What is a Business Line of Credit?
A business line of credit lets a business borrow up to a certain amount of money and will only charge interest on the amount of money borrowed
What is the purpose of a business line of credit?
The number one reason to open a business line of credit is to gain access to short-term funding.
Most businesses use these funds to support financing for operational expenses like supplies and payroll or for increasing inventory.
What are the requirements for a business line of credit?
- Must be at least 18 years old or older
- Steady monthly income
- Valid email address
- Working telephone number
- Bank account that accepts direct deposits
Is a business line of credit based on credit score?
With our line of credit lenders they do not require a credit score. When you apply for a business line of credit they will not perform a gard credit check pull.
This means no credit score is required to apply and by applying online to see your loan offer it will not affect your personal credit score.
Unsecured Business Line of Credit for New Businesses
if you are just starting out and looking for a business line of credit it can be hard with no business income.
That is why you can get a personal loan in order to get your business started or use the funds to expand or meet other business needs.
Our lenders offer unsecured business line of credit with a personal guarantee so you can get started on trhat business you always wanted.
What other Types of Line of Credit Loans are there?
You have other options when it comes to lines of credit. You can get a personal line of credit, or you can draw from a credit card, but remember it has high interest and lowers your credit score.
Learn more by visiting our What is a Line of Credit? page.
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