BBVA Compass business loans review November 2018 | finder.com
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BBVA Compass business loans review

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Four ways to finance the growth of your small business with competitive rates for your unique needs.

A leading small business lender among the largest 25 in the US, BBVA Compass offers banking products in nearly 700 locations across seven states. See how you can take advantage of competitive rates and a variety of financing options when you’re ready to grow your small business.

What business loans does BBVA Compass offer?

A BBVA Compass small business loan gets you the spending capital you need with terms that range from 12 months to 25 years, depending on the type you choose. Even if your business is as new as a year, you could qualify for financing through BBVA Compass.

You’ll find four options for funding your small business through BBVA Compass: lines of credit, business term loans, commercial real estate loans and SBA loans.

Small business line of credit

BBVA Compass extends both secured and unsecured line of credit options for flexible business funding toward your financial goals — available for your use whenever you need it.

  • Convenience Line of Credit. Get an unsecured line of credit of up to $100,000 with reliable payments equal to 2% of your balance or $50, whichever is greater.
  • Convenience Line of Credit Express. Access funds within a business day on unsecured lines of up to $35,000 and set repayments of 2% of the balance or $50, whichever is greater — with only one year in business required.
  • Traditional Line of Credit. Apply for either secured or unsecured lines of $100,000 or more featuring interest-only payments. Unsecured loans are for up to 12 months, with secured loans depending on your collateral.

Business term loans

When it comes to investing in your business or elevating the tools you use, a fixed-term loan is usually one of the first considerations. For BBVA, repayment terms are for up to five years — 10 years, if you’re in the healthcare industry.

Secured and unsecured loans are available, both with low, fixed rates. And specific industries may be eligible for an additional 0.25% rate discount.

Commercial real estate loans

Among the largest expenses for any business involve real estate. BBVA Compass includes a range of fixed and variable rate commercial real estate loans from five to 20 years.

Your loan-to-value rate can’t exceed 85%, and you’ll pay a 1% origination fee on any commercial loan. But you could be eligible for up to 1% off your closing costs if you apply before the end of 2017.

SBA loans

Get the capital required to grow your small business with lower payments, longer maturities and lower equity requirements. SBA loans are partially guaranteed by the government, which is lower risk for a lender and often better terms for you.

Compare BBVA Compass to top online business lenders

Rates last updated November 16th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

What are the benefits of a business financing through BBVA Compass?

BBVA Compass is recognized by the SBA as a leading lender in the US and may be the bank to provide the solutions for your small business if you operate in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.

  • Easily apply online. Submit your application and you could hear back from a banker the same day.
  • Rate discounts. Save more with autopay from a BBVA Compass checking account, which could knock from 0.25% to 1% off your APR, depending on your loan.
  • Various loan types. Even if you’ve only been in business for a year or don’t have collateral to secure your loan, you could be eligible for funding.
  • Next-day funding. Some loan options come with nearly immediate funding on approval.

What to watch out for

While online reviews are generally positive for BBVA Compass, you’ll want to keep an eye out for potential drawbacks:

  • Potentially high APR. You won’t learn the rates you’re eligible for until after you speak with a banker, and it could be high depending on your credit or collateral.
  • Limited availability. Loans are available in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas only.
  • Negative online reviews. With so many reviews, BBVA Compass is rated A+ by the BBB. But some users complain of spotty customer service, unauthorized hard pulls on credit and high fees.

Am I eligible for a BBVA Compass small business loan?

Eligibility differs by loan type, but in general you must:

  • Be in business for at least one year.
  • Live in one of the seven states where BBVA Compass offers loans: Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.

Depending on the loan you’re interested in, you’ll likely need to also provide:

  • Your personal contact information.
  • Your personal credit history.
  • Your business’s financials.
  • A business plan.
  • Financial forecasts, including cash flow.

How do I apply?

To discuss your eligibility, first narrow down the option you’re interested in.

Small Business Loans

Once you’ve found a loan you’re interested in, go to www.BBVACompass.com and click Contact Us to provide your contact information. You can also call a representative or, if you live in an area that BBVA Compass services, visit your local branch.

Business Line of Credit

A business loan professional will call you to discuss the options available for your needs and guide you through the funding process.

I got a BBVA Compass small business loan. Now what?

Once you’ve received funding, keep up with monthly payments to avoid unnecessary penalties.

  • Set up autopay. Avoid late payments and save on your rate by setting up automatic withdrawals from a BBVA Compass bank account.
  • Contact customer service. If you need support, call 1-800-239-1996, send a secure form online or request for customer service to contact you online. Or connect on Facebook at BBVACompass or on Twitter @BBVACompass.

Bottom line

BBVA Compass is an option when you’re ready to support your big business ideas, get the equipment you need or even cover temporary shortfalls. With several different loan options to choose from, you’re likely to find one that suits your needs.

But if you’re not in BBVA Compass’s seven-state service area, compare your other options for a small business loan.

Frequently asked questions about BBVA Compass

Aliyyah Camp

Aliyyah Camp is a publisher for finder.com helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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