BUSINESS LINE OF CREDIT:

A Business Line of Credit (LOC) secures an approved amount which allows the client to draw funds up to the limit at their discretion. “Revolving” means as they pay back money those funds become available to use again. They don’t pay interest on the approved amount – only on the funds they take out.

1. Get Approved For Line Of Credit
Draw Funds Multiple Times As Needed
If a Client is approved for $50,000 LOC, but they only need $8,000 right now, they can only pull out $8,000 right now.

2. Only Pay Interest On Amount Used
Clients only pay interest on the money taken, and only until the money is paid back-this is called a Balance Fee.

3. Pre-Pay To Save Big Time
Clients can prepay their balance earlier than the 6-12 month term with zero fees and big savings on interest expense. With no balance owed – no balance fee would be charged any longer.