Getting a business line of
credit can be easy or tough because every lender will examine your business
qualification according to their terms and policy. Luckily, there are some
straightforward steps you should follow to get a loan fast.
A strong credit score will make
it super easy for you to get a business line of credit. To borrow a small business line of credit, you
must have a minimum of 620+ credit score. Although every lender has different
rules and conditions, a credit score of 620+ is the least requirement of most
loan providers.
If you want to get a business loan from the bank, then
you need a higher credit score, maybe 700+. Usually, ARP and charges of banks
are higher as compared to private or online lenders.
Examine different lenders
Once you've found out what kind
of a business line of credit you qualify for, compare the amounts and rates of
different lenders, and select the lowest and the most reliable one. BitX Funding
provides a frictionless process where lenders compete for your business and
they will provide multiple quotes for you to choose from.
Another advantage of not
choosing traditional banks is that you can apply online. Most of the lenders
offer online application to make the process easy.
Why You
Should Have a Business Line of Credit
The business line of credit is
not like business loans (one-time use); they're something you get before you
need it. They are obtained for your business in case of any unexpected cash
flow issues, which is common in the industry. It keeps you safe from searching
for financing in a hurry and making wrong decisions (fraud or higher interest
loan services, etc.). With a business line of credit, you pay only what you
use, allowing you to keep a line open with the lender at a minimal cost.
Business
Line of Credit Providers with Lower Credit Score and APR
Currently, you can quickly get
the business line of credit from BitX Funding (within 24 hours). They're the
leading online lenders with the portfolio of helping more than thousands of
potential businesses. With a rating of 8.1 (powered by Trustpilot), they're
reliable and trustworthy.
To qualify for the Loan:
Your business must be in running
for at least one year with the annual revenue of $100k+ with a credit score
that is above 620. They offer easy weekly payments, that will be automatically
deducted from your business bank account.
BitX Funding offers a simple
application process, all you need is some information about your business, like
name, address, and monthly credit volume, etc. Fill up those easy fields with
the amount you want to borrow and apply online. Their team will analyze your
application and get back to you in a few minutes.
