[et_pb_section fb_built=”1″ background_color=”rgba(255,255,255,0)” fullwidth=”on” admin_label=”section” custom_padding_last_edited=”on|desktop” _builder_version=”3.0.47″ background_image=”http:\/\/empiremerchantgroup.com\/wp-content\/uploads\/2016\/03\/Small-Business-Owner.jpg” custom_padding_tablet=”50px|0|50px|0″ transparent_background=”on” padding_mobile=”off”][et_pb_fullwidth_slider admin_label=”Fullwidth Slider” _builder_version=”3.0.101″ background_size=”default” background_position=”default” custom_padding=”|||” custom_padding_tablet=”|||” custom_padding_phone=”|||” box_shadow_style=”preset6″ box_shadow_blur=”10px” box_shadow_color=”rgba(0,0,0,0.1)” remove_inner_shadow=”off” hide_content_on_mobile=”off” hide_cta_on_mobile=”off” show_inner_shadow=”on”][et_pb_slide heading=”RELAX, WE\u00b4VE GOT YOU COVERED.” button_text=”APPLY NOW” button_link=”http:\/\/fbx.go2cloud.org\/SHCv” use_bg_overlay=”off” use_text_overlay=”off” _builder_version=”3.0.101″ header_font=”||||” header_font_size=”60″ header_font_size_tablet=”60″ header_font_size_phone=”60″ body_font=”||||” background_image=”http:\/\/empiremerchantgroup.com\/wp-content\/uploads\/2016\/06\/fast-business-loans.jpg” background_size=”default” background_position=”default” custom_button=”off” button_icon_placement=”right” button_on_hover=”on” background_color=”#ffffff”]No hidden fees \u00a0\u2022 No obligation quotes \u00a0\u2022 Interest only plans
\n[\/et_pb_slide][\/et_pb_fullwidth_slider][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.0.47″][et_pb_row admin_label=”row” _builder_version=”3.0.101″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_cta button_url=”http:\/\/empiremerchantgroup.com\/wp-content\/uploads\/2016\/08\/EMG_Pre-Qual_App.pdf” url_new_window=”on” button_text=”LINE OF CREDIT APPLICATION PDF” background_color=”#0b7cc6″ admin_label=”Call To Action” _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”][\/et_pb_cta][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”3.0.47″][et_pb_row admin_label=”row” _builder_version=”3.0.101″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_tabs admin_label=”Tabs” _builder_version=”3.0.47″ body_font=”Sanchez||||” background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”][et_pb_tab title=”How a Line of Credit Works….” _builder_version=”3.0.47″ tab_font=”||||” tab_line_height=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em” body_font=”||||” body_font_size=”20″ body_font_size_tablet=”20″ body_font_size_phone=”20″ body_line_height=”2em” body_line_height_tablet=”2em” body_line_height_phone=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat”]The world\u2019s fastest and easiest way to get a line of credit.<\/p>\n
A business line of credit is quite similar to personal lines of credit like credit cards. The financial institution grants you access to a specific amount of financing (let\u2019s say, $60,000). However, you don\u2019t make payments or incur any interest until you tap into those funds.\u000b\u000bA line of credit can be either unsecured or secured (typically by inventory, receivables or other collateral). Lines of credit are often referred to as \u201crevolving,\u201d which means you can tap into them again and again. For instance, if you were given access to a $60,000 line of credit and you decide to take out $30,000, you will still have access to the remaining $30,000 if needed. If you pay that $30,000 back down to $0, you will then have access to the entire $60,000 without reapplying. Not having to reapply is one of the biggest benefits of a line of credit.\u000b\u000bAs well, a line of credit typically has lower interest rates and closing costs than a traditional loan of comparable size. But, if you\u2019re late with a payment or go over your limit, your interest rate could increase substantially. This is quite different than a term loan, where the interest rate stays the same for the life of the loan.
\n[\/et_pb_tab][et_pb_tab title=”What are some advantages to a line of credit?” _builder_version=”3.0.47″ tab_font=”||||” tab_line_height=”2em” tab_line_height_tablet=”2em” tab_line_height_phone=”2em” body_font=”Sanchez||||” body_font_size=”20″ body_font_size_tablet=”20″ body_font_size_phone=”20″ body_line_height=”2em” body_line_height_tablet=”2em” body_line_height_phone=”2em” background_size=”initial” background_position=”top_left” background_repeat=”repeat”]A line of credit\u2019s primary purpose is to help finance ongoing operating expenses and provide a cash cushion when you need it. That\u2019s why the best time to apply for a line of credit is actually before you need it. A line of credit is best for short-term financing needs, such as payroll, seasonal expenses or temporary cash flow shortages. However, don\u2019t tie up your line of credit paying for long-term financing needs. This means you wouldn\u2019t have access to it in an emergency\u2014which is one of the biggest benefits of a line of credit.\u000b\u000b How a Line of Credit is Different than a Credit Card:
\n1.Credit cards usually have higher interest rates.
\n2.Credit cards charge additional fees for cash advances.
\n3.Credit cards typically require payments on a monthly basis, whereas a line of credit typically does not require monthly payments.
\nWho Qualifies?
\nMany businesses can qualify for a line of credit but it will be difficult for younger, less-established businesses to qualify. The maximum amount available, duration of the credit line, and the repayment terms depend on your business, revenues, credit rating, and many other factors. that there’s no prepayment penalty for your online term loan.<\/p>\n
[\/et_pb_tab][\/et_pb_tabs][\/et_pb_column][\/et_pb_row][et_pb_row admin_label=”Row” _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″ _builder_version=”3.0.47″ parallax=”off” parallax_method=”on”][et_pb_number_counter title=”Total Amount in Lines of Credit this Year” number=”$15,675,926.00″ percent_sign=”off” counter_color=”#7EBEC5″ admin_label=”Number Counter” _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” use_border_color=”off” border_color=”#ffffff” border_style=”solid”][\/et_pb_number_counter][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"
No hidden fees \u00a0\u2022 No obligation quotes \u00a0\u2022 Interest only plans The world\u2019s fastest and easiest way to get a line of credit. A business line of credit is quite similar to personal lines of credit like credit cards. The financial institution grants you access to a specific amount of financing (let\u2019s say, $60,000). However, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-414","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/pages\/414","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/comments?post=414"}],"version-history":[{"count":10,"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/pages\/414\/revisions"}],"predecessor-version":[{"id":789,"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/pages\/414\/revisions\/789"}],"wp:attachment":[{"href":"https:\/\/empiremerchantgroup.com\/es\/wp-json\/wp\/v2\/media?parent=414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}