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​How to Secure the Best Business Line of Credit

Companies / SME Jun 09, 2017 - 12:08 PM GMT

By: Boris_Dzhingarov

Companies

Owning a small business is an amazing venture, and an opportunity to see success in ways you never have before. It comes with a large amount of responsibility, and requires the utmost dedication to its cause. Those branching into the entrepreneurial world with their own small business will inevitably run into issues that require quick thinking, and immediate funds, to fix.


Whether you own a storefront or sell your products and services online, there will come a time when you could benefit from an immediate increase in capital. Perhaps you need inventory fast, are a few days away from meeting today's payroll requirements, need help in an emergency, or simply need to get a marketing campaign off the ground and running. That's where a line of credit can really come in handy.

Securing a large sum of money is often out of the scope of what credit cards can offer, while dipping into your personal savings can become an incredibly slippery slope. Other options, such as seeking out a separate lender, could land you with a tyrant of a loan shark. Thankfully, utilizing the internet has made it easier than ever when it comes tosecuring a small business line of credit.

​Defining the Line of Credit​

In most cases, a line of credit can range from 10,000 to over 1 million dollars with interest rates ranging between 7% to 25%. The duration of this type of loan can be as short as 6 months and as long as 5 years, but will almost always deposit your funds in 24 hours. All of these aspects depend on the company you choose as your lender, making comparing their pros and cons essential to finding a loan that works for your business.

​BlueVine​

This company is a great choice for those looking for a smaller sized loan and newer businesses. As long as you have been in business for 6 months, have a credit score of at least 600, and your business receives over $60,000 in annual revenue, then you qualify for a line of credit up to $100,000. Their APR rates range from 16% to 62%.

​Kabbage​

Withno credit score requirement, this is the perfect choice for those with lower FICO scores. Lines of credit range between $2,000 and $100,000, with APR rates from 24% to 99%. You will need to have been in business for at least one year, and receive $50,000 in annual revenue.

​Lending Club ​

If you have operated you business for a minimum of two years have an annual revenue of over $100,000, then this is the lender for you. While the minimum credit score requirement is 600, those with higher scores can take advantage of incredibly low APR rates all the way down to 8%. Plus, they will lend up to $300,000 for your business needs.

​Street Shares​

Those who have good credit but only need a small loan should look into Street Shares as they offer APRrates as low as 9%. Although, you only need a credit score of 600 to qualify, as well as $25,000 annual revenue and 12 months of steady business. You can borrow as little as $5,000 or as much as $100,000.

​Securing a Small Business Line of Credit​

When your business needs increased capital fast, a line of credit from a reputable online lender can be one of the best options available. The above examples are only the tip of the iceberg, but make for a great place to start looking as well as good comparisons to other lenders. Don't fall into the trap of using your personal finances, secure a loan for your business today and see your new funds tomorrow!

By Boris Dzhingarov

© 2017 Copyright Boris Dzhingarov - All Rights Reserved
Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2017 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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