Where Can My Business Get a Fast Bank Credit Line
When it comes to getting a fast bank credit line, the answers don’t always come easy nor fast. A lot of answers you are looking for are hidden behind a locked wall. In this post, we will give you another option other than working with a commercial bank.
A fast bank credit line is one of the most flexible, time-honored tools to raise fast funding for a small business, but it is not for everyone. Thankfully, you do have options.
The Advantages and Disadvantages of a Fast Bank Credit Line
Many businesses turn to a fast bank credit line when in need of extra cash. After all, an ongoing supply of money can come in handy when you are short on cash but still need to handle daily expenses such as making payroll or paying vendors.
Unfortunately, some businesses use their business line of credit unwisely. It is important to note that an instant business line of credit is best used as emergency business financing or to tide you over when facing an account receivable gap.
Those who use it as just an excuse to cover a poor business are making a mistake. You must remember that if you use your line of credit, at some point it must be paid back.
Why Financing Solutions is better than a Fast Bank Credit Line
The local bank is no longer where businesses are turning for a fast bank credit line. Financing Solutions is now offering an alternative to a bank line of credit with their unsecured business line of credit with no personal guarantee.
Financing Solutions’ line of credit product works very similarly to a commercial bank in that FS will approve your business for a certain amount, and that line will stay in place at no charge to you. The only time you are charged is when you use the line and it is very inexpensive when used.
Unlike a cash advance, you can pay off the balance at any time which is what makes the line of credit inexpensive. Many clients use their line of credit for a few weeks and pay off the line when cash comes in. They then use the credit line again later. It is a great cash backup plan.
Applying for a faster bank credit line
Best of all, applying with Financing Solutions is easy with a 2-minute online application where you will receive a no-obligation offer on the same day. FS does not run any credit checks for offer letters.
To qualify you will need at least a 630 personal credit score and your company will need to be doing at least $400,000 per year in revenue. If you are unsure of your personal credit score you can visit Credit Karma which will provide you your credit score for free.
What You Should Know About Fast Growth
Every business expects to grow. Sometimes, through luck and hard work, your company may grow faster than you anticipated. Here are some aspects to keep in mind whether you are taking things slow or have jumped on the fast track to growth.
One thing to remember is that, as you grow, you will likely need to hire more people. Make sure you have the time, space and small business funding necessary for this vital task.
You may also experience an increase in business taxes. They don’t always escalate parallel to your sales figures. For example, the IRS may decide to calculate your taxes using your most profitable prior sales period. This is something to watch carefully, as not paying business taxes can bring the IRS to your door and put your company in jeopardy.
Of course, no matter how fast you are growing, you may still encounter some hiccups and cash flow shortages. When this happens, you should know that you can always turn to Financing Solutions. They will be there for you when you need an instant business line of credit.