LINE OF CREDIT
Line amounts up to 500k with weekly or monthly payment options and terms up to 24 months. Rates decrease and financing amounts increase based on good payment history. Rates start as low as 1% per month and are fully amortized!
BENEFITS
- Lifetime approval.
- Use it when you need it. Fully amortized.
- Weekly/monthly payments available.
- Terms of 6-24 months.
- A good payment history could lower your interest rate and increase your funding amounts.
DETAILS
A business line of credit can be a valuable tool for a business owner to ensure they have access to the resources they need to meet daily financial obligations or to meet other short-term financial needs. It’s a great tool to have in your back pocket. You never know when you might come across a rainy day or a great opportunity!
HOW DOES IT WORK?
One of the best features of our line of credit is that once you are approved, you are approved for life. There is no need to reapply for capital, simply draw from your LOC as needed. You can use it tomorrow or 6 months from now! The line of credit is fully amortized, meaning you only pay interest on the amount of time the balance is outstanding. For example, if you use $10,000 and pay it off in one month, you only pay interest for 1 month, if you use $10,000 for 12 months, then you would pay interest for 12 months.
REQUIREMENTS
- 1 year in business or more
- Minimum credit score of 600
- You must have 3 months of business bank statements (cannot be personal statements)
- Minimum average of 20k in monthly deposits/income