Business Line of Credit Reviews

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Newtek Small Business Finance
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Newtek is a direct lender that provides personalized solutions to fit the specific needs of each small business that seeks financing. Newtek is ideal for small businesses but be wary of its opaque rates and terms.

Guidant Financial
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Guidant Financial is an alternative lender that specializes in Rollovers as Business Startups (ROBS). It also offers SBA loans and lines of credit. Guidant is suitable for mature businesses with excellent credit.

Credit Score:
650+

Borrowing Amount:
Less than $50,000 up to $250,000
Minimum Time to Funding:
2 weeks+

Fundwise Capital
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Fundwise Capital is a financial service company that specializes in connecting qualified customers with third-party funders. For new entrepreneurs with good credit, Fundwise can make a significant impact, especially if you qualify for zero interest during your first year. Beware of being upsold on credit counseling.

Credit Score:
650+

Borrowing Amount:
Less than $50,000 up to $1,000,000
Minimum Time to Funding:
2 weeks up to More than 2 weeks

Celtic Bank Small Business Loans
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Celtic Bank is one of the biggest originators of SBA 7(a) loans and SBA 504 loans. It is one of the more accessible bank lenders out there when it comes to business loans, with less stringent requirements than most of its competitors. However, make sure you ask about their fee structure and interest rates before signing any papers.

Minimum Time in Business:
1-2 years

Borrowing Amount:
Less than $50,000 up to $1,000,000+

LendingTree Business Loans
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LendingTree is an online platform connecting individuals and businesses to a wide range of financial products through its lending partners. It has relaxed loan qualifications and ideal for new businesses. Be cautious of its non-transparent terms and fees.

Minimum Time to Funding:
1 day

National Business Capital
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National Business Capital (NBC) is a lending-advisory service that links small business applicants to one of its 75+ lending affiliates. It is suitable for startups, new, and mature-but-credit-challenged businesses. Be cautious that you’re unlikely to get the absolute best rates.

Required Annual Revenue:
$100,000+

Borrowing Amount:
Less than $50,000 up to $1,000,000+
Minimum Time to Funding:
1 day

U.S. Bank Business Loans
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U.S. Bank offers business term loans, lines of credit, and SBA loans to small businesses. They have stringent borrower qualifications but their interest rates are usually lower. U.S. Bank Business Loans are suited for small to large businesses.

Minimum Time in Business:
1-2 years

Borrowing Amount:
Less than $50,000 up to $250,000

Citibank Business Loans
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Citibank provides several lending products to small businesses, including term loans and line of credit. Despite offering businesses excellent rates on loans, their stringent borrower qualification and opaque terms and fees make it challenging for prospective borrowers.

Minimum Time in Business:
1-2 years

Borrowing Amount:
Less than $50,000 up to $1,000,000

Bank of America Business Loans & Lines of Credit
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Bank of America offers a large, versatile breadth of loan products at competitive rates, but at the cost of fairly conservative lending practices and standards. Business loans from Bank of America are suited for small to large businesses. Despite its low-interest rates, it has stringent borrower qualifications and a poor public reputation.

Minimum Time in Business:
1-2 years
Credit Score:
650+
Required Annual Revenue:
$100,000+

Borrowing Amount:
Less than $50,000 up to $100,000

Wells Fargo Business Loans
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Wells Fargo offers unsecured business loans, lines of credit, and SBA loans to its business customers. Wells Fargo’s rates, terms, and fees are significantly better than you’ll find in most of the alternative market. But they have strict borrower qualifications and businesses with revenue problems will probably have a hard time meeting them.

Borrowing Amount:
Less than $50,000 up to $1,000,000+
Minimum Time to Funding:
1 day

What is a Line of Credit?

A line of credit is a business financing arrangement between a funder and a business. Much like a credit card, a line of credit provides businesses with a maximum borrowing amount. The business can draw up to the maximum amount at any time, and it only pays interest and fees on the amount borrowed.

Credit lines are often called revolving lines of credit because, when your outstanding debt is paid down, you will be able to borrow from the full amount again.

For example, you might have a line of credit with a maximum limit of $100,000. You borrow $10,000 and have a repayment term length of six months. At this point, you have access to $90,000. In two months, you borrow another $30,000, so your credit line is down to $60,000 and you have $40,000 in debt (minus what you have already paid). When you repay the money you owe, you will have access to the full $100,000 again.

Some lines of credit are not backed by collateral (or, at least, not specific collateral). However, a common type of line of credit is an asset-backed line of credit. These lines are backed by forms of business revenue such as invoices, inventory, and monthly recurring revenue. The maximum available credit normally corresponds to the value of your assets. Because your loan is backed by collateral, these types of credit lines normally carry lower fees than credit lines that aren’t backed by collateral.

Lines of credit are available from a number of different sources, including online lenders and banks. Check out our article to find the best business line of credit provider for your enterprise. 

Who Should Use a Line of Credit?

Because you do not need to reapply every time you need funds, a line of credit can be useful for a number of scenarios. If your business is in any of these situations, you may want to consider getting a credit line:

• Your business has inconsistent cash flow
• You frequently need cash to capitalize on unexpected opportunities
• You need additional capital, but you don’t know exactly how much
• You want a financial safety net just in case the need arises