Get an amazing business line of credit. What's a credit line? it's an agreement between a financial
institution or private investor establishing a maximum loan balance a borrower can access.
A borrower can access funds from their line of credit any time long as they don't exceed
the maximum set in the agreement and as long as they meet any other requirements
of the finance institution or investor such as making timely payments the money does not have
to be used for a pre-specified purpose it's a bit like a credit card without the plastic.
Business credit lines have many unique advantages including flexibility you only pay interest
on what you use. Unlike loans where you pay interest on the full amount borrowed, credit lines
can be reused pay off a balance and use that available credit again and again. They are the most commonly
requested loan type in the business world but true credit lines are rare and hard to find.
Many are also tough to qualify for requiring good credit time and business and financials but there
are other credit cards and lines that if you know about. These are available for startups bad credit
even if you have no financials. Let's checkout 0% unsecured credit lines ideal for start-up
companies high-risk industries and those who don't have her want to provide proof of cash flow or
collateral. You only pay on what you owe not like a loan, it is possible to get cards that only report
to business, CRA's not consumer CRA's. there is no adverse impact on consumer credit and no inquiry
on your consumer credit report. A lending source works on your behalf to secure credit cards for
you the company is not a lender or card issuer instead they function as experts in obtaining
credit cards and work to apply to get you the most credit they can secure. Nearly always their tactics
to get you credit result and much more than you could get on your own. The company you hire works
to get you five to eight cards usually of the best and highest limit cards you can get they apply for
them all at once where if you applied on your own you'd only get one or two at the most. They
can usually get you five times the amount of your current highest limit account, contrast with your
bank which can only get you one of these types of accounts which often doesn't report to the
business CRA's. You can get two types of cards there are personal cards which report to the
consumer CRA's and there are business cards these don't report to the consumer CRA's whether
you get one or the other and how much money you get all depends on just one thing. Personal credit
quality. The lender can also get you low introductory rates typically 0% for 6 to 18 months.
Although some sources will consider an extension if you request one. Pay normal rates afterwards.
Usually 5 to 21% APR with 20 to 25% APR for cash advances. You get the best cards for points
with the best rewards. This credit is obtained with no security assets are collateral, the lender has
no collateral to collect in case a default with a 650 you only get personal cards with a 680 you get
both multiple cards create competition. Get your limits raise typically within six months or fewer
from initial approval. Approvals to $150,000 per entity such as a corporation these business credit
cards report only to business CRA's. Most lenders don't offer or advertise this program not only
will you get money but you build your business credit also therefore within three to four months
use your newly established business credit to get even more money. You will need to have quality
credit and no derogatory reporting this means no bankruptcies ever on your report but you might
get approved with a bankruptcy if it's not on the report, any judgments and tax liens must be paid
off. There can be no credit counseling and no late payments in the last 12 months. You can't have any
acts of outstanding collections and unpaid status but less than $500 might be okay, you can't have
any foreclosures or late mortgage payments and you need at least one bank card with a
three year history or $3,000 limit. If there is no car loan or mortgage than you need to bank cards.
With balance limit ratios on existing revolving accounts the lower the ratio the higher the
approval amount a 30% ratio is required this looks at overall percentage and individual
percentage on each account credit inquiries are a big factor tying in to approval. More than six
inquiries in six months is too much lenders do not want to see the person is applying for new
credit especially not other revolving accounts. Use a credit partner or guarantor for approval and use
multiple guarantor for even more money, you will need to have higher limit cards for approval. So
if you have $10,000 limits you might see approvals of $12,000 although approvals can be $50,000 or
higher. More partners mean more cash usually five times that of your highest limit account.
Let's recap there are several types of business lines of credit out there try the SBA's for
CAPlines programs or SBA Express or try inventory financing or account receivables. You can also
try to get a revenue credit lending line or cash flow financing and check out a 0%
unsecured credit line program particularly if you have a startup or are in a high-risk
industry. Contact us today to learn more about how you can get an amazing business line of credit.