Revolving line of credit for instant access to funds
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How funding works
A business making more than $20,000 with owner(s) FICO scores above a 600 is provided with a revolving Line of Credit (LOC) at low rates
Rate range: 4.8%-24.99%
LOC is paid on a consistent predetermined schedule (weekly or monthly)
LOC terms are 6, 12, or 18 months
More funds are available to draw as the principal is paid down
Credit lines up to $250,000
Approvals are extremely fast, and the credit limit can increase as long as there is a good repayment history
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Rates are based on
Credit score and profile
Time in business
Monthly revenue
Industry
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Required documents
3-6 months of recent bank statements or securely linking the business bank account
Application with basic details about the business and merchant
Driver's license
Voided check
Proof of Address
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Ask Yourself
Do you have any existing debt on your balance sheet? If yes, what are the balances owed and who are the balances owed to?
Do you anticipate needing funding anytime in the next 12 months?
What do you intend to do with the funds from a line of credit?
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Good to know
Why not set up a line of credit now for a rainy day, as you won't be paying anything until you draw from it?
Repayment can be made on a weekly or monthly basis
Great option for business owners with a 600+ FICO score and grossing at least $20,000 per month