GET APPROVED FOR UP TO

$500,000

WITH A FEW EASY STEPS!

Qualification Requirements
*Been in business for atleast 6 months
*Have at least $10,000 a month in deposits

Get Started Today!

GET APPROVED FOR UP TO
$500,000 WITH 3 EASY STEPS!
Qualification Requirements: Been in business for atleast 6 months & Have at least $10,000 a month in deposits
Get Started Today!

Applying will not affect your credit score

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EASY APPROVALS

With minimal paperwork

FAST FUNDING

For quick access to capital

FLEXIBLE TERMS

That are unique to the nature of the business

Business Line of Credit

Business lines of credit are known as "revolving," and they are similar to credit cards. This financial vehicle is excellent for small businesses because it can remain open for an extended period of time. After your lender approves you for business lines of credit, you will receive a credit limit, and you can borrow as much money as you need to borrow up until you reach that limit.

Qualifying for a Business Lines of Credit

You may be able to obtain business lines of credit between $10,000 and $1 million, but you will need to qualify for it. Different lenders have different stipulations such as time in business, annual revenue and credit score.

You will not receive your entire credit limit after you have been approved. Instead, you will withdraw smaller amounts of money and repay them according to your agreement with your lender. An important point to remember is that you will only pay interest on the amount of money that you borrow at any given time. After you repay what you borrowed, you can borrow more money up until you reach the credit limit that was originally set by your lender.

Your terms may be between six months and five years, but this will depend on your creditworthiness.

Weigh Your Decision

The Pros

You do not pay interest on the entire line of credit; you only pay interest on the amount that you borrow.
A business line of credit acts like a cash advance that you obtain with your credit card, but unlike a business line of credit, your credit card company would charge you an exorbitant interest rate. In addition to that, you must make monthly payments when you obtain money through a cash advance.
You can access the funds in a business line of credit at any time. Therefore, if you don't need the money in the first month, you don't have to make any withdrawals.
A business line of credit does not require that you use the money for any particular purpose.
The business line of credit causes your credit scores to increase over time as long as you repay any amount you borrow according to the terms of your agreement.

The Cons

Some lenders require that you submit documents every time that you want to access the funds in your line of credit.
Some lenders will require that you present them with collateral before you will receive a line of credit.
Borrowers with low credit scores often have higher interest rates that increase over time.
Business lines of credit are difficult to qualify for. In addition to what seems like interminable documentation, you'll also undergo a yearly review to maintain your line of credit.
In comparison to other financing options lines of credit have relatively low borrowing amounts.

Just like any decision to take on debt, weigh your decision to take on a business line of credit carefully. Although this option allows small business to access cash quickly to make payroll, replenish inventory or to pay for other expenses it also has its drawbacks.

If you enjoy getting the respect that you deserve as a successful business owner who has an immediate need for cash, a merchant cash advance may provide exactly what you want.