Setting up a business line of credit is often not on top of a business owner’s mind. That is until you need an instant business line of credit for working capital. So, let’s not waste any time and get you the information you need about setting up a small business credit line.

How to get an instant business Line of credit

Financing Solutions, an A+ and 5 stars rated BBB financing company, provides an instant approval business line of credit for up to $100,000 to qualified small businesses. Financing Solutions provides an immediate approval answer on the same day through a 2-minute online loan application.  FS requires no documentation in their line of credit application, so instant business line of credityou will know quickly the same day if you are approved. The loan amount approved is determined by your yearly revenue and industry.

If you would prefer to speak to someone live, you can also call  862-207-4118 to speak with a Relationship Manager.

The whole process of getting a credit line set up will take 48-72 hours after you decide to move forward. This turnaround time is based on how quickly you can get the backup documentation sent over once you decide you want to move forward. The documentation typically is bank statements, recent tax returns, and bank statements.

Financing Solutions is built for speed, so the faster you go, the faster we can respond.

The fastest small business line of credit you can get

On the same day, you will receive an easy-to-understand email letting you know if you were approved or not. If not approved, FS will let you know exactly why. Unlike many companies, Financing Solutions is the direct lender.

Financing Solutions does not run any credit check for its offers and are basing our approval decisions on your loan application answers such as your yearly revenue, industry, margins, and a few other simple questions. We know what we are doing, and we don’t waste your time.

What you need to qualify for this fast-unsecured business line of credit 

To qualify, your business must have yearly revenue of at least $400,000. Your personal credit score will also need to be greater than 630.  If you don’t know your credit score and want to find it out for free, take a look at credit Karma.

Our line of credit requires no personal guarantees and is unsecured, meaning that you do not need to have any business or personal collateral to back up the credit line. Our approval decision is based on if we feel your business can support a business line of credit.

How much does this instant business line of credit cost

Unlike banks and other lenders, our line of credit costs nothing to set up and nothing until used, making it a great cash backup plan. The only time you are charged is when you use the line.

If you decide to draw on your credit line, you have complete control over when you pay the line back. This is what makes the line inexpensive. When you use your credit line, there is a small weekly fee that we will automatically draw from your bank account based on the amount of out that week. If you decide to pay the line back in 48 hours, there are no fees at all.

Many clients use their credit line for a brief period to help them when cash flow is temporarily down. They use their line and pay it back. Use their line again later and pay it back. If used for short-term financing in weeks or months, it is inexpensive, especially for the business problems it solves. There are no extra charges for keeping your line out longer.

The line of credit is approved for 12 months and renews at no cost yearly. You are not required to use your business line of credit.

How much will small business owners be approved for

The total amount we approve credit lines for is up to $100,000. That approval amount is based on your past cash flow and gross profit margins. Clients look to us to be their financing partners, and we are experts at understanding if your business can handle the financing solutions Line of Creditcost of the line of credit. We take great pride in being a good partner with your company.

Since 2012 when we first started, we have seen that our clients tend to use their credit lines responsibly. The constant feedback we get is that our clients are very happy with us and their credit line. We have fantastic references and reviews.

Why can we move so fast?

Financing Solutions can move fast for business funding because, unlike traditional banks, Financing Solutions is using its own money and not government or depositors’ funds.  This allows us to cut through all the red tape. The owners of Financing Solutions have built numerous businesses themselves, so we know there are a lot of good businesses out there.

A comparison of Financing Solutions versus a bank

You might have already applied with a local or commercial bank, or you might be thinking of doing so. You should be prepared that even in good economic times, bank business lines of credit are hard to be approved for and take a very long time to set up. Banks can also be more expensive than a Financing Solutions Business Line of Credit.

First, you should know that a bank will not give you a quick answer. You are going to be required to fill out a very lengthy application. It will ask you both personal and business-related questions requiring a lot of research. The bank is going to be looking to see if you have enough assets to secure the line of credit with assets in the case of default.

Secondly, the bank will take a long and detailed look at your personal and business credit history. If your credit has any blemishes on it then you will have a hard time getting approved.

