Last Updated: 04/18/2025
Bank of America Business Line of Credit
Unaffiliated
Last Updated: 04/18/2025
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Highlights
APR (Fixed APR)
Starting at 4.5%(Verified 06/21/2024)
Disclaimer popup with additional information
Credit Score Range
600 - 850
Amount Range
Starting at $10,000
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 are available in states.
Bank of America Business Line of Credit FAQ
What APRs does Bank of America Business Line of Credit offer?
Bank of America Business Line of Credit offers an APR that starts at 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.
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.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Bank of America Business Line of Credit.
To qualify, applicants may need to provide the following documentation:
- Business formation documents
- Driver's license or other government photo ID
- 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 to the following credit bureaus:
- 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 build your credit.
Does Bank of America perform a hard credit pull?
Yes, Bank of America Business Line of Credit performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
What types of business lines of credit does Bank of America offer?
Bank of America only offers unsecured lines of credit.
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