Bank of America vs Chase Business Loans: Which Is Better?
Two of the biggest banks in America, both chasing the same established small-business borrower. Six rounds. Real numbers. One honest scorecard.
The verdict
Rounds split 3–3; Bank of America edges it on total score.
There's no universal winner — Bank of America is more transparent on pricing and rewards existing relationships, while Chase has more room at the top end, so match the bank to your loan size and where you already do business.
Choose Bank of America if…
- • You're already a Bank of America customer who can stack a Preferred Rewards discount
- • You want to see real published starting rates before you apply
Choose Chase if…
- • You need a loan above $250,000 or a longer repayment term
- • Your credit sits in the 660-699 range, below BoA's 700+ bar
Round by round
- Round 1Cost of Capital & Rate TransparencyBank of America winsBank of America8/10
6.50%-7.00% APR
Business Advantage Term Loan; promo -0.50% through Nov 14, 2026
- Preferred Rewards members stack an additional 0.25%-0.75% discount
- Best pricing gated behind an existing banking relationship
Source: Bank of America business lending pricing data
Chase6/10~8.9%-13.9% APR
Lines of credit; qualified term loans ~7-9% APR
- Prime-linked pricing can undercut fixed bank rates for well-qualified borrowers
- Rates not publicly disclosed — individually underwritten per borrower
Source: Chase business lending pricing data
This round goes to Bank of America — transparency wins.
- Round 2Approval RequirementsChase winsBank of America5/10
700+ FICO / 2yrs / $100K+/yr
Strict credit bar for the flagship unsecured products
- Unsecured term loan requires no specific collateral beyond a personal guarantee
- 700+ FICO excludes many newer or lower-credit businesses
Source: Bank of America eligibility data
Chase6/10660+ FICO / 24mo / $150-200K+/yr
Lower credit bar than BoA, though revenue expectations run higher
- 660+ credit bar sits meaningfully below BoA's 700+ requirement
- Not officially published — third-party reviewer estimate
Source: Chase business lending eligibility data
So this round goes to Chase.
- Round 3Loan Amount Range & Product FitChase winsBank of America6/10
$10K+ / $5M+ via SBA
Unsecured line ceiling not publicly disclosed
- Broad lineup including equipment financing and commercial real estate
- Unsecured line's maximum amount isn't publicly disclosed
Source: Bank of America product data
Chase8/10$5K-$5M+
Term loans up to 7 years, longer than typical fintech terms
- Commercial real estate financing available starting at just $50,000
- Secured lines of credit require collateral to access
Source: Chase business lending product data
Round to Bank of America on pure range, even with the hidden ceiling.
- Round 4Funding SpeedBank of America winsBank of America5/10
~1 week to several weeks
Some products can start online; limited full self-serve
- Term loan and line applications can start online for many products
- Full self-serve online completion still limited
Source: Bank of America funding process data
Chase3/10Days to weeks
No self-serve online application funnel for most products
- Existing Chase business customers may get a smoother, faster process
- Requires phone, online inquiry form, or in-person application
Source: Chase business lending process data
Round to Bank of America.
- Round 5Application ExperienceBank of America winsBank of America6/10
Partial online start, banker-finished
- Existing BoA customers and Preferred Rewards members get pricing perks and a smoother process
- Full self-serve digital applications are limited
Chase3/10Banker or branch required from step one
- Extensive branch network offers in-person relationship banking
- No online self-serve application — requires a banker or branch visit
This round goes to Bank of America.
- Round 6Transparency & TrustChase winsBank of America5/10
4+ stars, but slow real-world process
- Business.org cites some of the lowest rates available among major banks
- Real-world reviewer needed several banker calls and weeks to get funded
Chase6/104.5 / 5
NerdWallet rating; Trustpilot's 1.3/5 is consumer-banking-dominated
- NerdWallet's 4.5/5 is among the highest ratings in its business lending category
- Public Trustpilot/BBB sentiment skewed by unrelated consumer banking complaints
Source: NerdWallet
This one's Chase's, on the strength of that NerdWallet score.
Which one is for you?
Existing Bank of America customer with Preferred Rewards status
→ Bank of America · Stackable rate discounts of 0.25%-0.75% plus current promo pricing
Business owner who wants published starting rates before applying
→ Bank of America · BoA discloses real APR ranges; Chase underwrites individually
Business chasing a loan above $250,000 with a longer term
→ Chase · Chase scales to $500K on lines/terms with up to 7-year terms
Business with 660-699 credit that can't clear BoA's 700 bar
→ Chase · Chase's credit-score bar runs lower than BoA's 700+ requirement
Side by side
- Preferred Rewards members stack an additional 0.25%-0.75% discount
- Unsecured term loan requires no specific collateral beyond a personal guarantee
- Broad lineup including equipment financing and commercial real estate
- Term loan and line applications can start online for many products
- Competitive, prime-linked pricing for well-qualified borrowers
- Real, established-business bar that a company past 2 years with decent credit can clear
- Existing Chase business customers often get a smoother process
- Broadest product lineup spanning term loans, lines, SBA, and commercial real estate
- Best pricing gated behind an existing banking relationship
- 700+ FICO excludes many newer or lower-credit businesses
- Unsecured line's maximum amount isn't publicly disclosed
- Full self-serve online completion still limited
- Rates individually underwritten and not published upfront
- No self-serve online application funnel for most products
- Underwriting relies on a banker, not an instant automated decision
- Strict eligibility requirements shut out newer or smaller businesses