Unsecured Business Line of Credit For Companies
If you have a company and are interested in an unsecured business line of credit, we're here to tell you all about it. Let's throw paying lump sums of the cash upfront and over a fixed period out the window. What if you could get a line of credit, use and repay as often as you wish?
Related: Secured Line Of Credit
We're no genie, but we can make it happen. An unsecured business line of credit simply means that you are not required to pay collateral by the lender. To qualify, you need to have an excellent personal credit and company credit score. Unsecured lines of business are usually given to companies at higher interest rates compared to secured lines of credit because of the risk of not having collateral.
As you repay your outstanding balance, the amount of credit is replenished and is made available for future use.
Benefits of Unsecured Business Line of Credit for Your Company
Access to Capital
A company needs working capital to fund its operations; an unsecured business line of credit is ideal for this reason. A company can acquire an unsecured business line of credit in advance because there is no requirement to pay a monthly fee until the company has started to use the funds.
Lower Interest rates
When compared to conventional loans, the interest rate offered with unsecured lines of credit is considerably lower.
The Interesting thing about interest
Here's a great benefit to taking out an unsecured line of credit for your company; the lender does not charge you interest for the portion of the funds you did not use. You are charged only for the amount that you used.
Speedy Processing Time
The application process for conventional loans can be tedious and lengthy. However, the application for a business line of credit is typically faster. Once you have a good personal and company credit score and history, you can be approved for a loan in as short a time as 24 hours.
It is essential to let the lender know about how you plan to repay them. Informing the lender about your sources of income, savings, and business' performance helps establish you as a good risk.
As the owner of a company that has its best interest at heart, if you are considering an unsecured business line of credit, it may be just the thing to help you reach your goals!
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