Byline Bank Business Loans Review

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

What are Byline Bank Business Loans’s rates?

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

Does Byline Bank Business Loans charge an origination fee?

Yes, Byline Bank Business Loans charges a loan origination fee.

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

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

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

What types of business loans does Byline Bank Business Loans offer?

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

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

Does Byline Bank Business Loans charge prepayment fees?

Yes, Byline Bank Business Loans 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 is the maximum loan term you can get with Byline Bank Business Loans?

Byline Bank Business Loans offers 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