A Line of Credit is an available balance of cash that you can draw upon at any time.

When you apply for a Line of Credit, you’ll be approved for a certain available balance. This is available cash that you can draw on when, or if, you need it.

You only pay fees when you draw down on your available cash. It’s free have sitting there, ready for a rainy day.

Any balance you repay is returned to your available balance. You can draw on it over and over again.

How does a Line of Credit compare?

Here’s how a Line of Credit compares to some of the other options available for small business owners.

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LINE OF
CREDIT		 TRADITIONAL
BANK LOAN		 BANK
OVERDRAFT		 CREDIT
CARD
PRO’s

  • No annual fee
  • Often greater limit than a Credit Card
  • Cash, not credit
  • Only pay when you use it
  • Considers business activity not personal credit history
  • Fast online application

PRO’s

  • Cash, not credit
 PRO’s

  • Cash, not credit
 PRO’s

  • Most have a Rewards program
  • Fast application
  • Great if you can repay amount in full each month
CON’s

  • Usually no Rewards program
 CON’s

  • Full amount is interest bearing
  • Small businesses can find it hard to get approved
  • Usually involves supplying a lot of paperwork
  • Ongoing fees
  • Usually no rewards program
 CON’s

  • You need to go into the bank to apply
  • No set repayment schedule (could be pro or a con)
 CON’s

  • Annual fee
  • Usually lower limit than other options
  • Credit, not cash

A LINE OF CREDIT IS THE
MOST FLEXIBLE FORM OF CREDIT

APPLY NOW