Are you facing financial issues in your life? Then, taking a loan from a trustworthy company is a perfect option for you. You can consider the Bank Of America loans, which provide feasible and affordable loan policies for business as well as home construction.

The Bank of America loans are reliable and do not charge high interest rates as compared to other loan companies. You can also buy a home equity loan or business loan if you are feeling any kind of investment shortage for your business.

They provide a wide variety of loan options for the borrowers. The business loans by the Bank of America are of various types. They range from small investment loans to high investment loans with different interest rates. You can also apply for Bank of America personal loans easily.

Business Advantage Credit Line

This type of loan is offered by the Bank of America to the businessmen dealing with financial issues to run their company. A reasonable amount is provided with competitive and suitable interest rates that vary according to the loan type.

There is no secured line of credit nor the collateral option provided to the borrowers. The funds are transferred as needed. The monthly payments are based on the current balance. The qualifications include a FICO score of more than 700 and 2 years of business experience with $100,000 annual revenue.

Secured Business Advantage Credit Line

This type of long-term business loan offers a secured line of credit to business people who are trying to establish a business credit. It builds a road to the unsecured credit. Their monthly payments are based on the current balance.

You can use these funds whenever you feel the need. To qualify for a loan, you need a 6 month business experience with $50,000 annual revenue. The interest rates are average. They require a refundable $1,000 for an initial security deposit.

Business Advantage Term Loan

The business advantage term loan is a long-term and widely used loan type that provides unsecured loans and no collateral. The interest rates are quite competitive, and you will receive the funds based on one-time lump sum terms.

They offer loans at a fixed rate. You will require a FICO score of more than 700 on the personal credit, a minimum of 2 years of business experience with $100,000 annual revenue. The terms and conditions are quite flexible and according to the customers' needs.

Small Loan Options By The Bank Of America

The Bank of America offers a variety of loan options that you can opt for your business support. They aim to help enhance your business. You can buy the tools, machinery or different tenders you need to support your business.

Commercial Real Estate

The U.S. bank offers commercial real estate loan options for borrowers who are facing problems in their business. You can invest the loan money at a low interest rate. You can buy land or different buildings that your business needs for growth.

The loan amount they offer is a minimum of $25,000 with only a 6% interest rate. Buy your equity for business growth and invest wisely. They have fixed loan rates and do not allow any type of discounts. The Bank of America provides the best services to its customers.

The loan terms allow the borrowers to pay off their loan within a minimum of 10 years, along with the balloon payment. Another policy has a time limit of 15 years along with the amortization. You must have at least 2 years of experience in business and $250,000 annual revenue.

Secured business line of credit

The line of credit loans are offered by the Bank of America to secure the borrower's business. It supports the current operational payments with LOC. it is generally secured by the blanket lien applied to your certificate or assets.

The minimum loan amount of $25,000 is provided to the borrower with a 9.50% interest rate. This loan type has a slightly higher interest rate than other loan types. This type of loan is purchased by the borrower to secure their business when falling.

They give loans at a fixed rate, and their loan terms revolve around annual renewal. You must have at least two years of business experience under the current ownership. The annual revenue must be $250,000 to qualify for their loans.

Secured Business Loans

This is a small type of loan to secure the business when falling apart. It helps to expand your business with a secured loan of your collateral choice. It aims to support the business when the stocks are falling, or the business is facing a loss.

The Bank of America offers a loan amount of a minimum of $25,000 with a less-than-average interest rate of 6.75%. This is a loan on a small level to temporarily support the business. When the business faces loss on a small level, then businessmen tend to purchase this type of loan.

The Bank of America does not allow discounts. The loan terms range from a 4-year policy secured by the business assets and a 5-year policy secured by the CDs. The eligibility criteria require 2 years of business experience under the current ownership with at least $250,000 in annual revenue.

Equipment Loans

Equipment loans are available at the official website of Bank of America and are provided to needy businessmen. The main aim is to fulfill the need for machinery and tools. Mostly, the factory owners apply for this type of loan.

The minimum amount of $25,000 is offered to the borrowers as the loan amount with only a 6.75% interest rate. The loan amount is at a fixed rate and does not offer discounts or promotional sales. The factory owners buy the equipment required to run their businesses.

The minimum loan terms are up to five years secured by the business assets. The terms are quite flexible and according to the customers' needs and requirements. You need a 2-year business experience with a minimum of $250,000 annual revenue.

Conclusion

Bank Of America loans are really affordable and helpful mainly for supporting your business. You can check the payment record using the Bank of America loans calculator. They have fixed rates and average interest rates as compared to other loan companies.