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Business Lines of Credit

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We provide funds at he lowest rates in the industry with flexible repayment schedules.

What is a Business Line of Credit?

A business line of credit (or “LOC”) is a revolving loan that gives business owners access to a fixed amount of money, which they can use day-to-day according to their need for cash.

LOCs are specifically designed to help businesses finance short-term working capital needs, such as:

  • Purchasing inventory or repairing equipment
  • Financing marketing campaigns
  • Making payroll 

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There are two main types of business LOCs:

  • Secured Business Line of Credit: With this type of LOC, a business must pledge assets as collateral to secure the loan. Since a Line of Credit is a short-term liability, lenders will typically ask for short-term assets, such as accounts receivable and inventory. Lenders typically won’t require capital assets, such as real property or equipment, to secure an LOC.  If the borrower is unable to repay the loan, the lender will assume the ownership of any collateral and liquidate them to pay off the balance.
  • Unsecured Business Line of Credit: This type of LOC does not require assets as collateral (meaning it’s sometimes a more attractive option to business owners). Still, the lack of collateral means a higher risk to lenders, so to get an unsecured LOC you’ll need stronger credit and a positive business track record. In addition, the interest rates are often slightly higher. Unsecured lines are usually smaller.
A business line of credit allows you to borrow up to a certain limit and pay interest on only the portion of money that you borrow — similar to the way a credit card works. You then repay the funds and can continue to draw on the line.
Unlike a traditional small-business loan — where you receive a lump sum of capital and repay it over a specific period of time, with interest — a business line of credit is a more flexible form of financing. Business lines of credit can be used for a variety of short-term needs, such as managing cash flow, buying inventory or covering payroll.

The process to qualify for a line of credit will depend on the requirements of individual lenders, but there are some common standards. The following information is crucial to qualifying for a good line of credit with good terms:

  • Good credit score (typically above 600)
  • Strong cash reserves or strong cash flows
  • Age of business and length of time your business has been profitable
  • Well-constructed business plan

While the specific requirements differ from lender to lender, lenders will likely take the above factors into consideration. We recommend businesses first apply for a line of credit with a traditional lender like a bank. Banks will often give the most competitive rates but have longer application processing times and stricter requirements. If you can’t qualify with a bank, consider online lenders, which often have more lenient requirements and faster funding times but typically charge much higher rates.

Benefits of an OnDeck Business Line of Credit

Instant Funding: Get money in your account within seconds every time you make a withdrawal—24/7, even on nights and weekends.*

Only pay for what you borrow: Withdraw what you need, when you need it. And pay interest just on the financing you use.

A consolidated payment for all withdrawals: Make one weekly payment on all withdrawals, avoiding the headache of multiple payment schedules.

Access more funds automatically: Receive automatic credit limit increases when we review your credit profile and determine if you qualify. We do this on an ongoing basis, so the opportunity is often there.

Business credit building: Help build your business’s credit by making on-time payments, which we report to the credit bureau.

Revolving credit: Apply once and funds replenish when you pay them back, so long as you make timely payments.

No prepayment penalties: Get more flexibility by paying off your line of credit anytime you’d like, with no penalty or fee.

Transparent pricing: Use our SMART Box® Capital Comparison Tool to get a comprehensive breakdown of your line of credit’s cost—including all the key terms you need to evaluate potential loan offers.

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