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  Biz2Credit Business Lines of Credit

Biz2Credit Business Lines of Credit

in Business Lines of Credit from Biz2Credit Inc

Unaffiliated

Biz2Credit Business Lines of Credit

Unaffiliated

in Business Lines of Credit from Biz2Credit Inc

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Highlights
APR  (Fixed APR) 7% - 25%
Credit Score Range 580 - 850
Loan Amount $5,000 - $5,000,000

Biz2Credit Business Lines of Credit Review

Biz2Credit Business Lines of Credit is offered by Biz2Credit Inc, a financial services company founded in 2007 and based in New York, NY. Biz2Credit Business Lines of Credit is available in 50 states (and Washington, DC).

Biz2Credit Business Lines of Credit FAQ

What APRs does Biz2Credit Business Lines of Credit offer?

Biz2Credit Business Lines of Credit offers a fixed APR product that ranges from 7% APR up to 25% APR.

Does Biz2Credit Business Lines of Credit charge an origination fee?

Yes, Biz2Credit Business Lines of Credit charges an origination fee of $250 to $400

What limitations does Biz2Credit Business Lines of Credit set on the purpose of the line of credit?

Biz2Credit Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Payroll
  • Product or Service Expansion
  • Working capital

Does Biz2Credit Business Lines of Credit charge prepayment fees?

Yes, Biz2Credit Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Biz2Credit Business Lines of Credit?

Line of credit amounts start at $5,000 and go up to $5,000,000.

What is the maximum term you can get with Biz2Credit Business Lines of Credit?

Biz2Credit Business Lines of Credit offers business lines of credit with a maximum term of 84 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Biz2Credit Business Lines of Credit?

Applicants with a credit score of at least 580 and up to 850 may be eligible for Biz2Credit Business Lines of Credit.

Biz2Credit Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Biz2Credit Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Biz2Credit Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Business formation documents
  • Proof of identity

What is the estimated funding time for the Biz2Credit Business Lines of Credit?

Biz2Credit Business Lines of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 1 business day of approval.

What are the business financing requirements for Biz2Credit Business Lines of Credit?

To apply for Biz2Credit Business Lines of Credit, the applicant needs to provide the following documentation:

  • No outstanding liens.
  • Business license
  • Business bank account

Does Biz2Credit Business Lines of Credit report your account activity to credit bureaus?

Yes, Biz2Credit Business Lines of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does Biz2Credit Inc offer?

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Message From Biz2Credit Business Lines of Credit

Running a successful company requires capital. That's where we can help. Learn more about how Biz2Credit connects small business borrowers and lenders through its safe and efficient online platform. Choosing the right loan for your small business is vitally important. With a business line of credit, lenders will establish a credit limit for a maximum amount of money they will lend you. You can draw as much as you need up to your limit and like a credit card; you pay interest only on the amount you borrow. Business Lines of Credit can help bridge the gap during seasonal lulls and other lean periods. A business line of credit can ensure that you always have the capital you need, when you need it. A business line of credit is a key component of managing your small business financing health. Unlike a business loan, a line of credit acts as ready cash in times of need. In many ways it is similar to a business credit card. A line of credit can be a business lifeline in times of emergency or even seasonal cash flow tightening.

A business line of credit can be seen as a cross between a business loan and a business credit card. Like a business loan, an unsecured line of credit provides business financing that can be used for general business expenses. However, with a line of credit, there is no lump-sum disbursement; a business owner borrows only what is needed and only pays interest on the amounts borrowed. Like a credit card, the amount of capital available to draw down and the payments are revolving and is usually subject to annual review. Interest begins to accrue only when money is drawn (or borrowed) and interest only applies to those amounts. The funder will set a limit on the amount the business may borrow. A business line of credit is very flexible in comparison to other loan types. In most cases, you will not be asked to specify a particular use for your loan. That flexibility allows companies to use a business line of credit almost as a safety net or insurance policy against gaps in cash-flow or seasonal lulls in business. Some companies use a line of credit to help increase capacity in times of unexpected spikes in demand. A business line of credit is ready cash and it is flexible and there is no cost to maintain it. Therefore, it is a solid business practice to open and maintain a business line of credit. Obtaining a business line of credit should be seen as an operational goal like a manufacturing process or other essential business operation function. Unlike a business loan, a line of credit is an asset that is part of your business. Therefore, it is important to understand how to acquire access to a line of credit and how to maintain your business line of credit.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Application Fee $0
Origination Fee ($) $250 - $400
Business Financing Requirements
  • No Outstanding Liens
  • Business License
  • Business Bank Account
Credit Score Range 580 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Months in Business 12
Minimum Revenue $120,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Social Security Number
  • Income Statement
  • Balance Sheet
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Business Debt Refinance
  • Inventory
  • Payroll
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 1 - 28 days
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) 7% - 25%
Loan Amount $5,000 - $5,000,000
Loan Term Up to 84 months

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