Where does Simmons Bank do business?
Simmons Bank is a bank based in Columbus, GA. It was founded in 1903 and offers access to business loans in 50 states (and Washington, DC).
What are Simmons Bank’s rates?
Simmons Bank offers business loans with fixed APRs starting from 5% to 50%.
Does Simmons Bank charge an origination fee?
Yes, Simmons Bank charges a loan origination fee.
What limitations does Simmons Bank set on the purpose of the loan?
Simmons Bank considers loan applications for business purposes, such as:
What types of business loans does Simmons Bank offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Simmons Bank provides access to the following business loan types:
- SBA Loans
Does Simmons Bank charge prepayment fees?Yes, Simmons Bank 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 Simmons Bank?
Simmons Bank offers business loans with terms ranging from 12 to 360 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 a loan with Simmons Bank?
Applicants with a credit score of at least 700 can apply for a loan via Simmons Bank. Simmons Bank does not require borrowers to have been in business for a minimum number of years.
Only U.S. citizens and permanent residents can apply for a loan Simmons Bank only considers borrowers who are employed or self-employed. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
Does Simmons Bank report loan payments to credit bureaus?Simmons Bank may report credit data to the following credit reporting agencies:
Other Services by Simmons Bank
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
700 - 850
850 300 700
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||Up to $25M|
|Loan Term (Months)||12 - 360|
|APR||5% - 50%|