What are Business Lines of Credit, and why do I want one?
Business Lines of Credit, abbreviated as BLOC, are basically flexible loans that you can get from banks to cover costs. As the name might suggest, most lines of credit are spendable via a credit card. You spend the money when you need it, pay a minimum monthly payment, and you don’t have to worry about taking out multiple loans.
What kind of requirements are involved in getting a Business Line Of Credit?
You will need to have an 80 PAYDEX score, as well as a 720 personal credit score with no derogatory marks whatsoever. To apply for a business line of credit, you have to be a business owner or an authorized borrower. US residency or citizenship is required for anyone signing up.
Can I get the business name on the card? Yes. In fact, many would suggest it.
How much can I get?
Generally, our clients will get 6 to 8 different lines of credit, each with a maximum of $5,000 to $100,000.
What does this cost?
We need an initial deposit of $1,000, and we also will ask for a small percentage of the lines you receive.
Why can’t I do this myself?
You can. However, we’ve noticed that people who choose to go at it alone tend to get fewer lines of credit and less money in general. It also takes more time to get approvals.
Can I use these lines of credit to do debt consolidation?
Yes! We’ve noticed many companies do this as a way to avoid high interest rates.
What happens if I get rejected?
Finance Fitness GYM won’t leave you hanging! You can always enroll in our Business Credit Building Program. We can help you get the money you need, or at least the credit score you need to do so.
How is the amount of money I receive determined?
Each lender has his or her own standards, and will use different factors to determine how much you get. Some common factors include credit score, the amount of money your business makes per year, industry, and equity.
What do I need to apply?
Believe it or not, you will need quite a few things. You will need a business tax ID, a legal business structure, a legal business name, information about your company’s legal formation, a US business address, information on your net and gross annual sales, as well as the personal information of all qualified cardholders.
After we apply, how long does it take to actually get the card?
Assuming that you are approved, your card will come within 7 to 10 business days.
Are there limits to how many cards you can get?
There are no limits to how many cards you can request.
Can I pay my BLOC off early?
Can I withdraw cash from my business card?
Yes you can, and you can even do it at an ATM. However, there are limits to how much cash you can withdraw.
Do I need an attorney’s assistance?
It’s never harmful to speak with an attorney regarding personal and business matters, and often times, it may be the best thing you can do if you think that an attorney’s advice can help you. Although we aren’t a law firm and we cannot provide anyone with any legal advice, you are more than welcome to speak with an attorney that we use for our company. We truly want to get familiar with our clients, and help them in any way we can. Simply send an email to firstname.lastname@example.org and we’ll be sure to forward it.
Still need help? If you have a question that isn’t answered here, or if you feel like you could use advice when it comes to the best route of financing for your business, we are here to help you make the best choice for your company! You may call us at 833-FINANCE or email: email@example.com. You’re also more than welcome to visit our office. Evening and weekend appointments are available.