Business Line of Credit Calculator
Use our Business Line of Credit Calculator Today.
Do you have a credit score of 560 or higher? If so, a business line of credit may be your best form of financing. Business lines of credit provides small business owners with funds to draw on as they deem fit. A business line of credit is a product that provides a cash cushion on an approved mount that can be used with no restrictions, as needed, in which you only pay on what you use. Business lines of credit's advantage is that it is a product that provides peace of mind. There is no required timeframe to use the capital and interest is solely charged upon funds that were pulled. This is a revolving product, being that all principle paid, gets added to the overall available balance.
Business Lines of Credit are offered in amounts up to $500,000. A business line of credit is a useable credit amount provided by a funder in which the money is to be used freely, when needed. Monthly payments on the business line of credit initiate once credit has been drawn.
Business lines of credit are for any small business owner seeking to have access to funds when they are needed. Not to be mistaken for business credit cards, lines of credit are a good option to balance the peaks in valley in business. Business lines of credit provide the peace of mind for qualifying businesses who have the proven history of repaying loans.
Business Lines of credit rates range roughly from eight to twenty-four percent. Business lines of credit rate's are correlated directly with credit scores, the better the score the lower the rate will be. Small business owners with 680+ credit see rates as low as prime +. If you are dealing with less than par credit, non-traditional business loans may be your best option but keep in mind they have slightly increased rates.