U.S. Bank business loans review October 2018 | finder.com
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U.S. Bank business loans review October 2018

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Choose the financing option that best suits your business needs.

U.S. Bank has been around since Abraham Lincoln signed the National Bank Acts in 1863, laying the foundation for the national banking system. Now that’s a bank with experience. When you’re looking for funding for your small business, you may want to consider this well-established bank.

What is a U.S. Bank business loan?

Business loans through U.S. Bank can provide the money you need to finance equipment, company vehicles and more with competitive rates and flexible terms.U.S. Bank offers three types of business loans including:

SBA loans

These popular loans are offered by many banks and are backed by the Small Business Administration. Financing rates are determined by how you intend to spend the money, with 75% covering inventory funding, 85% for business acquisitions, 90% for equipment and 100% on debt refinancing and working capital.

Express loans

  • Unsecured from $100,000 to $350,00
  • Quick approval

7(a)

  • Secured loan of up to $5 million
  • Terms of 7–10 years
  • APRs rely on prime rates.
504 loans

  • Secured loans of up to $11.25 million
  • Use for commercial real estate purchases.

Business lines of credit

Lines of credit will help your business even out its cash flow. Use these loans to purchase inventory, fund projects and to keep up with payroll. All credit lines are paid by automatic monthly payments from U.S. Bank checking accounts. The three lines of credit to chose from are:

Cash Flow Manager

  • Unsecured line of credit of up to $250,000,
  • Fixed interest rate.

Business equity

  • Secured loans of up to $500,000
  • Can be secured by commercial real estate.
Standard business

  • Secured loans of up to $2 million
  • Allows for flexible collateral options.

Term loans

Use term loans to finance major expenses like buying new equipment or expanding your operations. To qualify for these secured loans, your business will need machinery or real estate as collateral.

Quick loan

  • From $10,000 to $100,000
  • 72 month terms
  • Used to purchase vehicles
  • Quick lending process
  • Preapproval
  • No down payment necessary

Quick business loan

  • Up to $250,00 for 60 months
  • Use for almost anything your business needs
  • Quick lending process
  • No preapproval options
Standard business loan

  • Up to $2 million for 80 months
  • Use for almost anything your business needs
  • No preapproval options

Equipment financing

  • Up to $500,000 for 60 months

Product details

Product nameU.S. Bank business loan
Repayment typeVariable and fixed
Maximum loan term80 months
Minimum loan$10,000
Maximum loan$2 million for term loan, $500,000 for line of credit
Down payment required$0
Time in business required2 years
Balloon paymentNo

Compare business loans from top lenders

Rates last updated October 20th, 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
At least 6 months in business, average $10,000 in monthly deposits.
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
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
Lending Express Business Loan Marketplace
$5,000
$500,000
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it's been in business at least 6 months with $3,000+ in monthly 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 U.S. Bank business loan?

  • Loan amounts up to $11.25 million. Depending on your credit record and how long you’ve been with U.S. Bank, your business can be financed up to $11.25 million.
  • Competitive fixed rates. The lower your interest rate, the less money you pay in interest. There are several factors that influence your interest rate, like credit score and how long your business has been operating.
  • Fixed monthly payments. This allows you to know the principal and interest you’ll pay, allowing you to budget accordingly.
  • Easy application process. When it comes to business loans, U.S. Bank provides potential borrowers with lending experts to make your experience easy and effortless.

What to watch out for

U.S. Bank makes it easy to get an affordable business loan for the amount you need, but consider the following:

  • No online application. Unlike U.S. Bank’s auto and personal loans, business loans don’t have a complete online application process. You’ll need to apply via email, phone or visit your local U.S. Bank branch.
  • Limited bank access. One of the biggest problems business owners face when trying to get a business loan from U.S. Bank is the lack of reach, with zero branches on the United States’ East Coast. This means if you live in that region, your application options are limited to email and phone.
  • No pre-approval option. For term loans meant for buying vehicles, there’s no pre-approval option. This means you won’t have an idea how much money you can be approved for when shopping for your company’s car.

Am I eligible for a U.S. Bank business loan?

To be eligible for a U.S. Bank business loan, your company needs the following:

  • High credit scores.
  • Documentation of steady annual earnings.
  • At least two years of documented operation.
  • To know the size of your company.
  • U.S. Bank checking account.

What information do I need to apply?

You can apply for a business loan in three ways:

  • By emailing a loan specialist — this can be done via the U.S. Bank website.
  • By visiting your local branch — you can find your nearest branch on the U.S. Bank website.
  • By calling their customer service line.

When applying for a business loan, you will need to have following information:

  • Business name and contact information
  • Tax ID
  • Type of business and date established
  • Business acquisition date of current ownership
  • Number of employees
  • Annual net profit and gross sales
  • List of outstanding obligations

I got the U.S. Bank business loan — now what?

Now that you have the funding you need for your business, it’s important to stay on top of your payments. With your U.S. Bank, there are various ways to repay your business loan including:

  • Making your payments. Repay online, at a branch, by phone or through U.S. Bank’s mobile app.
  • Avoid late fees and other penalties. Set up autopay for deductions that work around your pay dates.

Bottom line

With so many options, U.S. Bank business loans are a great option for small to medium-sized businesses. Whether you need new equipment, vehicle or funds to keep the business going, before you sign your loan agreement, make sure to compare business loan options.

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