Best Ways to Get Business Credit Lines & Loans

Find ways to Fund Your Business Growth- In order to make your business grow and be successful, it is essential that you make responsible and smart choices for your business. Mostly such decisions involve you taking business loans from clean and well-organized resources. The first thing that comes to your mind for gathering loan is traditional resources or credit givers such as a bank or a credit union. However, these traditional resources pose several requirements before granting loans and may not agree to fund small businesses or start-ups since they might deem it to be of ‘high-risk’.

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In the meantime, we’ve included our top 10 suggestions and tips to help you get started on your investment adventure. Read through them below, then head to our FAQ page to learn more about our particular services.

WAYS TO GET BUSINESS CREDIT LINES & LOANS BASED ON ONLY YOUR REVENUE:

·         Revenue lending

One of the best financing alternatives for a company is to go for Cash Flow Financing services and cash advances. The essence of these methods is that these are not loans. Cash Flow Financing is rather an advance which is based upon the estimated prospective sales and revenues of a start-up business. Through this, you can get easy 72-hour funding.

This method of financing has gained quite a popularity with businessmen today since it the fasted and easiest method to get money. The only thing required to get your advance approved is a 6-month statement review by a bank. Herein forth, you get an approval for about 10-12% of y0ur annual revenue. Thus, if the annual revenue of your company is $600,000, you will receive an advance of $60,000. If the annual revenue of your company is $400,000, you will get an advance of $40,000.

Cash Flow financing services in the USA do not require any collateral requirements. Lenders tend to lend money to companies with as low as a 500 FICO score. On the other hand, there are certain lenders who do not have any credit requirements.

However, some basic requirements have to be fulfilled such as you are required to be already in business for at least a year. The revenue of your business should be over $10,000 on a monthly basis. The monthly deposits have to exceed 10 at least. Also, a positive bank balance has to be displayed at the end of every month.

Cash Flow Financing services do have some serious advantages. For example, you are eligible for another loan as soon as you pay back at least half of the previous loan. As the term gets longer, the rates at which you are granted the loans will also get better.

·         Revenue lending line of credit

To know what a line of credit is, refer to the page below. While reviewing various revenue lending lines of credit, we discovered OnDeck and later on, we looked into their programs, rates, terms, and features. Similar to any financial product, the rates can either rise or fall which is quite normal in the financing industry. Along with granting short-term loans,, OnDeck also offers up to $5,000-$100,000 for a term of 6 months in revenue lending lines of credit.

For this, the requirement is that the annual revenue should be $100,000 or more and the personal FICO Score of 600 or better. Also, you shall be required to be in business for 9 months or more. Note: there is 13.99% to 36% APR. A personal guarantee is required by OnDeck. We can assist you in finding other programs for revenue lending line of credit, both online as well as offline.