Score Based Business Line of Credit
I’m excited about today’s blog post because we are going to show you how to get an unsecured business line of credit with a soft pull and no personal guarantee.
This is an actual line of credit that you can acquire that not only builds your business credit but also protects your personal credit too.
So, before we get into details on applying, let’s talk about what a score based business line of credit is.
This credit line provides two ways for you to access funds up to your approved credit limit.
Draw Cash Online – You can draw cash from your business line of credit directly to your business bank account via your online account portal. Once logged in you can select how much funds you want deposited into your account up to your credit available.
The benefit of this function is no cash advance APR. With standard business credit cards, you are limited to how much cash you can advance. Also, if you do there is a cash advance APR that is triggered on the amount advanced which is typically above 20%.
Business Credit Card – A World Business MasterCard® is issued to your company which can be used for purchases up to your credit limit.
Now, once you use your credit line there are several options to repay your outstanding balance. You can either pay the minimum monthly payment, pay more than the minimum monthly payment or pay the balance in full.
The annual interest rate ranges from 9.9% – 19.99%. The rate issued to your company will depend on how strong your personal Experian FICO® score is since this is based on your score alone.
Click to continue …