If you want to improve your business, you can’t just sit there and think about it. You must get up and do something. But you have to do the right thing. Therefore, before you think about getting an unsecured business credit card, consider a line of credit instead.
Although your business may be small, you have to think like the big guys. Today, businesses small, medium and large are bypassing the unsecured business credit card in favor of a business line of credit. Learn more to discover if this is the best choice for your business.
Why You Should Avoid Wasting Time with an Unsecured Business Credit Card
Unsecured business credit cards are impossible to get. They do not offer them. If you happen to find one, you should understand that banks only grant them typically to large, successful companies with tons of collateral.
Usually, there are links between these cards and your personal credit. In order to qualify for a business credit card, you must have an excellent personal credit score. This number must be at least 680 or above for most lenders. As a small business owner, you already know how difficult it is to separate your personal funds from those of your business. Getting an unsecured business credit card just makes it that much harder.
Unless you have a low debt to income ratio, don’t even think about it. Banks use several types of criteria when determining your eligibility for a business credit card. One of the most important is how much debt you carry, for how long and how you use it. The bank needs this number to be a 50 or below. Otherwise they will not approve your application.
Where to Go When You Think a Line of Credit is Right for You
If you are looking for options that don’t involve collateral, you have come to the right place. Financing Solutions (www.financingsolutionsnow.com) provide unsecured business lines of credit that do not require a personal guarantee (unless in the cases of fraud).
At Financing Solutions, they make it easy to get instant business funding. You can begin by answering 10 simple questions online. They don’t even run a credit check until you receive your offer and decide to move forward.
Once you provide the supporting documentation, you will have your money. The entire process, from start to finish, takes 48 hours or less.
Business Think
Keep dialog open – this is true for both customers and employees. Everyone should feel comfortable discussing problems and offering feedback. Check your ego at the door and really listen.
Make smarter decisions using actual data – it’s easy to guess what a problem might be. More difficult is having the patience and ability to wait for empirical facts in order to be sure. Only when you know what you are dealing with can you make the right choices that will truly fix the issue.
Don’t run out of cash – this is the most popular reason that many small businesses fail within five years. With business working capital from Financing Solutions, it won’t happen to you.
