Frequently Asked Questions

What Is A Line of Credit?

A line of credit is a pre-established amount of credit extended to a borrower by a lender that the borrower can draw against as needed. There usually aren’t any rules that dictate how the borrower can or should use the line of credit.

How Does A Line of Credit Differ From A Traditional Loan?

There are several ways a line of credit differs from a loan. First, the line of credit application process is simpler and approval usually takes days rather than weeks. When you obtain a loan, you are given a lump sum of money. With a line of credit, you have a maximum amount of money (or credit) available to you, but you use only what you need. With a loan, repayment is made in installments meaning that you’ll make equal monthly payments throughout the entire loan term. With a line of credit, you have more flexibility in how much you repay each month. Sometimes, you may only be required to repay the interest each month.

How Can I Use My Line of Credit?

A line of credit is generally used for short-term purchases. For example, some of your line of credit may be used for equipment purchase one month… some for inventory the next month… and so on. Access your money simply by writing a check. Payments are automatically deducted from your small business checking account. Interest will usually accrue only on the amount of money spent so far.

How Do I Qualify For A Line of Credit?

Most businesses owners that qualify for a line of credit have a 680+ FICO Score. Credit Lines are up to $30,000 per qualified location or $75,000 or more per relationship.

How Much Does It Cost To Apply For A Line of Credit?

Nothing. We offer a no-cost, no-obligation free quote when you apply.

Application Process
  1. Apply online or call us to start the process
  2. We will have a conversation about your situation and funds desired. Based upon this initial consultation, we can approximate your ability to qualify for a business Line of Credit (LOC).
  3. If we believe you can qualify for the funds, we will request specific information to create a loan application and pull your credit reports. This information is required for creating the loan application and to verify qualification prior to loan submission.
  4. Once we receive all the requested documentation, we will review it and determine if there are any potential issues (Approval Conditions) that may need to be resolved prior to submitting your loan.
  5. We assist and advise you in resolving Approval Conditions if and when they come up, so your approvals can turn into successful funding and money in your bank account.
  6. We submit your application for funding and manage it through the process. This process, once begun, typically takes 2 – 3 weeks.
  7. We work to create and manage a loan application package to best facilitate your approval of funds. We obtain the most financing possible in the shortest time possible.
Who Can I Call If I Have Any Questions?

You can speak within one of our funding specialists at 1-800-725-1996