Business Line Of Credit FAQ

Get answers to frequently asked questions about business credit lines.

Questions about business credit lines? We have answers.

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A business line of credit is a flexible financing solution that lets you borrow what you need, when you need it, from a predetermined amount of money. You can draw as much as you want, up to the maximum amount.

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As mentioned in the question above, you will only need to make payments on what you borrow. Here is an example: Let’s say you own a restaurant and have a $200,000 line of credit and draw $50,000 to buy new furniture and fixtures. You only pay back the $50,000 you borrowed, plus interest, and the $150,000 is available should you need to draw it in the future.

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A business line of credit is an account that lets you draw funds, pay them back (with interest), and redraw them. You are only required to make payments on the funds you borrow. A small business loan is a lump sum of money that requires daily or weekly payments until the loan is paid off, even if you don’t use the funds during a certain time frame.

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Our website has a simple online application that can be completed in just a few minutes. Once we receive your application, it will be reviewed promptly. We will then send you a decision so you know how much you might qualify for.

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Getting a business line of credit from Balboa Capital is relatively easy. Your company may be eligible if it has been operating for the past twelve months, and it meets our annual revenue requirements. A decent credit score will also increase your chance of getting approved.

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Balboa Capital considers all credit profiles, even those that are viewed as too low by banks, credit unions and other lenders. If you have a low personal credit score, your line of credit will have a higher interest rate. However, it is a viable option if you need fast access to funding for short-term business needs.

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That depends on several factors, including your time in business, credit rating, and annual revenue. Having a good Paydex score enables you to get a lower interest rate.

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A business line of credit from Balboa Capital can be used for any business expense you have. Use it to pay bills, purchase inventory or equipment, increase cash flow, and cover the costs of unexpected business expenses.

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Balboa Capital offers daily, weekly and monthly payment options.

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Balboa Capital is a top-rated independent financing company that has provided billions of dollars worth of funding to small businesses in the United States. We are known for fast, hassle-free business funding with competitive rates, and customer service that is second to none.