U.S. Bank Business Line Of Credit & Loans Review

U.S. Bank offers equipment financing with monthly, quarterly, or annual repayment terms. No downpayment is required for financing with term lengths over two years, and the bank will provide financing for up to 25% of additional costs beyond the price of the equipment (installation, transportation, etc.).

U.S. Bank is an approved SBA lender offering both SBA 7(a) loans and SBA 504 loans (want to know more about these loans, read our guide). These loans are partially guaranteed by the SBA, allowing businesses that may otherwise encounter a tough lending market to get credit at reasonable rates and terms.

Expect to have to make a down payment of around 10% for a 7(a) loan, as well as provide assets or real estate for collateral. The length of SBA loans will vary depending on what you’re applying the money to. For example, 7(a) loans can last up to seven years for working capital, 10 years for purchases, and 25 years for real estate.

Application Process

While bigger banks tend to be more conservative with their application processes than alternative lenders, U.S. Bank is on the flexible end of the range. You’ll still need to speak with a bank official to start the application process for some of its products, but several of the options above do allow for a more fintech-like approach to applications.

U.S. Bank gives you options for making that first contact. For example, you can submit a contact form, after which a specialist will contact you. You can also reach the lender by phone or go down to your local branch.

Turnaround will depend on the product you’re applying for.

Note that U.S. Bank currently operates branches in 27 states, primarily on the West Coast, in the Mountain States, and in the Upper Midwest. The bank also has a limited presence on the East Coast for commercial real estate operations. Branches are located in the following states:

• Arizona
• Arkansas
• California
• Colorado
• Idaho
• Illinois
• Indiana
• Iowa
• Kansas
• Kentucky
• Minnesota
• Missouri
• Montana
• Nebraska
• Nevada
• New Mexico
• North Carolina
• North Dakota
• Ohio
• Oregon
• South Dakota
• Tennessee
• Texas
• Utah
• Washington
• Wisconsin
• Wyoming

The length of the bank’s underwriting process isn’t disclosed, nor does it provide a good sense of how much quicker Quick Loans are. Once approved, disbursement is fairly quick, however, taking 1 to 4 days. We rate U.S. Bank’s application process 2.5/5.

Sales & Advertising Transparency

U.S Bank is all over the map when it comes to transparency, clearly disclosing the terms of some products but not others. The lack of disclosure around borrower qualifications is especially notable.

On the plus side, there aren’t that many complaints of dishonest sales tactics compared to a few of its peers, and its social media outreach is safe but consistent. U.S. Bank gets a 4/5 for transparency.

Customer Service & Technical Support

U.S. Bank’s customer service gets mixed reviews from clients, which shouldn’t come as much of a surprise for a financial institution of this size. Note that many of the complaints recorded on numerous user review sites seem to refer to situations specific to the users’ local branch offices and not the institution itself.

Customer service can be reached via the bank’s toll-free number Monday through Saturday. Direct numbers for regional and international support are on U.S. Bank’s business customer service page. This is pretty standard for a bank, as is the lack of substantial self-service resources. U.S. Bank gets a 2.4/5 for customer service.

User Reviews

As is always the case with large financial institutions, it’s difficult to isolate sentiments about a single facet of U.S. Bank’s operations like business loans. Overall sentiment towards the bank is mixed, trending negative. We give U.S. Bank a 2.1/5 for user reviews.

Negative Reviews & Complaints

U.S. Bank holds a B+ rating with the BBB. There have been over 3,000 complaints closed in the last three years, mostly related to non-loan issues. Customers who have complained recently have raised the following issues:

• Impersonal Treatment: Many customers complained about the bank being unresponsive to their complaints.
• Billing Issues: As with most major banks, some U.S. Bank customers complained about overdraft fees.
• Harder To Qualify: Compared to alternative lenders, companies seeking equipment financing from U.S. Bank will have to clear a higher bar in terms of credit rating.

Positive Reviews & Testimonials

Advantages of financing with U.S. Bank include:

• Deep Pockets: Larger corporations and businesses that need seven-figure financing will be able to find it here.
• Well-Established: U.S. Bank is one of the largest and most stable financial institutions in the nation.
• Accessible Branches: U.S. Bank is accessible in a large part of the country, including those states not served by the Big Four. Even in the digital age, sometimes it’s just easier to take care of business in person. Customers in the 27 states served by U.S. Bank branches should have an easy time finding a branch. If you’re on the East Coast, Michigan, or the Gulf States, you’ll probably have to look elsewhere.

Final Verdict

As the fifth-largest bank in the country, U.S. Bancorp has assets of $657 billion, whereas the so-called big four banks number their assets in the trillions. For this reason, I think of U.S. Bank as a small large bank, offering many of the advantages of the nation’s largest financial institutions while avoiding many — though not all — of their worst traits.

Additionally, the bank’s presence in states underserved by the big four can make it an excellent choice for businesses headquartered there. The bank’s inconsistent transparency and customer service are weak points here, but its rates and product offerings are worth considering if you qualify. We give U.S. Bank an overall rating of 3.5 out of 5.

Need alternatives? If you’re looking for a loan or line of credit and want a U.S. Bank alternative, you can see how it compares to other banks on our list of the best bank lenders for small businesses.

And, of course, if you don’t qualify for a bank loan, you can still find alternatives on our list of best small business loans.