|Loan Amount||Up to $500,000|
|APR (Fixed APR)||N/A|
|Loan Term (Months)||12 - 240 months|
Century Bank of Massachusetts SBA Loans Review
Century Bank of Massachusetts SBA Loans is a business financing offering by Century Bank of Massachusetts, based in Somerville, MA. Founded in 1969, Century Bank of Massachusetts offers access to small business loans in 1 state across the USA.
What are Century Bank of Massachusetts SBA Loans’s rates?
Century Bank of Massachusetts SBA Loans offers a fixed APR business financing product but they do not disclose their rates.
Does Century Bank of Massachusetts SBA Loans charge an origination fee?
Yes, Century Bank of Massachusetts SBA Loans charges a loan origination fee.
What types of small business loans does Century Bank of Massachusetts SBA 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. Century Bank of Massachusetts SBA Loans provides access to the following business loan types:
- SBA Loans
Does Century Bank of Massachusetts SBA Loans charge prepayment fees?Yes, Century Bank of Massachusetts SBA 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.
What is the maximum business loan term you can get with Century Bank of Massachusetts SBA Loans?
Century Bank of Massachusetts SBA Loans offers small business loans with terms ranging from 12 to 240 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 Century Bank of Massachusetts SBA Loans?
Century Bank of Massachusetts SBA 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.Century Bank of Massachusetts SBA Loans does not require or does not disclose a credit score minimum. 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 Century Bank of Massachusetts SBA Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Century Bank of Massachusetts SBA Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Government issued photo ID
- Proof of identity
Does Century Bank of Massachusetts SBA Loans report your account activity to credit bureaus?
Yes, Century Bank of Massachusetts SBA Loans 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.
102 Fellsway West
Somerville, MA 02145
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Other Services by Century Bank of Massachusetts
|Business Financing Requirements||
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Business Loan Type||SBA Loan|
|Credit Bureau Reporting||
|Loan Amount||Up to $500,000|
|Loan Term||12 - 240 months|