business loans. 2016 should be a unique year. With a Chase loan approved in hours, the days of banks taking weeks or months to underwrite an application will be a thing of the past.Last modified: December 30, 2015
Sean Murray is the President and Chief Editor of deBanked and the founder of the Broker Fair Conference. Connect with me on LinkedIn or follow me on twitter. You can view all future deBanked events here.