BUSINESS LINE OF CREDIT
A business line of credit works very much like a credit card. With an unsecured line of credit, a lender will provide you with access to money, up to a preset limit, that can be used for any type of business expense. Businesses often use lines of credit for operational expenses such as purchasing inventory, repairing equipment or machinery, or payroll.
Unlike a small business loan, you won’t receive a lump disbursement with set monthly payments. You will be required to make monthly or weekly payments only on the money you borrowed. Additionally, you will only pay interest on the amount of money you have borrowed from the line of credit. If you have a credit line of $50,000 and have only borrowed $10,000, you will not have to pay interest on the remaining $40,000.
Many lines of credit are unsecured meaning you do not need to put up collateral to borrow the money. For larger lines of credit, you may be required to secure the line of credit as a means of protection for your lender. Most unsecured lines of credit will come with a variable interest rate and will need to be renewed on an annual basis.
If your business is in need of capital for various operating expenses or vital equipment purchases, contact https://quickspark.com/ today for more information or to receive a free quote on a business line of credit today.
Clear Mortgage Line of Credit
Clear Mortgage can provide a line of credit secured by real property. We often provide cash to borrowers secured by properties that they own. Ultimately, the borrower can do what ever they want with the funds. Typically our client use those funds to purchase other properties or use those funds to rehab another project.