Fifth Third Bank Business Loans: So Many Options, So Little Transparency
Fifth Third Bank offers several types of business loans and some notable perks. But loan and qualification details are not listed, and you can’t apply online.
Overview
The bottom line:
Fifth Third business loans are a good option for established businesses with strong credit that don’t mind an offline application process and may want to bundle their financing with other business services.
Loan details
Min. Loan Amount
$10,000
Max Loan Amount
$100,000
Qualifications
Min. credit score
700
Pros & Cons
Pros
Can get funded within one business day of application and approval.
Fee waiver on business checking accounts with an active business loan.
Cons
Need to have a Fifth Third business bank account to apply.
Must apply in person or by phone; no online application.
Limited information available online.
Fifth Third Bank offers several types of small-business loans
Consider Fifth Third Bank business loans if you:
- Are an existing Fifth Third business banking customer. If you’re interested in the bank’s
business line of credit - Are an established business with a strong credit history. Generally speaking, business bank loans offer the best rates and terms, but to qualify you will likely need at least a few years in business and a good credit score.
- Don’t need cash fast. Fifth Third Bank can fund
unsecured lines of credit - Need healthcare practice financing. Fifth Third offers industry-specific financing options for medical, dental, optometry and veterinary practices.
Not a fit? Consider these lenders instead.
Types of Fifth Third Bank business loans
Fifth Third Bank offers several business financing options including:
- Secured and unsecured term loans.
- Secured and unsecured lines of credit.
Fifth Third Bank business loan details
Fifth Third Bank, like many banks, doesn’t publish much information about its loan products, including APR ranges, terms lengths or fees. You'll need to contact the bank for these details if you want to compare financing from Fifth Third Bank with other options.
Here’s what we do know about the different loan options:
| Term loan | Secured business line of credit | Unsecured business line of credit | Commercial real estate loan | |
|---|---|---|---|---|
| Loan amount | Undisclosed. | Starting at $100,000. | $10,000 to $100,000. | Undisclosed. |
| Best for | Equipment purchases or business expansions. | Higher-cost working capital needs. | Short-term working capital needs, like Inventory purchases or payroll management. | Real estate purchases, expansions or renovations. |
| Collateral | Required for secured term loan. | Required. | Not required. | May be required. |
Fifth Third Bank SBA loan details
Fifth Third Bank is an SBA Preferred Lender, meaning the bank has extensive experience processing and servicing SBA loans. This designation also means that Fifth Third Bank can make final credit decisions without sending applications to the SBA, allowing for a faster loan approval timeline.
The bank issues three types of SBA loans:
Many factors are common across all three loan options. They all have terms up to 25 years, depending on the loan purpose. Payments for each are made monthly. The APR ranges vary based on your business’s qualifications but are subject to SBA loan rate
| SBA 7(a) loan | SBA 504 loan | SBA Express loan | |
|---|---|---|---|
| Loan amount | Up to $5 million. | $125,000 to over $10 million. | Up to $500,000. |
| Acceptable uses | Working capital, equipment finance, business acquisition, commercial real estate construction or expansion, debt refinance. | Commercial real estate and equipment acquisition. | Working capital, equipment finance, business acquisition, commercial real estate construction or expansion, debt refinance. |
| Funding speed | Varies. Average timeline is 60 to 90 days for standard SBA loans. | Varies. Average timeline is 60 to 90 days for standard SBA loans. | Varies. Express loan timeline is faster than that of other SBA loans. |
Where Fifth Third Bank stands out
Variety of financing options
Fifth Third Bank has a variety of business lending products, including highly sought after SBA loans. You can choose from both secured and unsecured options for term loans and lines of credit. If you’re looking to purchase, expand or renovate real estate, then consider Fifth Third’s real estate loan. And if you own a healthcare practice, Fifth Third’s healthcare financing option is available.
Package deals available
If you’d like a suite of small-business tools, and not only a loan, borrowing from Fifth Third Bank has some potential advantages. With an active loan, Fifth Third Bank will waive the monthly fee on its business checking account. And with that account, you’re eligible for discounts on HR and payroll services
Where Fifth Third Bank falls short
Slow application process
Fifth Third Bank requires you to call a sales advisor or go to a local branch to complete and submit an application. This can be more cumbersome than working with online lenders
Doesn’t serve all 50 states
Note that as a regional bank, Fifth Third has branches in only 12 states. And two of those states have five or fewer branches. While some of the bank’s lending products may be available outside of these regions, it largely focuses its services on these dozen states: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.
Lack of transparency
On its website, Fifth Third Bank doesn’t provide access to information that you may find from other lending competitors, such as interest rate ranges, term lengths, credit score minimums and average time to fund.
Alternatives to Fifth Third Bank business loans
iBusiness Funding
iBusiness Funding
iBusiness Funding - Online term loan
NerdWallet Rating
4.1
Max Loan Amount
$500,000
Apply now with Fundera by NerdWallet
If you want a more streamlined process, iBusiness Funding
This lender also issues SBA 7(a) loans with rates starting at prime rate + 2.75%. You can qualify with a minimum credit score of 640, which is lower than the typical minimum of 700 that most banks require.
Wells Fargo
Wells Fargo
Wells Fargo BusinessLine® Line of Credit
NerdWallet Rating
5.0
Max Loan Amount
$150,000
with Fundera by NerdWallet
If you prefer the security of working with an established bank to get a small-business loan along with the more competitive interest rates and longer terms, then take a look at the business loans from Wells Fargo
Its unsecured BusinessLine® line of credit, specifically, may be appealing as an alternative to Fifth Third’s unsecured line. You can get up to $150,000 with rates ranging from prime +1.75% to prime + 9.75%. Another great benefit of this line of credit is that you can qualify with a credit score of 680 and only 6 months in business, much less time than the typical two-year minimum of most banks loans.
OnDeck
OnDeck
OnDeck - Line of credit
NerdWallet Rating
5.0
Max Loan Amount
$200,000
with Fundera by NerdWallet
OnDeck’s interest rates range from 40% to 91.1 % and are therefore much higher than you’d likely get through a bank, but qualification requirements are more accessible. You’re eligible with a minimum credit score of 625, at least 12 months of business history and at least $100,000 in annual revenue.