Details Emerge About the OnDeck – JPMorgan Chase Deal

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Chase BankThe Wall Street Journal recently published many details about the recent OnDeck/JPMorgan Chase deal that everyone has been wondering about. Here are the cliff notes:

  • 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

Category: Business Lending

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