A business line of credit is a type of loan that gives you access to credit rather than giving you one giant injection of funds the way a traditional loan does. Like a credit card, with a line of credit (LOC) you draw on the credit when you need to pay for something or make a purchase for your business. Unlike most credit cards, the interest rates on lines of credit are generally low, and the limits tend to be high.
SECURED AND UNSECURED
Secured credit lines, like secured loans, are backed by collateral, such as a house or business property. Unsecured lines of credit, conversely, are not backed by collateral and, therefore, tend to have higher interest rates to account for the greater risk to the lender.
Contact us to get started with your line of credit application and approval today.