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Business Line Of Credit

A business line of credit provides flexibility that a regular business loan doesn't.

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What is a business line of credit & how does it work?

A line of credit offers business owners the flexibility and access to working capital that a regular term loan doesn’t.

Use the funds when you need them, and only pay interest on the amount used and not the entire credit limit available to you, as you would with a credit card.

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What are the requirements to qualify for a business line of credit?

The minimum requirements for business owners to qualify for a business line of credit on Orumfy’s platform are quite simple.

Borrowers need have their established businesses for at least one year.

Have an annual revenue of at least $50,000 and own at least 20% of the business.

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What do you need to apply for a business line of credit?

Orumfy takes the guesswork out of the equation.

We work with multiple lenders who provide unsecured financing and will show you the best options for your business.

Simply open a free account, and upload required documents such as recent bank statements and tax returns.

OVERVIEW

Whether you’ve been in business for one year or more access to short-term working capital at the right time can make a huge difference.

One of the main advantages for business owners having revolving lines of credit is that they have the ability to use the funds when they need it.

The business line of credit is attached to your checking account, so the funds can be in your banks account immediately.

Only pay interest on the amount used and not the maximum credit limit available to you.

Similar to a credit card as you pay the utilized amount of the line down the credit limit gets restored.

WHAT YOU NEED TO KNOW

What will a business line of credit cost you?

Revolving lines of credit are an affordable way business owners can borrow cash for their short-term financing needs.

The information in the graphic below will give you some idea on terms and rates.

Or use our business line of credit calculator to see the exact payments.

How could your business benefit from a business line of credit?

Established businesses get the much needed flexibility and on demand access to short-term working capital when they have a business line of credit.

Revolving credit helps business owners borrow exactly how much cash they need to cover business expenses and various monthly payments and avoid an uneven cash flow.

Borrowers pay interest only on the amount of working capital drawn on and transferred to their banks checking account.

It works like a business credit card but with much lower rates.

Not having to pay interest on the lump sum available to you can lower the burden on the business cash flow.

Unlike a small business loan from banks or the Small Business Administration getting approved for unsecured lines of credit takes only a few minutes.

What are the requirements to qualify for a business line of credit?

For most business owners it’s easy to qualify for unsecured lines of credit through Orumfy.

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If you have a lower credit score than 550 obtaining prepaid personal credit cards and making timely monthly payments will help raise your credit score to the necessary minimum.

How it Works
Step 1
Borrowers complete the online application with Orumfy
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Step 2
Upload necessary documents
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Step 3
Once approved DocuSign the agreement
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Step 4
Link your business line of credit to your bank account for instant access
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Step 5
Use your new credit line like you would a business credit card but with lower rates
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We know the SBA process. We can help you get approved. lets get started

FAQ

Should I choose a business loan or business line of credit?

Revolving credit provides the necessary cash essential for any business.

Having instant access to working capital can help with your cash flow while waiting on your accounts receivable.

Business financing such as a term loan or cash advances by banks or online lenders give borrowers access to larger amounts of short-term financing.

When a lender issues an unsecured business loan a lump sum is deposited in your banks account.

Repayment terms are set up front so payments can be scheduled in advance

Multiple online lenders, banks and credit unions offer business loan options such as these and provide borrowers with choices when it comes to financing their business.

Depending on what your business financing needs are will help you determine what type of a loan is best suited for your business.

Keep in mind lenders may sometimes require collateral when issuing a loan with lower rates.

Real estate can be used as collateral for a business loan in these instances.

What is a secured vs. unsecured business line of credit?

Unsecured business lines do not require the business owners to pledge any assets as collateral.

This is an attractive option for many borrowers because it provides them with available credit like a credit card would, but with rates much lower than a business credit card would cost.

Like with any unsecured business loans the borrowers personal credit score will play a factor in the decision for approval.

Secured business lines of credit will require the business owners to pledge assets or real estate as collateral before they can obtain financing.

The lender can seize the collateral if borrowers do not honor the repayment terms of the loan.

This type of financing usually carries lower rates than unsecured business loans.

What is a business or commercial line of credit used for?

Growing your business requires working capital.

You can borrow up to your approved credit limit for just about anything.

From buying inventory in order to increase annual revenue to investing in real estate, obtaining a business line of credit from a lender can be used however you see fit.

