|APR (Fixed APR)||N/A|
|Loan Term (Months)||N/A|
BBT Business Loan Review
BBT Business Loan is a business financing offering by BB&T, based in Winston Salem, NC. Founded in 1872, BB&T offers access to business loans in 50 states (and Washington, DC).
What are BBT Business Loan’s rates?
BBT Business Loan offers a fixed APR business financing product but they do not disclose their rates.
Does BBT Business Loan charge an origination fee?
Yes, BBT Business Loan charges a loan origination fee.
What limitations does BBT Business Loan set on the purpose of the loan?
BBT Business Loan considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- Product or Service Expansion
- Working capital
What types of business loans does BBT Business 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. BBT Business Loan provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
Does BBT Business Loan charge prepayment fees?Yes, BBT Business 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.
What do you need to qualify for BBT Business Loan?
BBT Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.Applicants with a credit score of at least 550 and up to 850 may be eligible for BBT Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
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 BBT Business Loan. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by BBT Business 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
- Proof of insurance
- Driver's license
- Government issued photo ID
- Proof of identity
- U.S. tax identification number
Does BBT Business Loan report your account activity to credit bureaus?
Yes, BBT Business Loan reports your account activity to the following credit reporting agencies:
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.
Other Services by BB&T
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Business Financing Requirements||
|Credit Score Range||550 - 850|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Business Loan Type||
|Intended Use of Funds||
|Credit Bureau Reporting||
|Payment Options||Automatic Payments|
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