Business Lines of Credit
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Business Lines of Credit

Business Lines of Credit and How They Work
Funding Up To $100,000 / Pay-As-You-Go Repayment Terms

A Business Line of Credit, also known as a “LOC” is a type of loan that provides business owners with access to working capital needed to fix cash flow issues and other fulfill other short-term business needs. There are two main types of Business Lines of Credit:

Secured Business Line of Credit:
A Secured Business Line of Credit requires business owners to pledge assets as collateral in order to obtain the loan. While lenders do not typically require business owners to pledge assets in the form of capital, such as property, they will require the collateral in the form of inventory, accounts receivables, and more. Consequently, if you are unable to pay back the loan, your lender will seize your collateral in order to pay the balance.  
 
Unsecured Business Line of Credit:
Unlike a Secured Business Line of Credit, Unsecured Business Lines of Credit do not require borrowers to pledge any assets as collateral. This tends to be the more attractive type of business credit lines to business owners for obvious reasons, however, they are much more risky for the lender, therefore your credit score must be excellent. Additionally, Unsecured Business Lines of Credit tend to be smaller with higher interest rates.

What’s Needed To Qualify for a Business Line of Credit?

Both Secured and Unsecured Business Lines of Credit will require your business to be in good standing. All lenders typically prefer to work with businesses that are well-established and in good financial standing, thus proving to the ability to pay back the loan. Various financial documents may be requested to support this. Here are some basic qualification requirements:

  • 6 months of recent business bank statements
  • Minimum personal credit score of 620
  • Minimum of $15,000 in monthly business revenue

**After You Are Approved, Additional Documentation May Be Required Before Funding – Click Here For A List of Possible Requested Items**

See what your business qualifies for

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