Best Business Line Of Credit For Startups (Which Is The Best Business Line Of Credit For Startups?). In this video I will talk about the best business line of credit for startups.
Links to the credit lines
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OnDeck – Best for businesses with low credit scores.
OnDeck offers flexible lines of credit for new businesses with a low credit score, which is ideal for startups that still need to build their credit score. Startups with a credit score as low as 625 can access up to $250,000 with a flexible payment plan. OnDeck offers flexible repayment terms starting from twelve to twenty-four months for short-term loans and up to $100,000 payable in twelve months for revolving loans. In addition, OnDeck charges $20 for a monthly maintenance fee and a one-time registration fee. However, the credit line charges 29.9% for short-term loans and 48.9% for revolving lines of credit which are high for some businesses. Businesses can access funding within three business days.
Fundbox – Best for new businesses
Fundbox is a line of credit developed for young businesses that have been in operation for at least six months. The credit lines offer short-term repayment plans ranging from twelve to twenty-four weeks with rates as low as 10%. Businesses can access up to $150,000 in three minutes by making an application on the Fundbox mobile application. In addition, the credit line is available to businesses with a credit score of at least 600, which is ideal for startups. Furthermore, your business must have more than $100,000 in annual revenue to qualify for the loan. Fundbox charges no application fees or monthly fees.
American Express Business Line of Credit – Best for startups struggling with growth.
American Express offers flexible lines of credit loans from as low as $2,000 up to a maximum of $250,000, payable within twelve and eighteen months. Depending on the term, loans attract rates between 3% and 27%. Your business must have been operating for at least one year with as little as $3,000 in monthly revenue. This line of credit is ideal for startups that need help generating cash flow and growth. To qualify, you must have a credit score of at least 640 and physical operating branches within the United States.
So, which one is the best line of credit from the list?
Our best pick from the list is Fundbox. This credit line offers a more significant loan limit at competitive rates, which is ideal for most startups.
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