Features

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)..

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?

Some lenders only provide business loans for certain purposes. Simmons Bank offers considers loan applications for the following reasons:

  • Equipment purchase
  • New location
  • Product or service expansion
  • 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:

  • Unsecured term loans
  • Secured term loans
  • SBA loans

Does Simmons Bank charge a late fee?

No, Simmons Bank will not charge you a late fee. Yes, Simmons Bank charges borrowers with a late payment fee.

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 84 to 120 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?

Simmons Bank doesn’t disclose its credit score minimum.

Simmons Bank does not require borrowers to have been in business for a minimum number of years. Active duty servicemembers and their covered dependents are eligible to apply for a loan via Simmons Bank. Its rates and terms fall within the limits of The Military Lending Act.

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

  • Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Other
    • Retired
    • Self-Employed
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
  • Business Loan Type
    • Unsecured Term Loan
    • Secured Term Loan
    • SBA Loan
    • Line Of Credit
  • Intended Use of Funds
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Loan Amount
    Up to $5000000
  • Loan Term Range (Months)
    84 - 120
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