Webster Bank Business Loans Review

(May 2024)

Webster Bank Business Loans Review

In This Article

Our Verdict

Make a business loan relationship  with Webster Bank if you seek for  loan. When you get a loan from Webster bank, this can make your business grow and give your business better  improvement. Webster bank loans come with flexible repayment terms and contentious rates.

Ensure you are qualify for the business loan. Note that  Webster Bank offers their  loans only to residents of their branches state. Such as; New Rochelle NY United state, White plain NY Unite state, Warwick RI United state, Lexington MA United state, Manchester city United state, Stamford, Connecticut, Massachusetts and New York. Webster bank also provide online services. To get your business loan, look for help for your loan on their website, you can also  reach out through their customer services.

 Follow this process for more information.

Webster Bank

145 Bank Street

Waterbury, CT 06702

Phone Number: 800-325-2424

https://public.websteronline.com/business/finance

Pros

  • Granted SBA loans
  • Add flexibility to business life
  • Long term financing option
  • Fast processing term and flexible term
  • Make your repayment terms to your convenience

Cons

  • Give limited amount of loans
  • Set loans at high interest rate
  • Have only 300 ATMs
  • Doesn’t have 24/7 customer service
  • Only help with 5.99% small business loan rate

Who This Product Is Best For

who this product is for

Consider Webster Bank personal loans if you:

  • Have a business checking account for at least 6 months
  • Have a good credit score
  • Want your repayment terms at your convenience
  • Need improvement in your business

Who This Product Isn't Right For

  • Have no business checking account with Webster bank
  • Need large loan
  • Have low credit score
  • Not a resident around Webster bank branches
  • Have bad credit history with Webster bank

What This Product Offers

  • SBA Loan

Reach your financial need with  guarantee loan from Small Business Administration  through federal government agency . SBA make your business flexible by providing capital for your business improvement. Note that SBA Loan can be difficult to get.

  • Business terms loan

If you need a lump sum of money to buy your business products,  Webster bank is there for you. You can borrow and pay back at your convenience time with interest.

  • Business line of credit

Get your business line of credit from Webster bank to meet any urgent  expenses need. With this product you only pay interest on what you borrow.

  • Commercial real estate

If you want to move to speed up your business or you need a new store  building for your products, then consider Webster bank for help. They can help you to seek for a new space and New building.

Product Details

Business Terms Loans

Make use of  Webster Bank business loans if you need a certain  amount for business expenses, such as products  with a fixed interest rate and repayment term.

Loan amount

$10,000 to $6 000, 000

APR

Fixed and based negotiation

Terms

1 year to 30 year

Repayment Term

Monthly

Fees

Varies

Availability

Stamford, Connecticut, Massachusetts, New York, and United States

Funding speed

Varies

Commercial Real Estate Loans

Get Webster bank commercial mortgage loan if you need new store building for your business products. You call also get commercial mortgage loan on your property such as; renovating and constructing new warehouse site. Ensure you get  approval a construction loan that you pay interest only when the construction is in process.

Loan amount

Minimum of $50,000 to 6,000,000

APR

Fixed and based on negotiation

Terms

5 years to 30 years

Repayment schedule

Monthly

Fees

Varies

Availability

Stamford, Connecticut, Massachusetts, New York, and United States.

Funding speed

It depends on

SBA Loan

Get Webster bank SBA Loan if you qualify. You are qualify when your  business checking account with Webster bank with a good credit score.

Loan amount

Up to $ 25,000

APR

Fixed and competitive rate

Terms

25 years

Repayment schedule

Monthly

Fees

Varies

Availability

Connecticut, Massachusetts, New York, Rhode Island and Stamford.

Funding speed

Varies

Business Line of Credit

Consider Webster bank business line credit for your products expense with competitive rates and flexible repayment.

Loan amount

$10,000 to $ 2,000 000

APR

Fixed  and negotiable rate

Terms

Up to 5 years

Repayment terms

Monthly

Fees

Varies

Availability

Connecticut, Massachusetts, New York, Rhode Island and Stamford.

Funding speed

Preferred rate with Webster business checking account.

Where This Product Stands Out

Long Term Financing Options

Consider Webster bank business loan for your long term and financing option. Webster bank finance your business as much as the longer period you want to partner with them.

Bear in mind that you can only get a business loan when you have business checking account with Webster bank.

Multiple SBA Loan Options

Choose Webster bank SBA Loan when you seek funding for your need, Webster bank is also an SBA Preferred lender. They give you longer time and reductions of payment.

Attractive and Favorable Terms

Consider Webster bank if you need full financial support for your business. The bank can also offer the period that is convenient for you to pay back.

Where This Product Falls Short

Available only in 5 states

Keep your expectation low for your business lender  if you don’t live  in Connecticut, Massachusetts, Rhode Island, New York or Stamford.

No Encourage customers review

Do not expect Webster bank to satisfy you when it comes to customer satisfaction. Their customer services line does not work for 24/7.

Longer repayment period can also mean high interest rate

 Bear it in mind that when you choose longer repayment terms you can also pay more than expected interest. Make sure you review the Webster loans business rate charges before signing the documents.

How to Qualify for This Product

 To qualify for Webster bank business loan, follow the steps below to know the requirement or  contact Webster bank for more details through this phone number  800-325-2424.

Credit Score

To get Webster bank approval for your business, have a good credit score at least 700+ to enjoy your expectations with Webster.

Financial statements

Gather all your financial statements especially the account statements of your business checking account you have with Webster. Ensure you don’t have debts records with them. Note that if you outstanding debts with Webster bank it may disqualify you to get your business loan.

How to Apply for This Product

Apply for Webster bank business loan through the process below:

  • Gather your recent bank payment information
  • Get business checking account statements
  • Your business establishments date
  • Get your resident address
  • Visit the Webster Bank website at websterbank.com Or go to any of their close by branch
  • Fill the form provided for you and submit.
  • Wait till Webster Bank review your application and get approval.

( Note that the application process and requirements may  depend on the specific business loan you are applying for and your location.)

Alternatives to This Product

Citizenship and Age

Be sure you are American  citizen or a permanent resident who is at least live more than 15years in America and make sure you are up to 18years of age.

Customer Reviews

Have low  expectation from Webster bank in terms of customer satisfaction. Some customers review that it took over 72hours before Webster give respond to their complains. Some review that when they apply for a loan and they did not get feedback.

Methodology

We reviewed Webster Bank business loans based on 35 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated Webster Bank business loans based on the weighting assigned to each category:

Loan cost: 35%

Loan details: 25%

Customer experience: 20%

Eligibility and accessibility: 10%

Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and time in business requirements and the geographic availability of the lender.

Finally, we evaluated Webster Bank business loans customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.

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