If you want to start a small business, you may need to know about the best 10 small business lines of credits 2019. Line of credit helps you to get enough funds for supporting your business.
There are so many providers offer a line of credit for small business. Read the information below to know more about it.
|Small Business Line of Credits|
Choosing Small Business Line of Credit 2019
There are some things should be considered whenever you want to obtain a small business line of credit. For example, it is choosing the provider.
There are so many provider choices for you, such as traditional banks and alternative online lenders. It depends on your needs.
Every provider usually offers a line of credit that comes with various advantages.
For your recommendation, try to consider some important things, such as the speed of funding, repayment terms, the application process, costs, and the likelihood of approval.
But, try to choose the line of credit with low interest. Low-interest line of credit helps you to return the fund without spending too much money.
Today, you can find lenders or providers that offer a line of interest with the lowest interest (0-1 %).
Best Line of Credit for Small Business in 2019
BlueVine included into the best small business line of credit 2018. It offers the best line of credit for most small businesses. It offers the best combination of qualifications and rates.
This line of credit offers lines up to $250k for every borrower with $10k per month in revenue. The repayment terms offered by BlueVine are for 6-12 months.
About interest, it requires 0.3- 1.2% interest per week. You can easily obtain a line of credit from BlueVine by filling out an online application, and then you will get funds in a few hours.
It is the other best line of credit for small businesses. It offers to fund up to $250k with $50k as its annual business revenue. The credit score is up to 550+. About the repayment term, it offers 6-12 months with the monthly repayment schedule.
Kabbage requires an average fee that is up to 4% for a 6 -month. But, Kabbage offers no prepayment penalties.
To obtain a line of credit from Kabbage, you need to fill out the application. It may take about 10 minutes. After that, the fund can be gotten within 1 day.
It offers a line of credit up to $100k. You will be charged a fee of 0.5-0.7% per week. You need to be in business for 6 months to obtain this line of credit.
It offers 12-24 weeks as its repayment term with the weekly repayment schedule. It requires 0.5-0.7% interest per week with no additional fees and prepayment penalties.
Like another line of credit, you can fill out an online application to obtain the line of credit.
It offers a line of credit up to $100k with an APR of 13.99-39.9%. To obtain the Ondeck line of credit, you have to be in business for 2 years or more.
It also requires a 600+ credit score and annual business revenue that is up to $150k. It requires weekly repayment with 6 months repayment term.
# Wells Fargo
Wells Fargo offers a line of credit up to $100k. This line credit can be easily obtained for you who have been in business for more than 2 years.
It requires an annual fee of $95-$175. The annual fee depends on your line amount (lower or higher than $25k).
To apply for Wells Fargo line of credit, you have to go to a branch location and talk to a business banker to obtain your line of credit.
It is another recommended line of credit for small businesses. It offers a line of credit up to $150,000. The APR is up to 9%-40%, but for specialty, lines are 1%-5.5%. It requires a loan term for 3-36 months. About funding time, you can get the fund within 1 to 5 days.
# Seek Business Capital
It is another recommendation for you. Get a line of credit just in 1-3 weeks. You can easily get a custom funding plan within 2 hours with pre-revenue.
Seek Business Capital also offers visibility assessment and other business services.
Get a line of credit up to $600k by choosing National Funding. The cash can be gotten in 24 hours. You don’t need to pay the upfront costs.
It requires 100k minimum annual revenue. It is good for you who have been in business for more than 1 year.
It is the other best line of credit for small businesses. Get your fund by doing simple steps. You just need to fill out a short form. It may take 3 minutes or less.