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Business lines of credit and how they work

Small businesses must be able to adapt quickly and effectively in times of growth or fluctuating cash flow. Do you want fast access to cash and the flexibility to repay the loan on your terms? If the answer is “yes,” an unsecured line of credit may be a good choice.

As a small business owner, if you need to manage cash flow, purchase inventory, or cover those unexpected expenses, a business line of credit is a viable option.

A small business line of credit can give you more options than a traditional business loan and a lower interest rate. As with a business credit card, a credit line has the same benefits and drawbacks. You only pay interest on the money you borrow if you don’t borrow more than a certain amount (say, $100,000). It is up to you to use and repay the money once you have reached your credit limit.

 

Sunwise Capital Business Line of Credit Requirements

What is a Business Line of Credit? 

The same way that a credit card allows you to “borrow “money, a line of credit does the same.

A line of credit is a credit account with a predetermined credit limit that can be drawn on as needed and repaid over time. Using the funds for business purchases such as inventory, supplies, and operating expenses is more straightforward than using a traditional term loan.

It’s much more flexible to pay off your credit line at any time without incurring any early repayment fees than it is to make monthly payments on a term loan (even a secured loan).

A critical distinction between lines of credit and traditional loans is revolving lines of credit allows you to use the funds up to the maximum amount you’ve been approved for, then repay the remainder to re-establish the funds. On the other hand, lump-sum loans are only used once and must be repaid-with interest.

You can borrow money when you need it and repay it over time with a line of credit. You can use your credit line again and again if you make your payments on time and don’t go over your credit limit.

A small business loan is one lump sum at the start of the term and paid back in equal monthly (sometimes weekly or even daily) installments.

Line of credit limits ranges from $1,000 to $250,000, while term loans can be significantly more.

As long as the line gets paid back in full, you only pay interest on the amount of money you borrow.

Please take advantage of the flexibility of our revolving credit line. You can draw as much as you want and only pay for the time you use it.

1
$250,000 in credit lines are available.
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It’s possible to get a 4.8 percent interest rate.
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In as little as five minutes, you can get your approval.

Business Line Of Credit

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Obtaining quick working capital that is fast and simple with an online lender

Getting a line of credit can be a challenging financing option at times, but it isn’t always the case. Obtaining a business line of credit from a major bank, credit union, or traditional lender, for example, is difficult. One determining factor is where you submit your application.

It will almost certainly entail providing the financial institution with a detailed financial statement and revenue reports and cash flow statements, tax returns, and personal credit history and information. If you don’t have time to deal with this, look for an alternative lender of funding or credit lines that don’t require as much paperwork as banks.

Availability of funds on a short-term basis

Sleep better at night, knowing you have money set aside for any business expense. You can withdraw cash easily with a single click of a mouse.

You only have to pay for the funds you use.

There are no costs associated with setting up or maintaining your line. Prepayment, monthly maintenance, and account closure are all complimentary.

You have access to a revolving line.

You are free to use as much of your credit as you like. As you make payments, your credit line replenishes. You can borrow money from a business line of credit whenever you need it, up to your credit limit.

Revolving credit is a continuous process, unlike a traditional loan or merchant cash advance, which are one-time transactions. Your available credit replenishes as you repay your outstanding funds, allowing you to withdraw additional funds as needed.

Financing that adapts to your needs.

We can help you in obtaining the appropriate line of credit for your needs at any phase of your business.

Business Line Of Credit

  • No Cost
  • No Obligation
  • 24 Hour Approvals

Applications are submitted online.

We’ll approve you in as little as five minutes if you provide us with some basic information about your company.

Request money

Request funds online and, in a few hours, have the money in your bank account.

Pay it Back

Make a fixed monthly payment or weekly payments to repay each draw over the payment term of 6 or 12 months.

There is more money available.

As you pay down your balance, your account reloads automatically.