Will a bad credit score prevent me from securing a line of business credit?

Lenders require a credit score of 550 and above in order to qualify for this type of unsecured financing.

While in most cases having a credit score below 550 would prevent you from being approved there are other unsecured options to help you obtain cash for your business.

Overview

Overview

A business line of credit provides flexibility that a regular business loan doesn't. One of the main advantages of obtaining a Business Line of Credit, is that you only use the funds when you need them, and only pay interest on the amount used and not the entire line of credit available to you.

Draw on your business line of credit to get more working capital, buy inventory, handle seasonal cash flow gaps, pay off other debts, or address almost any other business emergency or opportunity.

Whether you’ve been in business for months or years, access to cash at the right time can make a huge difference. As you pay the utilized amount of the line down, the funds become available to you again.

Orumfy has taken a unique approach with small business loans to help ensure you get the highest amount you can qualify for without the hassle of tons of paperwork.

Maximum Advance Amount
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$10,000 to over
$1 million
Term
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6 months to 5 years
Factor Fee
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7 to 25%
Speed
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As little as 1 day
  • product-img
    Maximum Loan Amount $10,000 to over $1 million
  • product-img
    Term 6 months to 5 years
  • product-img
    Factor Fee 7 to 25%
  • product-img
    Speed As little as 1 day

Types of Business Line of Credit

Unsecured Business Line of Credit Secured Business Line of Credit
Unsecured business line of credit does not require the business owners to pledge any assets as collateral. Secured business line of credit will require the business owners to pledge assets as collateral before they can obtain the necessary funding.
This is an attractive option for many businesses, since it is often easier to get the funds they need in the event they haven’t accumulated enough assets as of yet. This is different from a traditional bank loan, however, which often requires capital or property assets as collateral. Instead, the business owner will need to put up assets such as inventory or accounts receivable to cover the collateral.
The business owner’s personal credit score will play a factor in the approval process.

How it can help your business?

How it can help your business?

  • Only pay interest on the amount used
  • Capital is available when needed
  • As you pay the balance down the funds become available to you again.
  • Suitable for a wide range of business purposes
  • Helps to build your credit history and increase your credit score
  • No Enrollment Fees
  • The approval process is quick. You can qualify and have funds available to you in under 24 Hrs.
Grow your business with Orumfy today! lets get started

Things to Consider

Things to Consider

  • Simple Monthly Payments: Every month, you pay back an equal portion of the loan principal plus the monthly fee.
  • With Orumfy there are no prepayment penalties, so you can pay your loan off early and save on monthly fees.
  • May require collateral
  • Younger, less established businesses might be able to qualify for short-term lines of credit, while medium-term lines of credit are more for businesses with good credit and a solid financial history.
  • The maximum amount of funding available, introductory duration of the credit line, and repayment terms depend on your business’s revenues, credit rating, history, cash flow and other factors.

How do you qualify for a Business Line of Credit?

How Do You Qualify for a Business Line of Credit with Orumfy?

Orumfy takes the hassle out of the application process, and walks you through every step of the way.

We keep it simple. Our minimum qualifications are:

  • 1+ year in business
  • $50,000 Annual Revenue
  • Own at least 20% of your business

All you will need to provide is:

  • Bank Statements
  • Business Tax Returns
  • Personal Tax Returns

Business Credit Lines over $100,000 may also require:

  • Balance Sheet
  • Profit & Loss Statements

How does it work?

  • Step 1

    Complete the application process and provide the necessary documents

  • Step 2

    An Orumfy specialist will assess your business performance to let you know how much funding you can access

  • Step 3

    Once approved, closing documents are signed by all parties

  • Step 4

    Business line of Credit is extended and linked to your bank account

  • Step 5

    Withdraw funds as needed

How does it work?

How it Works
Step 1
Complete the application process and provide the necessary documents
Step 2
An Orumfy specialist will assess your business performance to let you know how much funding you can access
Step 3
Once approved, closing documents are signed by all parties
Step 4
Business line of Credit is extended and linked to your bank account
Step 5
Withdraw funds as needed

Cost and Terms

  • There is no cost to having a business line of credit.
  • Only pay interest on the amount used and not the entire line of credit available to you.
  • Interest rates on the amount utilized vary and can be as low as 7.5% APR.
  • Small Business Lines of Credit average term is from 6 months to 2 years.
  • You can easily extend your Business Line of Credit at the end of the cycle, provided you are in good standing.

