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  Simmons Bank

Simmons Bank

in Business Loans from Simmons Bank

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Simmons Bank

Unaffiliated

in Business Loans from Simmons Bank

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Highlights
Highlights
Loan Amount Up to $25,000,000
APR 5% - 50%
Loan Term 12 - 360 months

Simmons Bank Review

Where does Simmons Bank do business?

Simmons Bank is a business financing offering by Simmons Bank, based in Columbus, GA. Founded in 1903, Simmons Bank offers access to business loans in 50 states (and Washington, DC).

What are Simmons Bank’s rates?

Simmons Bank offers a business financing product that ranges from 5% APR up to 50% APR.

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:

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

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 Simmons Bank?

Simmons Bank 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 700 and up to 850 are eligible for Simmons Bank.

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. APRs for the Simmons Bank product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

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

  • Proof of income
  • Proof of identity

Does Simmons Bank report your account activity to credit bureaus?

Simmons Bank reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

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Other Services by Simmons Bank

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Credit Score Range 700 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Credit Bureau Reporting
  • Equifax
  • Experian
Loan Amount Up to $25M
APR 5% - 50%
Loan Term 12 - 360 months

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