Lines of Credit

In an uncertain world, managing debt isn’t always simple. Cash flow can ebb and recede with trends, economic climates, and the seasons.

Benefits of a Line of Credit

N

Keep a line open without paying interest.

N

Use when and as often as you need it.

N

Qualify, even if you have bad credit.

What is a Line of Credit?

To make riding the tide easier, a line of credit allows you to borrow what you want when you want it and come back for more when you need to. Lines work much the same as credit cards, but with lower interest rates and higher borrowing limits. A lender approves the line up to a credit limit. Then, you’re free to access those funds as often as you need to under that limit. When you make payments to the line, you free up credit for later.
Inquire Here

Lines of credit, in most cases, are a form of revolving debt.

While a secured line will give you a higher credit limit to work with, an unsecured line helps you keep your assets off the table. There are non-revolving lines of credit, where payments only apply to the debt and do not replenish the line. When your limit is reached, no further credit is extended. You can also choose a non-recourse line of credit, which means the lender can seize only the secured assets if you’re unable to repay the debt. They cannot seek additional payment or asset seizure, even if the secured assets don’t cover the amount you owe.

Each type of line has different qualifying criteria, so it’s important to consider all of the options before you choose which line you want to use. A qualified loan broker can help you compare available lines without bias toward any particular product.

Traditional and non-traditional lenders available to you

In Capital Accessible Through Our Network

Fastest time to funding through Platz Capital

Seasonal

For many businesses, just a few months represent most of the year’s revenue. But the expenses are often distributed more evenly across the year, resulting in periods with expense but little or no revenue. Managing these seasonal ups and downs can be stressful. A line of credit alleviates the roller coaster ride and makes funds available all year long. Use it to cover expenses during the slow season and free up the balance when cash flow is high. Alternately, consider factoring if accounts receivable balances or contracts warrant it.

Back Up

Unexpected expenses can hit your business at any time. Accidents, weather events, lawsuits, and hikes in material costs can seem to come out of the blue. Be better prepared to handle emergencies when you have a line of credit. If your line carries a zero balance, you won’t have to pay interest. So, you can have an open line ready when the need for extra cash arises.

Flexibility

Not every cost is clearly defined. During regular equipment maintenance, you may discover that your machinery needs repairs. What started as a simple renovation project could unearth asbestos that has to be professionally removed. With a traditional loan, you have a set amount to spend. If you’re short, you need to apply for a second loan. If you’re over, you’ll pay interest on the amount you don’t need. Eliminate both with the flexibility of a line of credit.

1

Step 1 – Preapplication

This is the step the banks miss. You’ll give us simple information that will help us position you for funding.

2

Step 2 – Financing Selection

Our team sources and presents offers along with the critical information you need to make decisions.

3

Step 3 – Closing

We facilitate the process from final selection to closing to create the smoothest process possible.

BEGIN THE PRE-QUALIFICATION PROCESS

Inquire Here

F.A.Q.

Q. How do I secure a line of credit?
A secured line of credit requires collateral such as real estate, equipment, or inventory. You get a percentage of that asset’s value as your available credit limit. You can use one asset or a combination of assets to secure the line. See your broker for a list of potential assets.
Q. How do I access a line of credit?
In most cases, you can access the funds in your line of credit through the lender’s online portal, a card, or a physical location. Use it just like you would use a credit or debit card
Q. Where do I get a line of credit?
The different types of lines can be accessed through private lenders, banks, government agencies, and credit unions. Some are tied to a specific type of purchase, like a HELOC, or Home Equity Line of Credit, a loan type designed for residential home buyers. USDA lines can help you manage farms and agricultural facilities. To access multiple lenders at once, seek the services of a qualified broker.
Q. What credit score do I need for a line of credit?
Lines of credit aren’t one size fits all. With a wide range of lines to choose from, you can find one that meets your needs, regardless of your credit score. Because secured lines use the value of your asset, you don’t need to have good credit to qualify.