If you find yourself with a new business but short on cash, it can be a stressful experience. Knowing that you have to suddenly obtain the funding that you need in order to continue operations is not something anybody wants to go through. In short, you have two popular options that you can consider, business credit lines or business loans to start a new business. Both are viable, but business credit lines offer you more wiggle room in the long run. We’ll help you better understand why by providing four plausible reasons.
More Borrowing Options
With business credit lines, you have far more borrowing options as compared to business loans to start a new business. That’s because there are far more lenders that will be willing to approve you, and also because you can take out multiple lines of credit with numerous lenders. What’s more, you can apply for multiple lines at the same time, which can increase your borrowing power by a large margin, enabling you to get the funds that you need, when you need them.
Less Documentation Needed
A huge benefit to getting a business line of credit these days is that you don’t have to worry about documenting your entire life. Instead, most lenders really just want to see a FICO score of 700 or better and you can get approved. Many do not require tax returns, bank statements, automated payments, business transaction records or business plans. This clears up a lot of the red tape and helps you get the funding you need faster.
Lower Interest Rate
Consider this point: a business credit line actually gives you a much more favorable interest rate. That’s because with a loan, you are being charged the full interest on the full loan from the day of its origination. But with a business credit line, you are not. Instead, you are only paying interest on the portions of the line that you borrow, as you borrow it. In the long run, this can save you a substantial amount of money in interest and fees that you would otherwise be tendering towards a conventional business loan.
At New Business Funders, we help you get approved for the business lines of credit that you need quickly. Our proven system and growing network of lenders assures that we can get you approved today! All you need is a FICO score of 700 or better and you have the green light. No tax returns, bank statements, pay stubs or business records are need. If you have damaged credit, we can help repair it fast to get you approved in about 45 days.
Get approved for the loan and line of credit you need today, from $10k to $250k the easy way. Call us at: 1-855-680-FICO (3426).