|Loan Amount||Up to $5,000,000|
|Loan Term||Up to 300 months|
SunTrust Bank Review
Where does SunTrust Bank do business?
SunTrust Bank is a business financing offering by SunTrust Bank, based in Atlanta, GA. Founded in 1865, SunTrust Bank offers access to business loans in 10 states (and Washington, DC).
What are SunTrust Bank’s rates?
SunTrust Bank offers a business financing product but they do not disclose their rates.
Does SunTrust Bank charge an origination fee?
Yes, SunTrust Bank charges a loan origination fee.
What limitations does SunTrust Bank set on the purpose of the loan?
SunTrust Bank considers loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does SunTrust 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. SunTrust Bank provides access to the following business loan types:
- Unsecured term loans
- Lines of Credit
- SBA Loans
- Commercial Real Estate
Does SunTrust Bank charge prepayment fees?Yes, SunTrust 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 SunTrust Bank?
SunTrust Bank offers 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 SunTrust Bank?
SunTrust 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.
SunTrust Bank does not require or does not disclose a credit score minimum.
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 SunTrust 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 SunTrust Bank report your account activity to credit bureaus?
SunTrust Bank 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 can help improve your credit score.
303 Peachtree Street, Northeast
Atlanta, GA 30308 USA
- Visit Site
Other Services by SunTrust Bank
- Washington, DC
- North Carolina
- South Carolina
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Credit Bureau Reporting||
|Loan Amount||Up to $5M|
|Loan Term||Up to 300|