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Access a wide range of loan options without any cost. You won’t pay us a cent to explore the right financial products for your business.
We are committed to offering the best loan options that fit your business needs. Our goal is to give you unbiased, pressure-free guidance, always keeping your success at the forefront.
Our expert advisors provide personalized assistance, helping you navigate the lending process and find the ideal financing solution tailored to your business.
How do I apply for a business line of credit?
Fill out one simple application
Answer a few questions about your business to see which financing products you may qualify for.
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Review business lines of credit interest rates and repayment terms.
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Select from business line of credit offers based on your business needs.
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An overview of business lines of credit
What is a business line of credit
Unlike a traditional small-business loan — where you receive a lump sum of capital and repay it over a specific period of time with interest — a business line of credit is a more flexible form of financing.
With a line of credit, you receive access to a set amount of money and can draw funds as needed. You only pay interest on the funds that you draw.
Business lines of credit are available from banks, SBA lenders and online lenders.
How a business line of credit works
A business line of credit works similarly to a credit card, where you can pull from a set amount of funds as needed. You then repay the funds over time, with interest, typically on a weekly or monthly schedule. You can continue to use your business credit line as often as you’d like, as long as you make payments on time and don’t exceed your credit limit.
Say, for instance, you’re approved for a business line of credit of $50,000. You draw $15,000 and keep the remaining $35,000 in available funds. You’ll repay that $15,000 over time, with interest, and once you do, you’ll be able to draw from the full $50,000 again — without having to reapply for funding.
Repayment terms and maximum credit line amounts vary from lender to lender. Online lenders tend to offer shorter terms and lower credit line amounts compared to banks and SBA lenders. The funding amount and terms you receive will also vary based on the strength of your business’s credentials.
Eligibility requirements
At a minimum, you’ll want to be able to meet these business line of credit requirements:
- Credit score: 600 or higher.
- Time in business: Six months or more.
- Annual revenue: $36,000 or more.
Rates and fees
Rates
- Rates can range from 10% to 99% APR.
- The interest rate you receive will vary based on your lender, credit score, time in business, among other factors.
Fees
- Depending on your lender, you may also have to pay fees on your line of credit, such as:
- Origination fee: Fee charged to process your application.
- Account maintenance fee: Monthly or annual fee associated with managing your account and keeping your business line of credit active.
- Draw fee: Fee charged each time you draw on your credit line.
- Inactivity fee: Flat fee a lender may charge if you don’t draw from your line of credit within a specified period of time.
What is a business line of credit
Unlike a traditional small-business loan — where you receive a lump sum of capital and repay it over a specific period of time with interest — a business line of credit is a more flexible form of financing.
With a line of credit, you receive access to a set amount of money and can draw funds as needed. You only pay interest on the funds that you draw.
Business lines of credit are available from banks, SBA lenders and online lenders.
How a business line of credit works
A business line of credit works similarly to a credit card, where you can pull from a set amount of funds as needed. You then repay the funds over time, with interest, typically on a weekly or monthly schedule. You can continue to use your business credit line as often as you’d like, as long as you make payments on time and don’t exceed your credit limit.
Say, for instance, you’re approved for a business line of credit of $50,000. You draw $15,000 and keep the remaining $35,000 in available funds. You’ll repay that $15,000 over time, with interest, and once you do, you’ll be able to draw from the full $50,000 again — without having to reapply for funding.
Repayment terms and maximum credit line amounts vary from lender to lender. Online lenders tend to offer shorter terms and lower credit line amounts compared to banks and SBA lenders. The funding amount and terms you receive will also vary based on the strength of your business’s credentials.
Eligibility requirements
At a minimum, you’ll want to be able to meet these business line of credit requirements:
- Credit score: 600 or higher.
- Time in business: Six months or more.
- Annual revenue: $36,000 or more.
Rates and fees
Rates
- Rates can range from 10% to 99% APR.
- The interest rate you receive will vary based on your lender, credit score, time in business, among other factors.
Fees
- Depending on your lender, you may also have to pay fees on your line of credit, such as:
- Origination fee: Fee charged to process your application.
- Account maintenance fee: Monthly or annual fee associated with managing your account and keeping your business line of credit active.
- Draw fee: Fee charged each time you draw on your credit line.
- Inactivity fee: Flat fee a lender may charge if you don’t draw from your line of credit within a specified period of time.
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