Unsecured Business Line of Credit for Startups

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Secured vs. Unsecured Business Lines of Credit: The Difference
Lenders Offering Unsecured Business Lines of Credit
Bluevine
Pros
Lightning-fast application and approval process Also offers business checking
Cons
Minimum time in business (24 months) may be more than some startups have Repayment period for each draw on the line of credit is short (6 or 12 months)
Requirements for Bluevine Business Lines of Credit
625+ FICO® Score 24+ months in business $40,000 in monthly revenue
Wells Fargo
Pros
Both lines provide a Mastercard® access card Both offer an exclusive rewards program
Cons
BusinessLine annual fees can be $95 or $175 in some cases (waived first year) The BusinessLine has a 3% fee for each advance or transfer made at an ATM
Requirements for Wells Fargo Business Lines of Credit
Fundbox
Pros
Funds available as soon as the next day Relatively low minimum credit score (600+) required to qualify
Cons
Only 12- or 24-week repayment options on basic account plan Weekly payments are required
Requirements for Fundbox Business Lines of Credit
Sunwise Capital
Pros
Approval in as little as 24 to 48 hours After approval, time to funding may be as little as 24 hours
Cons
Short repayment terms: 6 to 12 months Payments must be made weekly or monthly
Requirements for Sunwise Business Lines of Credit
Minimum $180,000 annual revenue Minimum credit score of 600+ Minimum one year in business
OnDeck
Pros
They offer Instant Funding, depending on the terms. This means fast access to cash, even when banks are closed Possible to get a credit line increase over time, based on qualifications
Cons
There is a monthly maintenance fee and high finance charges Payments are automated weekly
Requirements for OnDeck Lines of Credit
Alternatives to Unsecured Business Line of Credit for Startups
Business Credit Cards
SBA Microloans
Crowdfunding
Equipment Financing
An Unsecured Business Line of Credit Can Give You the Boost You Need
The Takeaway
Frequently Asked Questions
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About the Author
Su Guillory is a freelance business writer and expat coach. She’s written several business books and has been published on sites including Forbes, AllBusiness, and SoFi. She writes about business and personal credit, financial strategies, loans, and credit cards.
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