Business Line Of Credit

Home - Business Line Of Credit
business-line-of-credit-loc

All the working capital you need in one simple and fleixble solution

Business Line of Credit

With a Business Line of Credit (LOC) from GoKapital, you can access the capital you need at any time. If you have been in business for at least one year, you can get approved for up to $250,000. The best part is that you will only pay interest on the amount you draw, not on the entire loan amount. We have no pre-payment penalties. Pay early and save on interest. Expand your business today with GoKapital’s instant line of credit.

Got Questions? Give us a call at 1-866-257-2973

  • Loan amounts: $20K to $250K
  • Terms: 6-12 months
  • Minimum credit score: 630
  • Pay only for the money you use
  • Fast and easy online application
  • 24 Hour approval and 1-3 days funding
  • We lend in all 50 states and in Canada
  • Early payment discounts (save on interest)
  • Interest Rates from 3% to 18% **

**(Your final interest rate may vary based on the application)

Step 1

Easy Online Application

Fill out our online application form and we will have an answer for you in 24 hours or less.

Step 2

Receive an Offer

Define what you are agreeing to: Rates, terms, etc.

Step 3

Accept Your Loan

You’ll only pay for the funds you use

What is a: Business Line of Credit ?

A line of credit (LOC) is a flexible revolving loan, in which a lender, usually a bank or a private lender, and a borrower, agree to a maximum amount of capital that the borrower can withdraw at any time. The borrower has these funds at his or her disposal, as long as he or she doesn’t exceed the maximum amount established in the agreement and makes payments on time.

The balance in a line of credit is revolving, meaning that the borrowers can use the funds, repay, and then spend again in a revolving cycle. In this way, lines of credit are very similar to business credit cards.

Business owners will typically use a line of credit to remodel or expand their store/offices, buy new tools or equipment, meet payroll, purchase inventory, launch a marketing campaign, or cover any unexpected expenses.

An essential advantage of GoKapital’s line of credit for business owners is that it provides more flexibility than a regular business loan.

business-owners
how-do-i-get-line-of-credit

How do I get a line of credit for my business?

If you apply for a line of credit with a traditional bank, you’ll have to fill out extensive paperwork to prove that you have a steady cash flow and a reliable credit score. Even after submitting all the paperwork, there is no guarantee that your loan will be approved.

Online lenders such as GoKapital, on the other hand, have looser qualifications than banks.

To obtain an unsecured line of credit, all you need is at least 1 year in business and $20,000 or more in monthly revenue. After reviewing your application and business’ revenue, within 24 hours or less, you will know if you have been approved. You should also get an offer that will break down your rates and loan terms.

If you got approved for a line of credit but you don’t need to withdraw any funds yet, don’t worry. You’ll only pay interest on the money you use. If you don’t use any funds, you won’t pay anything back.

Requirements

  • Time in Business: 1 year min.
  • Monthly Revenue: $20K avg.
  • Business Bank Statements: 6 months
  • Overdrafts: Less than 5 negative days per month
  • Minimum Credit Score: 630

Application Process

  • Fill out the online application and tell us about your business
  • We review your business’ revenue and documentation
  • If your application gets is approved…
  • The funds are deposited into your account within 1-3 days

How business lines of credit works

Here’s an important question; when it comes to your business, how do you prepare for the unexpected?

Maybe you’ve been saving for a rainy day, however good or bad surprises can happen to anyone and that’s when a revolving business line of credit comes in handy to fill in any financial gaps.

With a revolving line of credit, you can borrow money to even out your cash flow, repay it, and reuse it–as long as you don’t go over the credit limit.

If you use it wisely, a line of credit is a flexible financial tool that can help you grow your business, pay bills, cover payroll, or make short-term investments.

It is a good idea to get a revolving LOC, even if you’re not going to use it right now. Remember that the ideal time to apply for business funding is when you don’t need it, and not when you’re desperately looking for capital.

how-line-of-credit-works
line-of-credit-vs-term-loan

Business Line of credit vs. term loan

One fundamental difference between a line of credit and a regular Small Business Term Loan is that with a LOC, borrowers can withdraw the amount of capital that they consider necessary to cover their business’ needs and pay interest only on the portion of the money that they borrowed.

