Most Businesses Qualify for a Line of Credit...and Don't Even Know it!
Line of Credit Depot
Compare Line of Credit Programs. Access to revolving lines of credit from local & national banks.
Usually, our first time clients don’t know that their businesses qualify for a real bank line of credit. Why is this? Our bank partners are looking to issue more credit facilities and we help our clients get placed with the right bank. Generally, 90% of our pre-approved applicants end up receiving a business bank line of credit. We see that these reasons below are the most common as to why a business won’t even apply for a line of credit.
Never Tried to Apply
Maybe the most obvious reason for a business not having a line of credit is because the owner never formally applied for one. Seeing if you pre-qualify for a line of credit takes zero risk (we don’t even run your personal credit score). Without checking, how will you know if your business qualifies?
Think the Qualifications are too Strict
Even if your business has been turned down for financing at a particular bank, doesn’t mean that every bank in the United States won’t work with you. The fact is that there are hundreds of small business friendly banks that afford businesses like yours lines of credit.
Preconceived Notions on ‘Bank’ Lending
Sometimes applicants think that their business won’t qualify because they have preconceived notions of bank money. You don’t have to have a perfect credit score or a business that is generating millions of dollars in sales per year.
Have Been Misled in the Past
High Cost Advances, MCA’s, are not a line of credit. If you have ever had a Merchant Cash Advance (MCA), you have probably received solicitation calls and letters, with funders and brokers pretending to offer cheap money. If you ever apply with them, you will quickly understand the ‘bait and switch’...these brokers and funders want you to take expensive money, because they make more money in commissions and fees. They might promise a line of credit, but they don’t specialize in them!
Whatever your reason is for not applying, I assure you that IF Line of Credit Depot can’t get you approved, then no one can!