A business line of credit is a certain amount of capital that you can borrow per year for various aspects of your business. You can use the business line of credit loan and borrow against it to get funds to help grow your business.
The reason a business line of credit is popular is because you don’t have to make your traditional monthly payments like you would with a typical business loan.
Instead, you take out money as you need it and you only have to make minimum monthly payments as you would on a credit card.
There are short and long term options when it comes to the business line of credit finance as well and the payments you make will depend on what type of loan you have.
Secured and unsecured are both options for business lines of credit
A secured business line of credit requires you to have something placed as collateral in the event that you are unable to pay the line down. This could be a vehicle, house, or any asset that has value.
An unsecured business line of credit does not have collateral or any type of security placed in the event that you don’t pay. These usually have higher interest because the lender is taking a higher risk by loaning that money to you.
The rates, terms, and borrowing limits will vary based on a number of different factors. To determine how much you would be eligible to borrow, you’ll want to contact us or apply for a business line of credit to get started.
To give you an idea, the interest rates on lines of credit are usually lower than credit cards and they have higher limits. So, this means that you’ll be able to borrow more than you would with a standard credit card.
There may also be other fees like annual usage fees and setup fees that can increase your balance right off the bat plus interest.
The amount you’ll be eligible to borrow will depend on your credit history, how much money you make, what you plan to use the money for, and whether or not you’re putting a security deposit down on a secured loan.
To receive a business line of credit, the process is rather simple. You’ll apply for the line through one of our Business Loan Specialists who are always here to help you. We’ll walk you through the entire process, explain everything to you, and make sure that we get you the line of credit that helps you grow your business the way you envision.
From there you’ll get approved for the credit line depending on your credit and other financial factors. Once you’re approved we’ll draw up a contract, explain everything, you’ll sign it, and then you can start pulling funds from the line of credit to make purchases in your business.
These two might sound the same but there are some important differences to cover.
A business line of credit can be both secured or unsecured depending on your preferences and eligibility. Business credit cards are only unsecured.
Business lines of credit will deposit money directly into your bank account from the credit line whereas a business credit card will require you to accumulate a balance on the credit card as a typical card would.
Lastly, a business line of credit does not charge you cash advance fees whereas credit cards usually have very high cash advance fees.
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Fox Finance Group has been assisting Australian Businesses to help them finance their business equipment since 2006. Our team take the legwork out of finding the best deal in the marketplace across a range of industries including Trucks and Transport, Mining and Construction, Farming and Ag, Boating and Marine, Aviation, Hospitality, Office Equipment and more. Whether it’s new or second-hand equipment, from a private vendor or dealer, we have a tonne of finance options for you.
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Fox Finance Group has been assisting Australian Businesses to help them finance their business equipment since 2006. Our team take the legwork out of finding the best deal in the marketplace across a range of industries including Trucks and Transport, Mining and Construction, Farming and Ag, Boating and Marine, Aviation, Hospitality, Office Equipment and more. Whether it’s new or second-hand equipment, from a private vendor or dealer, we have a tonne of finance options for you.
Apply for a business loanUnsecured Business Loans – Money in Your Account Within 24 Hours
Do you need to purchase something for your business right now? We’ve helped thousands of Australian businesses grow by partnering with us and using smart lending strategies within their business with a clear strategy to take things to the next level. We have been a part of the success stories of businesses trading in hospitality, retail, beauty services, transport and aviation, wholesalers, accountants, solicitors, real estate agents and much more.
Apply for a business loanTradesman Loans – Money in Your Account Within 24 Hours
Do you understand your options when it comes to Business Finance and Leasing? When we say that we can help you decide which option is best for your situation, we really mean it. With Fox Finance Group, you also get access to your very own Financial Planner to help you understand and plan through the best financial options for you and your business.
Apply for a tradie loanUnsecured Business Line of Credit of up to $25,000
Do you need to purchase something for your business right now? We get so excited when we speak about our Unsecured Business Line of Credit product with our business clients! Having access to a facility like this has already proven to be a game changer for many Australian businesses.
Apply for a line of creditInvoice Funding – Unlock Your Cashflow Today!
We have a number of Invoice Finance options for our customers. Imagine getting paid 80% of every invoice you issue with in 48 hours? Would that dramatically help your cashflow? WHAT EXACTLY IS INVOICE FINANCE? Invoice Finance is simply the use of outstanding debtors/accounts receivable to raise working capital. Invoice finance is not a loan it is the sale of trade debts/invoices for cash to bridge the cashflow gap between the time the sale is made and when the customer…
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You can complete your business loan application either online or over the phone with us.
We will ask you to provide proof of business income and identification.
We'll work hard to ensure your business loan approval is as close to your loan preferences as possible.
With our technology, most business lenders will allow for secure digital signing of loan contracts.
Your loan funds can often be processed within one business day. It's that simple!
You can complete your business loan application either online or over the phone with us.
We will ask you to provide proof of business income and identification.
We'll work hard to ensure your business loan approval is as close to your loan preferences as possible.
With our technology, most business lenders will allow for secure digital signing of loan contracts.
Your loan funds can often be processed within one business day. It's that simple!
Your business must be trading for a minimum of 6 months before you will be eligible for a business line of credit. Permitted the business has been trading for the 6 month minimum time frame and company financials can be provided to support this information, you should qualify for a line of credit. These flexible facilities can help cover short term business costs as you can draw from the line of credit at any time.
The repayments to your business line of credit facility will fluctuate depending on the amount you have drawn down at the time. For example, if your business line of credit maximum amount was $25,000 but you have only drawn down on $5,000; your repayments would be based on $5000 and not $25,000. If you’re considering credit options for your business and want to discuss options, speak to our team today or apply here.
You will be able to discuss several different business line of credit options with your designated Lending Specialist. The amount your business will be eligible for will be dependant on it’s current turnover, how long it has been established for, and the nature of the business. Fox Finance Group has a team of lending specialists that are rehearsed in business lines of credit; speak to us today or enquire with us online.
A business line of credit is a flexible facility that enables you to borrow up to the maximum nominated amount, and anything below that. Instead of obtaining a business cash flow loan and receiving the funds upfront in a lump sum, a business line of credit allows you to choose the amount you would like to borrow at the time. The repayments for this facility are based on the current outstanding amount. Our lending specialists are proficient in business loans and lines of credit, and will be able to give you reputable information for you to make an informed decision on which product is best for you. Speak to us today, or enquire online.
Generally, lenders will want to see both consumer and commercial credit history in order to determine your eligibility for a business line of credit. It’s important to remember that different banks and lenders base their assessment on different criteria. That’s why it’s best to compare which lender suits your profile best, to ensure you have the highest changes of approval for a business line of credit. Our brokers are professionals in business line of credit products, and can compare which lender will suit your profile best without affecting any credit history you’re attached to. We’re available to discuss your business loan and financing options online or over the phone.
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