Byline Bank Business Lines of Credit Review

Byline Bank Business Lines of Credit is offered by Byline Bank, a bank founded in 1978 and based in Chicago, IL. Byline Bank Business Lines of Credit is available in 12 states across the USA.

What APRs does Byline Bank Business Lines of Credit offer?

Byline Bank Business Lines of Credit offers a fixed APR product, but they do not disclose their rates.

Does Byline Bank Business Lines of Credit charge an origination fee?

Yes, Byline Bank Business Lines of Credit charges an origination fee.

What limitations does Byline Bank Business Lines of Credit set on the purpose of the line of credit?

Byline Bank Business Lines of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Working capital

Does Byline Bank Business Lines of Credit charge prepayment fees?

Yes, Byline Bank Business Lines 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.

What do you need to qualify for Byline Bank Business Lines of Credit?

Byline Bank Business Lines of Credit does not require or does not disclose a credit score minimum.

Byline Bank Business Lines 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 Byline Bank Business Lines 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 Byline Bank Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

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

• Proof of income
• Business formation documents
• Driver's license
• Proof of identity

What are the business financing requirements for Byline Bank Business Lines of Credit?

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

• Business license
• Business bank account