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  Celtic Bank Asset-Based Lines of Credit

Celtic Bank Asset-Based Lines of Credit

in Business Lines of Credit from Celtic Bank

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Celtic Bank Asset-Based Lines of Credit

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in Business Lines of Credit from Celtic Bank

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Highlights
APR  (Variable APR) 4.5% - 27.22%
Credit Score Range 640 - 850
Loan Amount $250,000 - $5,000,000

Celtic Bank Asset-Based Lines of Credit Review

Celtic Bank Asset-Based Lines of Credit is offered by Celtic Bank, a bank founded in 2001 and based in Salt Lake City, UT. Celtic Bank Asset-Based Lines of Credit is available in 50 states (and Washington, DC).

Celtic Bank Asset-Based Lines of Credit FAQ

What APRs does Celtic Bank Asset-Based Lines of Credit offer?

Celtic Bank Asset-Based Lines of Credit offers a variable APR product that ranges from 4.5% APR up to 27.22% APR.

Does Celtic Bank Asset-Based Lines of Credit charge an origination fee?

Yes, Celtic Bank Asset-Based Lines of Credit charges an origination fee starting at 0% of the line of credit amount. Celtic Bank Asset-Based Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Celtic Bank Asset-Based Lines of Credit set on the purpose of the line of credit?

Celtic Bank Asset-Based 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 Celtic Bank Asset-Based Lines of Credit charge prepayment fees?

Yes, Celtic Bank Asset-Based 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 Celtic Bank Asset-Based Lines of Credit?

Line of credit amounts start at $250,000 and go up to $5,000,000.

What is the maximum term you can get with Celtic Bank Asset-Based Lines of Credit?

Celtic Bank Asset-Based Lines of Credit offers business lines of credit with terms ranging from 12 to 120 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 Celtic Bank Asset-Based Lines of Credit?

Applicants with a credit score of at least 640 and up to 850 may be eligible for Celtic Bank Asset-Based Lines of Credit. The minimum age to be eligible is 19 or the state minimum, whichever is higher.

Celtic Bank Asset-Based 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. Active duty service members and their covered dependents are eligible to apply for a loan via Celtic Bank Asset-Based Lines of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Celtic Bank Asset-Based 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
  • Recent bank statements
  • Business formation documents
  • Proof of identity

What are the business financing requirements for Celtic Bank Asset-Based Lines of Credit?

To apply for Celtic Bank Asset-Based Lines of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does Celtic Bank Asset-Based Lines of Credit report your account activity to credit bureaus?

Yes, Celtic Bank Asset-Based 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 Celtic Bank offer?

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Message From Celtic Bank Asset-Based Lines of Credit

Flexible Financing for Growing, Underserved Businesses. With an asset-based loan from Celtic Bank, small business owners can tap into cash currently invested in account receivables or inventory to support growth or turnaround objectives. You can borrow up to 75% of the value of your inventory and up to 85% of the value of your accounts receivable with our asset-based financing. Designed to give you access to credit that matches your business cycle, an asset-based loan can be easily adjusted to match the ebbs and flows of your company’s assets. This makes asset-based financing one of the most flexible and customizable options to support seasonal businesses or rapid expansion. Not only do asset-based loans free up cash flow, but they also typically have more flexible underwriting standards.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:00am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday Closed

Other Services by Celtic Bank

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

Origination Fee (%) Starting at 0%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 640 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 19
Minimum Months in Business 0
Minimum Revenue $27,220
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • 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 1 hour
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Variable APR) 4.5% - 27.22%
Loan Amount $250,000 - $5,000,000
Loan Term 12 - 120 months

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