At Orumfy we know your time is valuable. That’s why we made the process quick and simple, so you can back to doing what you do best, running your business.

Business line of credit calculator

Your monthly payment will be:
Loan amount:
Interest rate:
Loan term:
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What you need to know

  • What will a business line of credit cost you?

    Revolving lines of credit are an affordable way business owners can borrow cash for their short-term financing needs.

    The information in the graphic below will give you some idea on terms and rates.

    Or use our business line of credit calculator to see the exact payments.

  • How could your business benefit from a business line of credit?

    Established businesses get the much needed flexibility and on demand access to short-term working capital when they have a business line of credit.

    Revolving credit helps business owners borrow exactly how much cash they need to cover business expenses and various monthly payments and avoid an uneven cash flow.

    Borrowers pay interest only on the amount of working capital drawn on and transferred to their banks checking account.

    It works like a business credit card but with much lower rates.

    Not having to pay interest on the lump sum available to you can lower the burden on the business cash flow.

    Unlike a small business loan from banks or the Small Business Administration getting approved for unsecured lines of credit takes only a few minutes.

  • What are the requirements to qualify for a business line of credit?

    For most business owners it’s easy to qualify for unsecured lines of credit through Orumfy.

    If you have a lower credit score than 550 obtaining prepaid personal credit cards and making timely monthly payments will help raise your credit score to the necessary minimum.

FAQ

  • Should I choose a business loan or business line of credit?

    Revolving credit provides the necessary cash essential for any business.

    Having instant access to working capital can help with your cash flow while waiting on your accounts receivable.

    Business financing such as a term loan or cash advances by banks or online lenders give borrowers access to larger amounts of short-term financing.

    When a lender issues an unsecured business loan a lump sum is deposited in your banks account.

    Repayment terms are set up front so payments can be scheduled in advance

    Multiple online lenders, banks and credit unions offer business loan options such as these and provide borrowers with choices when it comes to financing their business.

    Depending on what your business financing needs are will help you determine what type of a loan is best suited for your business.

    Keep in mind lenders may sometimes require collateral when issuing a loan with lower rates.

    Real estate can be used as collateral for a business loan in these instances.

  • What is a secured vs. unsecured business line of credit?

    Unsecured business lines do not require the business owners to pledge any assets as collateral.

    This is an attractive option for many borrowers because it provides them with available credit like a credit card would, but with rates much lower than a business credit card would cost.

    Like with any unsecured business loans the borrowers personal credit score will play a factor in the decision for approval.

    Secured business lines of credit will require the business owners to pledge assets or real estate as collateral before they can obtain financing.

    The lender can seize the collateral if borrowers do not honor the repayment terms of the loan.

    This type of financing usually carries lower rates than unsecured business loans.

  • What is a business or commercial line of credit used for?

    Growing your business requires working capital.

    You can borrow up to your approved credit limit for just about anything.

    From buying inventory in order to increase annual revenue to investing in real estate, obtaining a business line of credit from a lender can be used however you see fit.

  • Will a bad credit score prevent me from securing a line of business credit?

    Lenders require a credit score of 550 and above in order to qualify for this type of unsecured financing.

    While in most cases having a credit score below 550 would prevent you from being approved there are other unsecured options to help you obtain cash for your business.

Industries Orumfy has helped to obtain Small Business Loans

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Small Business Loans for HealthCare Working Capital for Medical Professionals
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Small Business Loans for Trucking Companies Working capital for the Logistics Industry
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Small Business Loans for Restaurants Working capital for the Food Industry
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Small Business Loans for Grocery Stores Working capital for the Local Businesses
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Small Business Loans for Commercial Fishing Working capital for the Fishing Industry
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Small Business loans for Dental Offices Working capital for Dentists
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Small Business Loans for Auto Working capital for the Automotive Industry
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Small Business Loans for Retail Businesses Working capital for Local Retailers
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Small Business Loans for Food Trucking Businesses Working capital for Street Vendors
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Small Business Loans for Service Businesses Working capital for the Consulting Industry
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Small Business Loans for Contractors Working capital for the Construction Industry
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Small Business Loans for Fitness Centers Working capital for the Local Gym & Yoga Studios
Apply to see what is Your small business loan options today!
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