Bank of America Business Advantage Term Loan Review

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

What are Bank of America Small business loans’s rates?

Bank of America Small business loans offers a fixed APR business financing product that ranges from 5.75% APR.

Does Bank of America Small business loans charge an origination fee?

Yes, Bank of America Small business loans charges a loan origination fee starting at 0.5% of the business loan amount starting at $150 Bank of America Small business loans deducts the fee directly from your business 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 Small business loans set on the purpose of the business loan?

Bank of America Small business loans considers business 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 small business loans does Bank of America Small business loans offer?

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

• Unsecured Term Business Loans

Does Bank of America Small business loans charge prepayment fees?

Yes, Bank of America Small business loans charges additional fees to borrowers who pay off their small business 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 business loan early.

How much can you borrow from Bank of America Small business loans?

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

What is the maximum business loan term you can get with Bank of America Small business loans?

Bank of America Small business loans offers small 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 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.

Applicants with a credit score of at least 670 and up to 850 may be eligible for Bank of America Business Advantage Term Loan.

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 Advantage Term Loan. 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 Advantage Term Loan. 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
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity
• Proof of citizenship or residence permit
• Proof of residence
• U.S. tax identification number

What is the estimated funding time for a business loan via Bank of America Small business loans?

Bank of America Small business loans can approve (or deny) a business loan application within 168 hours and fund small business loans within 5 business days of approval.

Does Bank of America Business Advantage Term Loan report your account activity to credit bureaus?

Yes, Bank of America Business Advantage Term Loan 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.