An unsecured line of credit essentially grants access to cash – with no collateral needed to secure the loan/line of credit – and you can use that cash for any business expense. You only pay fees and interest on the money you actually withdraw and not on the total credit line (for example, a $10,000 line of credit and you are using $4,500 means you are only paying fees and interest on the$4,500). If your business needs funds FAST, an unsecured line of credit (ULOC) might be the answer for you.
Still wondering if a ULOC is right for your business needs? Check out these highlights:
- No collateral required
- No financials required
- Quick funding in as little as 3-5 weeks
- FICO® scores of 680-700
- No recent derogatories and no major derogatories
- At least five years of credit history is preferred
- Startup businesses qualify
- Credit partners – such as spouse, friend, business partner or family member – qualify too
Keep in mind that debt can add up quickly if you only repay the minimums or do not have a plan in place to repay a ULOC funding source. Tenet Financial Group can help you review ULOC funding, answer your questions and help you determine if this funding type would be good or bad for your business. Call us today at 1-888-901-3335.