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