Details Emerge About the OnDeck – JPMorgan Chase Deal

The 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.

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.