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  US Bank Business Lines of Credit

US Bank Business Lines of Credit

in Business Lines of Credit from US Bank

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US Bank Business Lines of Credit

Unaffiliated

in Business Lines of Credit from US Bank

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Highlights
APR  (Fixed APR) 6.49% - 17.99%
Credit Score Range 700 - 850
Loan Amount Up to $1,000,000

US Bank Business Lines of Credit Review

US Bank Business Lines of Credit is offered by US Bank, a bank founded in 1863 and based in Minneapolis, MN. US Bank Business Lines of Credit is available in 50 states (and Washington, DC).

US Bank Business Lines of Credit FAQ

What APRs does US Bank Business Lines of Credit offer?

US Bank Business Lines of Credit offers a fixed APR product that ranges from 6.49% APR up to 17.99% APR.

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

Yes, US Bank Business Lines of Credit charges an origination fee starting at 0% of the line of credit amount of $75 US Bank Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

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

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

  • Business Debt Refinance
  • Equipment Purchase
  • Hiring
  • Inventory
  • New Location
  • Payroll
  • Product or Service Expansion
  • Working capital

Does US Bank Business Lines of Credit charge prepayment fees?

Yes, US 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 is the maximum term you can get with US Bank Business Lines of Credit?

US Bank Business Lines of Credit offers business lines of credit with a maximum term of 60 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

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

Applicants with a credit score of at least 700 and up to 850 may be eligible for US Bank Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

US 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. APRs for the US Bank Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by US 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
  • Recent bank statements
  • Proof of identity

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

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

  • Business license
  • Business bank account

Does US Bank Business Lines of Credit report your account activity to credit bureaus?

Yes, US Bank Business Lines 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 is the minimum percentage of business ownership that US Bank Business Lines of Credit requirs from the applicant?

To apply for US Bank Business Lines of Credit, the applicant needs to have at least 20% of business ownership. If you don't have enough ownership in the company, your application will most likely be denied from the US Bank.

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

US Bank offers both secured and unsecured lines of credit. Secured lines of credit are typically secured by a blanket lien on your assets or a certificate of deposit.

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Message From US Bank Business Lines of Credit

Access working capital to help run your business. For sudden expenses, cash-flow needs and major purchases, a line of credit allows you quick, easy access to your available funds. Purchase materials, equipment or inventory.

A business line of credit lets a business borrow up to a certain amount of money and will only charge interest on the amount of money borrowed (like how your credit card works). A line of credit is unlike a traditional loan where you’d be given a lump sum of money that you’d pay back with interest in monthly payments. A business line of credit works kind of like a credit card. A line of credit lets a business borrow up to a certain amount of money and will only charge interest on the amount of money borrowed. It’s unlike a traditional loan where you’d be given a lump sum of money that you’d pay back with interest in monthly payments. Applying for a business line of credit is easy. You’ll decide which line of credit is right for your business and then fill out an application either online or with a business banker. If you’re interested in putting up collateral in exchange for a lower interest rate, you’ll need business assets like commercial real estate. To prepare to apply, gather your business and personal tax returns, financial statements, articles of incorporation and other legal documents.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 8:30am - 5:30pm
  • Tuesday 8:30am - 5:30pm
  • Wednesday 8:30am - 5:30pm
  • Thursday 8:30am - 5:30pm
  • Friday 8:30am - 5:30pm
  • Saturday Closed

Other Services by US Bank

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee (%) Starting at 0%
Origination Fee ($) $75
Applicant's Minimum Percentage of Business Ownership 20%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 700 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Months in Business 24
Minimum Revenue $0
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
  • Unsecured
Intended Use of Funds
  • Equipment Purchase
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
  • Inventory
  • Payroll
  • Hiring
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) 6.49% - 17.99%
Loan Amount Up to $1,000,000
Loan Term Up to 60 months

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