US Bank Review

Where does US Bank do business?

US Bank is a business financing offering by US Bank, based in Minneapolis, MN. Founded in 1863, US Bank offers access to business loans in 50 states (and Washington, DC).

What are US Bank’s rates?

US Bank offers a business financing product of 0%.

Does US Bank charge an origination fee?

Yes, US Bank charges a loan origination fee starting at 0% of the loan amount of $75 US Bank deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does US Bank set on the purpose of the loan?

US Bank considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does US 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. US Bank provides access to the following business loan types:

• Unsecured term loans
• Lines of Credit
• SBA Loans

Does US Bank charge prepayment fees?

Yes, US 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.

How much can you borrow from US Bank?

Loan amounts start at $5,000 and go up to $2,000,000.

What is the maximum loan term you can get with US Bank?

US Bank offers business loans with a maximum term of 80 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 US Bank?

US Bank requires companies to be in business for at least 6 months. 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 US 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 US 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.

U.S. citizens are, of course, eligible for the services offered by US Bank. Permanent resident / green card holders are also eligible to apply.

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

• Proof of income
• Proof of identity