Lines of Credit

What Is a Business Line of Credit?

• An unsecured business line of credit, also known as a revolving line of credit or LOC, lets small business owners borrow money in a way that a traditional business loan doesn’t. With a small business line of credit, a lender doesn’t approve your application and then hand the money over to you in one lump sum. Rather, you’re given the ability to borrow up to a certain preset amount of money known as your credit limit.

Is a Business Line of Credit a Good Idea?

• Here are three reasons why a business line of credit might be a good idea.
  • A business LOC can be helpful when your business needs access to cash to cover business expenses or take advantage of opportunities.
  • Opening a business line of credit in advance may help your business prepare for the future, even if you don’t need access to extra working capital now.
  • A business LOC might help you to establish better business credit, if your lender reports information to the business credit bureaus.
• Loan Features:
  • Rates as low as 5%
  • Approved within a few hours
  • Receive funds within 24 hours
  • Repayment term up to 60 months
• Qualify with:
  • FICO Score 550
  • No collections or liens
  • 3-Bureau credit report
• Advantages:
  • Loans available for any industry
  • No loan collateral required
  • Minimal documents required