They don’t necessarily have to draw the entire amount approved by the lender. While on a regular business loan, borrowers receive a lump sum of cash that he or she has to pay back in equated monthly installments. In other words, a line of credit gives the borrower the flexibility to take out as much or as little as they want as long as he or she doesn’t exceed the maximum credit amount.

Unsecured and secured lines of credit

If you are considering getting a line of credit for your business, keep in mind that there are two types; a secured LOC and an unsecured LOC.

The difference between the two is that in an unsecured LOC there’s no collateral required, therefore the approval process will be faster.

Whereas in a secured LOC you can get a higher borrowing amount since the LOC is secured against your assets. Most of the time, small business owners will prefer an unsecured line of credit.

unsecured-vs-secured-locs

ARTICLES OF INTEREST | BUSINESS LINE OF CREDIT

1. Nine Ways to Start a Business Without a Traditional Bank Loan

If you’re trying to start a business without a bank loan, you have viable options available. You want to compare the various options available to make sure you get the best rate. Our list highlights a few options you’ll want to seriously consider to get your business off the ground and running.

2. Be careful with the loan application form

At the time of filling out a loan application form for your business line of credit, it is necessary to be careful with the information provided, since erroneous Data may be the  cause of a “Denied” stamp on your business loan application form. For this reason, read carefully before writing and coordinate in advance the data and information of your work and personal references.

3.How to Use a Business Loan to Grow your Company

Banks are a difficult option for some, and investing your own money can be extremely risky if done incorrectly. Experts advise entrepreneurs to avoid investing all of their own money into their business and instead seek funding through a financial institution.

4. A Closer Look at How to Qualify for an SBA Loany

Often, operating your own business can be a challenging and extensive process. There are  many things you will need to take into careful consideration, such as; There are many things you will need to take into careful consideration, such as; how you will successfully fund your business? Many entrepreneurs do not have the necessary capital saved up to run their company because it can be very expensive, depending on which field or industry you are operating in.

5.  Eight Tips to Help Your Small Business Increase Sales

Every day, small businesses are faced with several challenges that make it more difficult to increase revenue.With that said, there are multiple strategies that your small business can take to boost its profits. Today, we’re going to look at eight actionable strategies that your business can use to promote sales.

6. How can I fix a Bad Business Credit

Whether your business is just starting out or it has been operating for some time, it is essential to maintain a good credit standing. Most companies operate on a credit basis at least in part, if not entirely, and depend on a strong credit rating for economic survival.

7.How to Qualify for a Small Business Loan in 8 Steps

It is depressing to be refused for a small business loan. You thought you had everything in place to better run your business and start producing more profits. You thought you had everything in place to better run your business and start producing more profits. Then, your loan application gets rejected.

8. Business Term Loan, MCA, or Business Line Of Credit: Which One Is Right For Your Business?

Capital is needed for the daily functions of a company, the unexpected expenses that could arise, seasonal costs, and opportunities for growth that require cash to get started. Securing financing and figuring out how much money is needed so you don’t miss opportunities for growth, intimidates many people out of becoming business owners in the first place

9.What Type of Loan is Right for my Business

If you own a business, chances are that you will need a loan at some point. There are numerous types of loans available; therefore, you need to understand your options. There are numerous types of loans available; therefore, you need to understand your options. Here are the most common types of business loans.

10. Hard Money Loans: A Viable Borrowing Alternative

Much has changed as more people are now using hard money loans as a strategic means to an end. As long as there is a need for money, borrowers need as many ways as possible to get that money. That opens the door for people/companies that have money and an interest in providing others with financing on a more private level.

GoKapital.com

Business Loans Programs - Business Line of Credit

Your business line of credit is waiting

Real Customer & Reviews on Google

★★★★☆

4.2 Rated

Give us a call 1-866-257-2973

Monday – Friday | 9 am – 6 pm Eastern Time