Best small business lines of credit of March 2025.
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What is a business line of credit?
And because a line of credit is revolving, you can use it as many times as you want. As soon as you repay what you’ve used, those funds become available to you again.
Benefits of a small business credit line.
Only pay interest on the funds you use.
With a business line of credit, you only pay interest on the amount of funds you use, not the entire credit line. For example, if you’re approved for a $40,000 business line of credit and you use $20,000 for office upgrades, you’ll just pay interest on that $20,000. This could save you a bundle in interest. Pretty cool, huh?
Multiple use cases.
Just like with a credit card, you can use a business credit line for just about anything. It’s good for businesses looking to expand and in need of a little cash to set up a new location, or for working capital. It can also be great to have on deck in the event you might need funds unexpectedly or to cover a dip in cash flow due to business seasonality.
Best small business lines of credit of October 2024.
BlueVine – Line of Credit
OnDeck – Line of Credit
Idea Financial – Line of Credit
Headway Capital – Line of Credit
Fundbox – Line of Credit
Minimum requirements for a short-term loan.
*Qualification criteria, rates, and other funding terms will vary depending on the type and location of your business, and upon other factors. This is not a guarantee of funding, and it should not be relied upon as an accurate assessment of the availability or terms of the represented funding products.
How much can I qualify for?
Not sure what you need or what funding options are best for you? Use our simple calculator to get a rough idea of your options with no commitment, and apply when you’re ready.
How to get a small business line of credit.
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FAQs
Find answers to some commonly asked questions about lines of business credit.
To qualify for a business line of credit you will need to have a credit score of 600 or higher and have a proven track record of generating revenue. Newer businesses can look at line of credit options for startups.
You can obtain a business line of credit without needing collateral. This type of credit is called an unsecured line of credit, and it does not require you to put up any collateral. However, it can be more expensive due to higher interest rates. Lenders take on a greater risk when lending unsecured funds, which is why they charge higher rates of interest.
A small business loan is a lump sum of money that is given to the borrower upfront and repaid over time with interest. It is ideal for one-time investments or larger expenses. A line of credit, on the other hand, allows the borrower to access a predetermined amount of funds as needed and only pay interest on the amount used. It’s better suited for recurring or ongoing expenses. Learn more about business loans vs. lines of credit.
A line of credit and a credit card both offer access to funds as needed, but there are some key differences. A line of credit typically has higher limits, longer repayment terms, and may have lower interest rates compared to a credit card. It also requires an application process and may require collateral. On the other hand, a credit card is usually easier to obtain and can be used for smaller, everyday purchases.
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