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Simmons Bank

in Business Loans

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Simmons Bank

Unaffiliated

in Business Loans

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Overview

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:

  • Equipment Purchase
  • Inventory
  • 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 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:

  • Equifax
  • Experian
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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
850 300 700
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Self-Employed
Military Status
  • Non-Military
  • Veterans
Verification Documents Required
  • Proof of Identity
  • Proof of Income
Dollar Amount
Loan Amount
Up to
$25M
Integer
Loan Term (Months)
12 - 360
    1 360
Percentage
APR
5% - 50%
    0% 100%+

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