Business Line of Credit | FundNow Capital

Unlock the capital you need anytime with an Unsecured Business Line of Credit (LOC) from FundNow Capital. If your business has been operational for at least two years, you may qualify for up to $55,000 in funding.

The advantage? You’ll only incur interest on the funds you actually draw, not the total credit line. Plus, we have no pre-payment penalties, allowing you to pay off your balance early and reduce your interest costs. Take your business to the next level today with GoKapital’s instant line of credit.

**Loan amounts:** $5,000 to $55,000

**Terms:** 6, 9, and 12 months

**Minimum credit score:** 550

**Pay only for what you use**

**Fast, easy online application**

**24-hour approval and same-day funding**

**Available in all 50 states**

**Early payment discounts (save on interest)**

**Interest Rates starting at 15%**

*(Note: Your final interest rate may vary based on the application.)*

A line of credit (LOC) is a versatile revolving loan arrangement between a lender, typically a bank or a private financier, and a borrower, who agree on a maximum amount of funds that the borrower can access at any time. The borrower can utilize these funds as needed, provided they stay within the agreed limit and make timely payments.

The balance of a line of credit is revolving, allowing borrowers to access the funds, repay them, and then utilize them again in a continuous cycle. Thus, lines of credit share many similarities with business credit cards.

Business owners often rely on a line of credit to remodel or expand their stores or offices, purchase new tools or equipment, meet payroll obligations, acquire inventory, initiate marketing campaigns, or handle any unforeseen expenses.

A key benefit of FundNow Capital's line of credit for entrepreneurs is that it offers greater flexibility compared to a traditional business loan.

When applying for a line of credit with a traditional bank, you’ll encounter a lengthy paperwork process designed to demonstrate your consistent cash flow and strong credit score. Even after all that effort, there's no assurance that your loan will be granted. In contrast, online lenders like FundNow Capital offer more lenient qualification criteria compared to banks.

To secure an unsecured line of credit, all that's required is a minimum of two years in business and a monthly revenue of $20,000 or more. Once your application and business revenue are assessed, you can expect to receive a decision within 24 hours or less, along with an offer detailing your rates and loan terms.

If you are approved for a line of credit but choose not to draw on the funds immediately, there's no need for concern. You’ll incur interest charges only on the amount you utilize. Should you not access any funds, you won’t owe anything.

Here’s a vital question: how can you prepare your business for the unforeseen? While you may have set aside savings for unexpected events, the reality is that both favorable and unfavorable surprises can impact anyone. This is where a revolving business line of credit becomes essential in filling any financial voids. With a revolving line of credit, you can access funds to stabilize your cash flow, pay back what you owe, and borrow again— as long as you remain within your credit limit. When utilized effectively, a line of credit acts as a flexible financial resource that can help you grow your business, settle bills, manage payroll, or make short-term investments. It’s wise to establish a revolving line of credit now, even if you don't intend to use it right away. Remember, the optimal time to seek business financing is when you don’t urgently need it, rather than during a critical cash crunch.

A key distinction between a line of credit and a standard Small Business Term Loan lies in the flexibility offered by a line of credit (LOC). Borrowers can withdraw only the amount of capital they deem necessary for their business needs, paying interest solely on the funds they utilize. There is no obligation to draw the entire amount authorized by the lender. In contrast, a typical business loan provides borrowers with a lump sum that must be repaid through fixed monthly installments. Essentially, a line of credit empowers borrowers to access as much or as little as they wish, provided they stay within the established credit limit.

If you're thinking about obtaining a line of credit for your business, it’s important to understand the two options available: a secured line of credit (LOC) and an unsecured LOC. The primary distinction lies in the collateral; an unsecured LOC doesn’t require any collateral, allowing for a quicker approval process. On the other hand, a secured LOC enables you to access a larger borrowing amount as it is backed by your assets. Typically, small business owners lean towards opting for an unsecured line of credit.

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Business lines of credit made easy

What is a Business Line of Credit?

How do I get a line of credit for my business?

Requirements

Application Process

How business lines of credit work

Small Business Line Of Credit vs. A Term Loan

Unsecured and Secured lines of credit

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