Business Line of Credit
Access cash when you need it. A business line of credit is a revolving loan that allows access to a fixed amount of capital, which can be used when needed to finance certain short-term business needs. This is the perfect type of loan to bridge short term gaps to cover recurring business expenses. You only pay for what you use. Interest rates from 7% to 18%.
Unsecured And Secured Lines Of Credit
If you are considering getting a line of credit for your business, keep in mind that there are two types: a secured LOC and an unsecured LOC.
The difference between the two is that in an unsecured LOC there’s no collateral required, therefore the approval process will be faster.
Whereas in a secured LOC you can get a higher borrowing amount since the LOC is secured against your assets. Most of the time, small business owners will prefer an unsecured line of credit. *Loan Amounts: $20k to $500k. Terms:6 months to 5 years *Credit Score:690 *We fund in all fifty states* Early payment discounts apply on all business lines of credit. Lines of credit with sub 690 credit scores are available and we are actively having them approved. * One of the main benefits to having a business line of credit when you need it, pay down the balance, and use the line again as funds replenish. Top reasons to use a line of credit:
1. Bridging various cash flow gaps
2. Covering payroll and other business expenses in a pinch
3. Hire more employees
4. Consolidate "pesky" high rate loans if your business was vulnerable