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Secured
Line of Credit
A secured line of credit is one of the most straightforward products to approve. The customer owns equipment they pledge to the lender, who provides a "drawing account" they can use upon desire. This is most commonly used for short-term funds, usually 3 months to 6 months, sometimes longer. The rates for this product are meager, 3.99% and upwards. Your payment is monthly, and you only pay the amount owed based on how much of the credit line is used.
Unsecured
Line of Credit
Unsecured credit lines are the most common. Approval and terms are more based on individual guarantors and revolving business income. This product usually has higher credit limits, but the payment structure can vary from daily to weekly to monthly. The rate for this product is very low, at 4.99%, to 8.99%, upwards, in some cases of 18.99% plus. It's a great product for businesses with net-30s customer accounts. Again, your payment is based on how much the credit line is used. This product builds upon good credit.
Merchant Cash
Advance
A merchant cash advance (MCA) financing provides a business with a lump sum of money in exchange for a percentage of its future income. MCAs are not traditional loans and are not subject to federal regulation. Instead, they use factor rates instead of interest rates. MCAs can be expensive and should only be used in emergencies. MCA repayment is usually five daily payments per week until the repayment amount is recouped.
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