How to Compare Funding Costs Beyond the Headline Rate
How to compare the amount you receive, rate, APR where applicable, fees, payment frequency, term, and total repayment obligation.
Direct lending
Business Line of Credit Up to $2 Million
When business expenses and incoming revenue do not arrive on the same schedule, access to revolving business credit can provide flexibility. The Final Loans offers a Business Line of Credit directly, subject to approval and the applicable credit agreement.
Credit limits range from $10,000 up to $2 million. Terms are up to 5 years, the minimum credit score is 650, and at least 6 months in business is required.
What it is
How a Business Line of Credit Works
A revolving facility is useful when a business may need capital more than once rather than receiving a single fixed disbursement and repaying it on one schedule. The approved credit limit represents the maximum facility amount, while available credit can change as the facility is used and repaid under the agreement.
The business should understand the draw rules, repayment mechanics, and any conditions that govern continued access before using the facility. The exact agreement controls those details.
A business line of credit establishes an approved credit limit under a revolving facility. The amount available at any given time and the rules for draws, repayments, and continued access are governed by the applicable agreement.
Business Line of Credit at a Glance
- Credit limit
- $10,000 to $2,000,000
- Minimum credit score
- 650
- Time in business
- 6 months minimum
- Terms
- Up to 5 years
- Average interest rate
- 3% to 13%
- Fees
- No upfront fee
- Typical funding timeline
- Same day
- Application materials
- Completed business loan application and recent 3 months of business bank statements
Compare
Business Line of Credit vs. a Business Loan
A business loan generally provides a defined financing amount with a defined repayment structure. A Business Line of Credit provides an approved revolving facility that can be accessed according to the agreement. Businesses should choose based on how often they need capital, how they expect to repay it, and the terms they receive.
Compare Business Funding| Question | Business Loan | Business Line of Credit |
|---|---|---|
| Access | Typically one agreed funding amount | Access up to an approved credit limit under the facility terms |
| Repayment | A defined repayment schedule | Repayment follows the line-of-credit agreement and draw activity |
| Best fit | A defined financing need | Ongoing or changing business capital needs |
Process
How to Apply
Complete the application
Complete the business loan application provided by The Final Loans.
Add bank statements
Provide your most recent 3 months of business bank statements.
In-house review
Our team reviews the application and determines whether the business qualifies for the available line-of-credit program.
What Is Not Guaranteed
- A completed application does not guarantee approval or funding.
- The average interest-rate range is 3% to 13%. Final pricing is governed by the applicable approved terms.
- The amount available at any given time and the rules for draws, repayments, and continued access are governed by the applicable agreement.
A business line of credit provides access to an approved revolving credit facility under defined terms rather than only one single disbursement.
$10,000 to $2,000,000.
A minimum credit score of 650 applies.
The average interest-rate range is 3% to 13%. Final pricing is governed by the applicable approved terms.
Prepare
Guides for the Business Line of Credit
Line of Credit vs Term Loan: Which Fits Your Business?
How a revolving credit facility differs from one-time funding, and when each may fit your business.
Credit Limit vs Available Credit: How a Business Line of Credit Works
The difference between a credit limit and available credit, and how draws and repayments change what you can use.
Apply directly
Apply for a Business Line of Credit
Complete the business loan application provided by The Final Loans and provide your most recent 3 months of business bank statements. Our team reviews the application and determines whether the business qualifies for the available line-of-credit program.