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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’s say, $60,000). However, you don’t make payments or incur any interest until you tap into those funds. A line of credit can be either unsecured or secured (typically by inventory, receivables or other collateral). Lines of credit are often referred to as “revolving,” 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. As well, a line of credit typically has lower interest rates and closing costs than a traditional loan of comparable size. But, if you’re 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.

A line of credit’s primary purpose is to help finance ongoing operating expenses and provide a cash cushion when you need it. That’s 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’t tie up your line of credit paying for long-term financing needs. This means you wouldn’t have access to it in an emergency—which is one of the biggest benefits of a line of credit. How a Line of Credit is Different than a Credit Card:
1.Credit cards usually have higher interest rates.
2.Credit cards charge additional fees for cash advances.
3.Credit cards typically require payments on a monthly basis, whereas a line of credit typically does not require monthly payments.
Who Qualifies?
Many 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.

Total Amount in Lines of Credit this Year

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