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Unsecured

Credit Unions

Line of Credit

Eligibility

Annual Revenue:

  • No fixed amount. Annual revenue will factor into the total eligible funding amount

Time in Business:

  • No fixed amount. Time in business will factor into the total eligible funding amount

Other:

  • This type of LOC does not require specified assets as collateral—however a general lien and personal guarantee will likely be required
  • Because there is no specified collateral associated with this type of credit line, the business will likely need a stronger credit profile along with a positive business track record to qualify.
  • Additionally, interest rates may be slightly higher; and unsecured credit lines are often smaller

Typical Range

Starting limit of $5,000 up to $250,000

Features

Payment Schedule:

  • Pay only monthly interest on an outstanding balance or 2% of the outstanding balance

Timeliness to Fund:

  • Fund available once application is approved (usually 48-72 hours)

Origination & Interaction Model:

  • Apply online in 5-10 minutes. Phone support available if required

Other Features:

  • Offer industry specific products (agriculture, franchises, accounting, architecture, engineering, law, real estate, physicians, pharmacists, vets, chiropractors, dentists)