US Bank Business Loans
in Business Loans from US BankUnaffiliated
|Loan Amount||$5,000 - $2,000,000|
|Loan Term (Months)||Up to 80 months|
US Bank Business Loans Review
US Bank Business Loans is a business financing offering by US Bank, based in Minneapolis, MN. Founded in 1863, US Bank offers access to small business loans in 50 states (and Washington, DC).
What are US Bank Business Loans’s rates?
US Bank Business Loans offers a business financing product of 0%.
Does US Bank Business Loans charge an origination fee?
Yes, US Bank Business Loans charges a loan origination fee starting at 0% of the business loan amount of $75 US Bank Business Loans deducts the fee directly from your business 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 Business Loans set on the purpose of the business loan?
US Bank Business Loans considers business loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- New Location
- Product or Service Expansion
- Working capital
What types of small business loans does US Bank Business Loans offer?
Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. US Bank Business Loans provides access to the following business loan types:
- Unsecured Term Business Loans
- Lines of Credit
- SBA Loans
Does US Bank Business Loans charge prepayment fees?Yes, US Bank Business Loans charges additional fees to borrowers who pay off their small business 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 business loan early.
How much can you borrow from US Bank Business Loans?
Business loan amounts start at $5,000 and go up to $2,000,000.
What is the maximum business loan term you can get with US Bank Business Loans?
US Bank Business Loans offers small business loans with a maximum term of 80 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for US Bank Business Loans?
US Bank Business Loans requires companies to be in business for at least 6 months. Businesses don't have to meet a minimum annual revenue to be considered.Applicants with a credit score of at least 700 and up to 850 may be eligible for US Bank Business Loans.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the US Bank Business Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by US Bank Business Loans. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
Other Services by US Bank
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Origination Fee (%)||Starting at 0%|
|Origination Fee ($)||$75|
|Credit Score Range||700 - 850|
|Immigration Status Considered||
|Minimum Months in Business||6|
|Verification Documents Required||
|Loan Amount||$5,000 - $2,000,000|
|Loan Term||Up to 80 months|