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+

Excel Capital
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Excel Capital is an online lender offering unsecured business loans, business lines of credit, and other similar financial products. Its rates on unsecured business loans are reasonable but the line of credit fee structure can pile up the costs. Excel is not the most transparent lender.

Minimum Time in Business:
Less than 1 year
Required Annual Revenue:
$100,000+

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

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+

Capital One Business Loans
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Capital One Business Loans are short-term loans, lines of credit, and SBA loans provided by Capital One. Capital One lends to businesses located within its retail footprint. These loans aren’t the easiest to qualify for, but they do have better rates than you’ll find in most of the alternative market.

Minimum Time in Business:
1-2 years

PNC Bank Small Business Loans
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PNC offers small businesses loans or lines of credit to their business banking customers in the Mid-Atlantic, Southeast, or Upper Midwest. It is suited for small to large businesses. Even though their interest rates are low, PNC Bank Small Business Loans have stringent borrower qualifications.

Minimum Time in Business:
More than 2 years
Credit Score:
650+

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

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

TD Bank Business Loans
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TD offers short-term loans and lines of credit to small businesses. East Coasters with excellent credit and branches in their area can take advantage of TD’s origination fee-free loans if they’re seeking less than $100,000. Be aware of their stringent borrower qualifications.

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

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