BUSINESS LINE OF CREDIT
Fast, flexible funding, ready to go whenever you need it.
A revolving line of credit that puts the power in your hands. If only everything in life was this easy.
- Lines of credit from $500k-$5Billion
- No prepayment fees
- Only pay interest on drawn funds
Pros of a Business Line of Credit
The biggest strength of a Business Line of Credit through financial service world is its flexibility: with no application fee and no prepayment penalties, funds are available as you need them without having to borrow a lump sum upfront. Each draw comes with its own repayment schedule, so you’re free to draw on the credit line at any time up to the available limit, only pay interest on the funds you draw, and rest easy knowing that regular repayments may help you get approved for a line increase!
Cons of a Business Line of Credit
However, with Business Lines of Credit, you typically need good credit to qualify, and you may receive a higher interest rate than other types of business sponsorship. There also may be certain fees included.
HOW CAN I USE A LINE OF CREDIT?
Stay focused on your business’ growth. Versatile, flexible and adaptable, a Business Line of Credit is designed to help you finance almost any business purpose, including:
- Offset costs during the busy season
- Keep it on hand for emergencies
- Purchase more inventory
- Upgrade your business
What fees can I expect with a business line of credit?
Typically, tapping into a credit line will incur an average draw fee of 1.6%, and late payments will incur an average fee of 5% of the past-due amount if you miss a payment after taking a draw.
Of course, we’ll always explain all the potential fees associated with a Line of Credit before you accept any offer of financing. Whereas other lenders may charge you fees for applying, opening an account, monthly maintenance and more, applying for financing through Funding Circle is always free and comes with no monthly maintenance fee!
HOW DO I APPLY?
Our easy 3-stepapplication process.
With one application for three top-rate financing programs, Funding Circle’s streamlined online application makes applying quick and easy! Are you ready to discover the right financing option for your business?
- Check your eligibility & apply in minutes
- Your dedicated Account Manager will get in touch
- Get approved and get funded!