Bank of America Business Line of Credit Review

Bank of America Business Line of Credit is offered by Bank of America, a bank founded in 1784 and based in Charlotte, NC. Bank of America Business Line of Credit is available in 50 states (and Washington, DC).

What APRs does Bank of America Business Line of Credit offer?

Bank of America Business Line of Credit offers a fixed APR product that ranges from 4.5% APR.

Does Bank of America Business Line of Credit charge an origination fee?

Yes, Bank of America Business Line of Credit charges an origination fee.

What limitations does Bank of America Business Line of Credit set on the purpose of the line of credit?

Bank of America Business Line of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• Marketing
• Payroll
• Technology Investment
• Working capital

Does Bank of America Business Line of Credit charge prepayment fees?

Yes, Bank of America Business Line of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Bank of America Business Line of Credit?

Line of credit amounts start at $10,000.

What do you need to qualify for Bank of America Business Line of Credit?

Applicants with a credit score of at least 600 and up to 850 may be eligible for Bank of America Business Line of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Bank of America Business Line of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Bank of America Business Line of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Bank of America Business Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

What are the business financing requirements for Bank of America Business Line of Credit?

To apply for Bank of America Business Line of Credit, the applicant needs to provide the following documentation:

• Business certificate.
• Business license
• Business bank account

Does Bank of America Business Line of Credit report your account activity to credit bureaus?

Yes, Bank of America Business Line of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does Bank of America offer?

Bank of America only offers unsecured lines of credit.