Business Loan vs Line of Credit
Why type of credit is right for your business?
Determining whether to choose a business loan or line of credit should be based on how much funding you need, when you need it, how long you need it and when you can pay it back.
The main difference between a loan and a line of credit is a loan is a lump sum of money issued at one time allowing you to make a specific purchase; a line of credit is like having cash on tap up to the credit limit issued whenever you need it.
Before you decide which funding vehicle to pursue, let’s review both options so you can gain greater insight between the two as well as the pros and cons of each.
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