Business Lines of CreditA line of credit, aka an LOC, is a financial arrangement between a lender and a customer that creates a maximum loan balance that permits the borrower to access or maintain at any time.
Qualifying for an Unsecured Line of Credit
Applying for a business line of credit from a traditional bank takes time and effort that does not always yield the desired results. With EML Capital Group, you do not need to have an exceptionally high credit score or go through a difficult or time-consuming application process. We make it quick, simple and easy so that you can get the approvals and funding you need. All you need is to have been in business for three months and have generated $10,000 in gross monthly sales.
EML Pays More. Faster. Easier.
Unsecured financing can often offer higher loan amounts. Secured business funding has limits that Unsecured Business Funding does not. Unsecured funding is faster and often has higher loan amounts. Unsecured loans also skip the annoying appraisal step. In fact, with EML Capital Group funding can often be obtained within 24 hours of application. This type of loan requires less paperwork, less documentation, and causes fewer headaches than secured business funding.
Flexible Payment Terms
Flexible payment terms are definitely one key advantage of an unsecured business loan from EML capital group. Our term lengths can range from three to three years depending on the situation.
Here at EML Capital Group, we specialize in unsecured business loans, and over the years, we have helped business owners in all industries secure the cash they need, fast.
Business Lines of Credit
One of the most common small business finance options is a business line of credit. A business line of credit is a great way for business owners to get access to an ongoing stream of funds to help pay bills, maintain the daily operations of the company, and manage cash flow. Basically, a Line of Credit or LOC, is a business loan that helps businesses grow by opening up another source of funding. It can be for purchasing supplies, inventory, or even covering expenses.
Maintaining cash flow is one of the most common uses for a business line of credit. It happens all the time to businesses, unexpected circumstances arise that can make it difficult to maintain cash flow. No matter the reason, the best thing to do is to give us a call.
It’s important to understand your options; there are a few differences between a line of credit, a credit card and a business loan.
Our specialists are here to use their wealth of experience with the different types of funding options to tailor the perfect solution to fit your specific needs.
Business Line of Credit vs. Loan
What is the difference between a business line of credit and a traditional business loan?
Although similar, there are subtle differences that allow each option to offer its own advantages.
These differences are important to consider when making your decision for funding your business.
Interest rates are one difference.
Business loan rates are usually fixed, and dependent on your credit score and level of risk.
For a business line of credit, the interest rate is generally tied to market rates.
Another difference is the way the payments are structured. With a business loan, you have a set amount that is due each month until the loan is completely paid off. With a business line of credit, your monthly payment depends on how much of the line of credit was used.
Basically, instead of having a set amount to pay monthly, the amount to pay will vary depending on your monthly spending.