|Loan Amount||Up to $5,000,000|
|APR (Fixed APR)||N/A|
|Loan Term (Months)||Up to 300 months|
Pacific City Bank SBA Loans Review
Pacific City Bank SBA loans is a business financing offering by Pacific City Bank, based in Los Angeles, CA. Founded in 2003, Pacific City Bank offers access to small business loans in 7 states across the USA.
Pacific City Bank SBA loans FAQ
What are Pacific City Bank SBA loans’s rates?
Pacific City Bank SBA loans offers a fixed APR business financing product but they do not disclose their rates.
Does Pacific City Bank SBA loans charge an origination fee?
Yes, Pacific City Bank SBA loans charges a loan origination fee.
What limitations does Pacific City Bank SBA loans set on the purpose of the business loan?
Pacific City Bank SBA loans considers business loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- Technology Investment
- Working capital
What types of small business loans does Pacific City Bank 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. Pacific City Bank SBA loans provides access to the following business loan types:
- SBA Loans
Does Pacific City Bank SBA loans charge prepayment fees?Yes, Pacific City Bank 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 Pacific City Bank SBA loans?
Pacific City Bank SBA loans offers small business loans with a maximum term of 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 Pacific City Bank SBA Loans?
Pacific City Bank 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.Applicants with a credit score of at least 600 and up to 850 may be eligible for Pacific City Bank SBA Loans. 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 Pacific City Bank 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 Pacific City Bank SBA Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Recent pay stubs
- Proof of income
- Recent bank statements
- Business formation documents
- Driver's license
- Government issued photo ID
- Proof of identity
Does Pacific City Bank SBA Loans report your account activity to credit bureaus?
Yes, Pacific City Bank 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.
Other Services by Pacific City Bank
- New York
|Applicant's Minimum Percentage of Business Ownership||51%|
|Business Financing Requirements||
|Credit Score Range||600 - 850|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Business Loan Type||SBA Loan|
|Intended Use of Funds||
|Credit Bureau Reporting||
|APR Type||Fixed APR|
|Loan Amount||Up to $5,000,000|
|Loan Term||Up to 300 months|