Line of Credit
A Business Line of Credit is a determined credit limit that is extended to the borrower. Business owners can benefit from purchasing a credit line as it gives them access to a stream of capital to help with cash flow, operational expenses, and additional costs that come with running a business.
There are many advantages to obtaining a Credit Line. Business Credit Lines are good for flexible funding needs, and for businesses that experience known cash flow fluctuations due to seasonality or contract based earnings. If you operate a business that doesn't have a steady stream of revenue you may want to consider purchasing a Business Line of Credit.
There are different kinds of Credit Lines that business owners can acquire.
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the funding criteria
|Funding Amount:||$3,000 – $250,000|
|Term Length:||6 – 18 Months|
|Time in Business:||6 Months+|
|Time to Fund:||As Fast as 24 Hours|
How Does it Work?
- You can borrow up to the max limit of the business credit line you have been approved to use.
- You will only pay interest on the amount of funds drawn from the line of credit.
- You will be able to tap into the business credit as long as you don't exceed the credit limit.
Why Choose Pro Funding Source?
- At Pro Funding Source, we are committed to assisting businesses with their financial and funding needs through a streamlined and business-friendly process.
- With a simple and easy application process, accessing working capital has never been this effortless.
- Best of all, our terms are highly competitive.
Revolving Line of Credit
- You can take funds from the credit account which will be considered against your balance as frequently as you desire, but permitted up to a defined limit.
- Monthly payments are required after borrowing from your line to payback the account balance. You are still able to borrow additional funds with an outstanding balance as long as you have not met the limit.
- Individual withdrawals have the same loan terms and is treated as a singular loan.
Secured Line of Credit
- The Line of Credit is “Secured” by your assets. Collateral is required to be eligible for a Secured Line of Credit. The benefit of offering up collateral for this type of credit line is the lower interest rate, more agreeable terms, and higher account limits.
Non-Revolving Line of Credit
- Unlike Revolving Credit Lines, every time you borrow from a Non-Revolving Line of Credit the transaction is considered as an independent loan with separate terms.
- The Line of Credit will have specific terms regarding replenishment included in the contract. The credit available to you may not replenish even after paying your existing balance. You should read the agreement terms carefully, and consider a Revolving Line of Credit if you want access to borrow more than the allotted credit line.
Unsecured Line of Credit
- Unsecured Lines of Credit afford you higher amounts and do not require any collateral. The product does include additional costs, shorter terms, and potentially higher interest rates.