If you want to have more control with your loans, you can apply for a revolving line of credit. Unlike the traditional loans, this doesn’t use a fixed interest rate, but it’s one of the most flexible debt options. You can borrow any amount against your credit limit. You can also repay only the minimum amount while due dates can be long. You can use the funds for a variety of purposes from starting a business to marketing your products. But where can you apply for one? Here are the 5 best companies for revolving lines of credit.
BueVine specializes in two financing options for small businesses: factoring and revolving line of credit. With the latter, you can borrow as small as $5,000 to as much as $100,000. This also means you can request for an increase of your limit, especially if you already have a good credit standing. The company boasts of a transparent interest rate, which can be as low as 6.9 percent. It doesn’t charge maintenance fees, prepayment penalties, and unused credit fees. You can apply online and get approved within 24 hours. You can then repay your loan up to six months.
One of the best companies for revolving lines of credit under $150,000 is OnDeck. It charges much lower interest rates than BlueVine, which range from 14 to 40 percent per annum. It’s also more flexible with repayment terms since you can settle it in a few weeks to half a year. If you have a bad or poor credit score, you are more likely to get accepted here since it approves a credit score as low as 500. Note, though, an application may take a few days before it gets accepted. Moreover, it charges a fixed fee of $20 for account maintenance each month.
Kabbage has one of the highest credit limits on the list at $150,000. It also approves application as fast as 10 minutes while repayments can be as long as a full year. When you apply and are approved, you will receive a Kabbage card, where you can transfer and withdraw funds. You can also access your account through your mobile device. To qualify, your business should be around a year with a minimum revenue of $50,000 a year or $4,200 for the last three months before your application.
4. Street Shares
Street Shares can offer you a revolving line of credit up to $100,000, but it also offers a very cheap interest rate, which can be as small as 9 percent. It needs you to repay your borrowing every week, but you don’t have to spend for a prepayment fee. You need to have a credit score of 600 and your business should be at least a year old, but your revenues can be very small at $25,000.
5. Lending Club
The Lending Club has the highest credit limit among the entries here. You can borrow as much as $300,000 while the interest rate is low at 8 percent. To take advantage of these benefits, though, your business should be around for 2 years and earning no less than $75,000 a month.
Which of these best companies for revolving lines of credit would be perfect for your needs? Shop around and choose wisely.
When applying for revolving lines of credit, you just don’t sign up with anyone. Make sure you partner with the best companies for revolving lines of credit. Check out our list at www.revolvinglineof.credit.