JPMorgan Chase will tie up with OnDeck Capital, one of the biggest of the specialist online lenders. JPMorgan had said it would enter online lending by signing an agreement with OnDeck, the New York-listed bank that caters to small businesses. Under a pilot project beginning in January 2016, JPMorgan Chase will offer loans to customers among its roughly 4 million small-business accounts using OnDeck’s platform, which promises almost real-time approvals and same, or next-day funding. The product will carry Chase’s branding and the funds will come from its balance sheet.
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