Most banks offer lines of credit that allow you to draw down against the loan during a specified time period. Most require only a simple application that can be submitted over the phone or on the Internet. The line of credit can be linked to a credit card for easy access to the funds.
Who Should Apply:
Businesses interested in a credit line of up to $100,000
The application is generally one page or over the phone.
The renewal process is generally easy.
No collateral, tax, or financial data is required.
Easy access through check or credit card.
You determine how much to withdraw and when to repay.
Banks can be selective in approving credit lines.
Some banks require you to requalify for the line and pay recommitment fees annually.
The smaller the loan, the higher the interest rate.