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Some lines of credit charge a fee for opening the credit line with the lender. This fee typically costs 1 percent to 3 percent of the principal loan amount. Payment processing fee.
Traditional lenders tend to have strict requirements for business lines of credit, including credit scores of 670 or higher, annual revenue of $250,000 or higher and at least two years in business.
This credit line can help cover business expenses like paying your employees or purchasing inventory. Because a small business line of credit offers flexible financing for your business needs ...
A line of credit is a credit facility extended by a bank or other financial institution to a government, business or individual customer that enables the customer to draw on the facility when the customer needs funds. A financial institution makes available an amount of credit to a business or consumer during a specified period of time.
Business lines of credit may have lower credit limits when coming from an online lender. Loan sizes typically range from $5,000 to $500,000, though some go higher. Loan sizes typically range from ...
Lines of credit for high-risk borrowers offer short terms from six to 24 months, although some lines go higher, like five years. May charge high interest rates.
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