Do you think the Business line of credit is a fast way to get an SBA loan during Quarantine?

In conditions where almost every small business is suffering in the US. People are getting more loans to support their business. When it comes to small business loans the borrower wants to get it quickly. So in that situation, There are a few options that can help you get these loans fast. In this article, we are going to discuss the line of credits.

Getting the loan for a credit line can be easy or tough because every lender will examine your business qualification according to their terms and policy. Luckily, there are some straightforward steps you should follow to get a loan fast.

Check your credit score

A strong credit score will make it super easy for you to get a business line of credit. To borrow a small business line of credit, you must have a minimum of 600+ credit score. Although every lender has different rules and conditions, a credit score of 600+ is the least requirement of most loan providers.

If you want to get a business loan from the bank, then you need a higher credit score, maybe 1000+. Usually, ARP and charges of banks are higher as compared to private or online lenders.

Examine different lenders

Once you've found out what kind of business line of credit you qualify for, compare the amounts and rates of different lenders, and select the lowest and the most reliable one.

Apply online

Another advantage of not choosing traditional banks is that you can apply online. Most of the lenders offer online applications to make the process easy.

Why You Should Have a Business Line of Credit

The business line of credit is not like business loans (one time use); they're something you get before you need it. They are obtained for your business in case of any unexpected cash flow issues, which is common in the industry. It keeps you safe from searching for financing in a hurry and making wrong decisions (fraud or higher interest loan services, etc.). With a business line of credit, you pay only what you use, allowing you to keep a line open with the lender at a minimal cost.

Business Line of Credit Providers With Lower Credit Score and APR

Currently, you can quickly get the business line of credit from BitX Funding (within 24 hours). They're the leading online lenders with the portfolio of helping more than thousands of potential businesses. With a rating of 8.1 (powered by Trustpilot), they're reliable and trustworthy.

To Qualify For the Loan:

Your business must be in running for at least one year with annual revenue of 100k. For credit score, it's great if its above 600. They offer easy weekly payments, that will be automatically deducted from your business bank account.

BitX Funding offers a simple application process, all you need is some information about your business, like name, address, and monthly credit volume, etc. Fill up those easy fields with the amount you want to borrow and apply online. Their team will analyze your application and get back to you in a few minutes.