SuperMoney 
  Bank of America Business Advantage Term Loan

Bank of America Business Advantage Term Loan

in Business Loans from Bank of America

Unaffiliated

Bank of America Business Advantage Term Loan

Unaffiliated

in Business Loans from Bank of America

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote
Cast your vote

Would you recommend Bank of America Business Advantage Term Loan to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Highlights
Highlights
Loan Amount $10,000 - $100,000
APR  (Fixed APR) Starting at 5.75%
Loan Term 12 - 60 months

Bank of America Business Advantage Term Loan Review

Where does Bank of America Business Advantage Term Loan do business?

Bank of America Business Advantage Term Loan is a business financing offering by Bank of America, a bank based in Charlotte, NC. Founded in 1784, Bank of America offers access to business loans in 50 states (and Washington, DC).

What are Bank of America Business Advantage Term Loan’s rates?

Bank of America Business Advantage Term Loan offers a fixed APR business financing product that ranges from 5.75% APR.

Does Bank of America Business Advantage Term Loan charge an origination fee?

Yes, Bank of America Business Advantage Term Loan charges a loan origination fee starting at 0.5% of the loan amount starting at $150 Bank of America Business Advantage Term Loan deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Bank of America Business Advantage Term Loan set on the purpose of the loan?

Bank of America Business Advantage Term Loan considers loan applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Product or Service Expansion
  • Working capital

What types of business loans does Bank of America Business Advantage Term Loan offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Bank of America Business Advantage Term Loan provides access to the following business loan types:

  • Unsecured term loans

Does Bank of America Business Advantage Term Loan charge prepayment fees?

Yes, Bank of America Business Advantage Term Loan charges additional fees to borrowers who pay off their loans 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 loan early.

How much can you borrow from Bank of America Business Advantage Term Loan?

Loan amounts start at $10,000 and go up to $100,000.

What is the maximum loan term you can get with Bank of America Business Advantage Term Loan?

Bank of America Business Advantage Term Loan offers business loans with terms ranging from 12 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for a loan with Bank of America Business Advantage Term Loan?

Applicants with a credit score of at least 670 can apply for a loan via Bank of America Business Advantage Term Loan. Bank of America Business Advantage Term Loan requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $100,000 to be considered.

Only U.S. citizens and permanent residents can apply for a loan Bank of America Business Advantage Term Loan only considers borrowers who are employed or self-employed. To qualify, applicants may need to provide the following documentation:

  • Business Formation Documents
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Proof of citizenship/residence (Green Card)

What is the estimated funding time for a business loan via Bank of America Business Advantage Term Loan?

Bank of America Business Advantage Term Loan can approve (or deny) a loan application within 168 hours and fund business loans within 5 business days of approval.

Does Bank of America Business Advantage Term Loan report loan payments to credit bureaus?

Bank of America Business Advantage Term Loan may report credit data to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion
SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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 $150
Origination Fee Starting at 0.5%
Credit Score Range 670 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Months in Business 24
Minimum Revenue $100,000
Verification Documents Required
  • Business Formation Documents
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Recent Bank Statements
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Amount $10K - $100K
Loan Term 12 - 60 months
APR (Fixed APR) Starting at 5.75%

Be the first to rate

 
 

Would you recommend Bank of America Business Advantage Term Loan to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

Other Business Loans