Lastly, a bank business line of credit will have a lot of conditions. Some could reject you during their initial and yearly due diligence. They are looking at things like your client’s creditworthiness, UCCs filed against you, debt-to-revenue ratios, etc. If you do not get approved, you will most likely not know why. This is after you have put a lot of time into the process. It is very frustrating.

The reason banks are required to be so diligent and strict is that the bank is using government and depositors’ money. Banks are extremely risk-averse, and they have a thin margin of error, so that is why they are so selective.

Your quick business Line of Credit will be up in 48-72 hours

Once we receive your signed offer letter, we will run a credit check. We will then need a few documents such as:

  • 4 months of recent bank statements
  • Your most recent tax return
  • Copy of your driver’s license
  • Balance of any outstanding financing

Your assigned underwriter will let you know what we need to move your credit line through as quickly as possible.

It is important that your answers in the initial application are accurate. We see that in 90% of all applications submitted, the approval decision in the offer letter will stand once documentation is submitted.

Once all documentation is in place, one of our Managing Partners will give you a call to make sure that all your questions are answered.

Best uses of a business line of credit with no personal guarantee

The credit line is unrestricted, meaning you can use your credit line for whatever you need, such as working capital. Our clients use their lines often to make payroll, pay unexpected bills, and fulfill orders when cash flow is temporarily down.

Even though you can use the credit line for whatever you want, it is best not to keep a business line of credit for more than 12 months. Using a credit line can often mask the long-term problems with a business regarding its model, clients, or execution. If your business is experiencing long-term problems, it is best to cut your expenses.  You should address your model and then get a credit line in place.

The Financing options of a term loan, revolving line of credit, and business credit cards

The capital needs your business requires, your credit history, and your pledged collateral will determine what type of small business loan you will need.

A term loan is a lump sum of money that business owners use all at once and is often used for a long-term investment. There is a monthly payment over a few years to repay the business loan. The interest rate is typically fixed, and like a mortgage, yourfast business line of credit repayment terms will involve interest that is front-end loaded. Loan terms typically include a prepayment penalty if you pay the term loan early.

A revolving line of credit is a predetermined amount of money that you have access to as needed. Your credit limit will be based on a variety of factors, including your credit score, your collateral, and your annual revenue. A traditional bank will only offer a secured revolving line of credit.  A new easier option for many businesses is now an unsecured business line of credit from online lenders like Financing Solutions.

A lot has changed in regard to credit cards. Business credit cards used to be the go-to source for cash advances, but credit card companies figured out what business owners were doing. Business owners sometimes apply to several and max out on the cash advances. Now credit card companies report to credit bureaus, so they all know if someone has taken out a lot of cash advances.

Are SBA Loans a good option

SBA loans are a good option because their interest rates are low. Be prepared that applying requires a lot of time and paperwork. Certain banks are approved to be SBA lenders. Also, keep in mind that an SBA loan typically will carry with it points that will have to be paid upfront, which could make the business loan more expensive than what you originally expected.

Traditional business financing or a cash backup plan

If you have collateral, excellent credit history, and can wait a few months, then a bank line of credit is the way to go. It will probably be the cheapest financing, providing you use it all the time. However, banks do charge yearly fees just to have the line in place.

A Financing Solutions Business Line of Credit costs nothing to set up, requires no collateral/personal guarantees, and is easy to get in place. A Financing Solutions credit line is a different type of product for small businesses. It is a cash backup plan for emergencies or opportunities.


What about Kabbage, Fundbox, Blueline, and other alternative lenders?

Kabbage, Fundbox, Blueline, and other alternative lenders are often not much different than working with a traditional bank. They are huge companies, often owned by large banks, and you are often being approved by an algorithm.

Kabbage, Fundbox, Blueline, and others are much more expensive and complicated than a business line of credit from Financing Solutions.

Lastly, Financing Solutions is owned by 2 business owners that have built 8 businesses themselves, so we understand small businesses. When you fill out a business line of credit application, you will speak directly to one of the owners of our company. If you become a Financing Solutions client, you will always speak to a business owner if you have any issues.

You’re talking directly to the people who make decisions…just like you.