Biz2Credit Business Lines of Credit

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 are 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 and permanent resident / green card holders are eligible to apply for the services offered by Biz2Credit Business Lines of Credit.

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?