Byline Bank Business Loans Review

Byline Bank is a business financing offering by Byline Bank, based in Chicago, IL. Founded in 1978, Byline Bank offers access to small business loans in 7 states across the USA.

What are Byline Bank’s rates?

Byline Bank offers a business financing product that ranges from 0% APR up to 99% APR.

Does Byline Bank charge an origination fee?

Yes, Byline Bank charges a loan origination fee.

What limitations does Byline Bank set on the purpose of the business loan?

Byline Bank considers business loan applications for business purposes, such as:

• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does Byline Bank 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. Byline Bank provides access to the following business loan types:

• Unsecured Term Business Loans
• Secured Term Business Loans
• Lines of Credit
• SBA Loans
• Commercial Real Estate Loans

Does Byline Bank charge prepayment fees?

Yes, Byline Bank 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.

What is the maximum business loan term you can get with Byline Bank?

Byline Bank offers small business loans with terms ranging from 12 to 300 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 Byline Bank Business Loans?

Byline Bank Business Loans 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.

Byline Bank Business Loans does not require or does not disclose a credit score minimum.

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 Byline Bank Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Byline Bank Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity