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*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.
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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.
See what you can qualify for on the Lendio Marketplace.