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Cash flow and working capital shortages are a frequent and common issue for small business owners. Almost one third of business owners wait for late payments, and 69% have cash flow concerns. As you take things to the next level or solve problems in your business, you might consider getting an instant business line of credit.

Like other financing options on the market, an instant business line of credit gives you cash to handle anything in your business. Based on your needs, you can put it all toward one expense, or cover multiple bases. Unlike other options, though, you can qualify for and access cash in a much faster time window.

If you need flexible financing at a moment’s notice, then an instant business line of credit might be the way to go.

get an instant business line of credit

What an Instant Business Line of Credit Really Means

Before learning if your business qualifies, it’s important to understand exactly what an instant business line of credit is. 

So, how does a business line of credit work?

A business line of credit is a financing option that gives your business the flexibility to draw more cash as you need it. You only pay interest on what you take. Because most are revolving, you can draw cash again after paying the full amount down.

An instant line of credit makes this even easier for your business by providing cash right away. While it may not be “instant” exactly—most application to approval periods will take a few hours at the minimum—, getting cash in this short time window can put you miles ahead of competitors. 

This product also helps you get cash much faster than other typical financing options, like an SBA or bank loan, which can take months for even an approval. 

Requirements for an Instant Business Line of Credit

The next major question: how to get a business line of credit? 

The requirements for an instant business line of credit aren’t always the same—they tend to vary based on the amount you’re looking for, and your business. But, they’re not that different from the standard business line of credit requirements.

Because most instant lines of credit aren’t available through banks, your credit score won’t be a “make-or-break” factor. Instead, lenders will consider your credit score along with a number of other factors. Getting a no credit check line of credit is difficult, but there are generally options for all credit profiles. 

Alternative lenders, who are the main source of instant lines of credit, tend to emphasize revenue when evaluating your application. This is because revenue tells the most vivid story about your ability to generate revenue and make payments. At a minimum, you’ll probably need to make at least $100K.

Naturally, lenders will want to see some proof that you can sustain your business, and the best way to demonstrate this is time. For most products, you’ll need to be in business for six months at the minimum.

In light of the recent COVID-19 pandemic that put additional stress on small businesses, lenders may also consider your month-to-date revenue. 

Based on the lender, you may also have to provide a personal guarantee. This is a standardized agreement in which you agree to be personally liable for (and pay back) the amount you draw, in the event your business defaults.

Additionally, if the product you’re applying for is secured, then you may need to put business assets down as collateral, too. It’s always best to avoid tying up personal assets for business expenses. That being said, there are many business credit line options that are unsecured.

Business Line of Credit Rates: What You Need to Know

Interest rates are one of the most important factors to consider when weighing your financing options. But, the interest rates on an instant business line of credit aren’t always straightforward. Generally, to learn specifics about your business, you’ll need to apply first.

Looking at averages is a good place to start, but lenders look at every business individually. Depending on your industry, revenue, credit score, financial history, and a few other factors, your rates could be wildly different. 

According to Nav, these are the average interest rates on lines of credit through online lenders in 2019 were between 14-70%.

Other factors, like the current state of the economy, can also affect interest rates. During turbulent periods where businesses aren’t performing at their highest due to government regulations, lenders might adjust rates.

Your credit score can impact your interest rates, too. As a general rule of thumb, a higher score will help you qualify for a lower rate. Securing your line of credit with collateral lowers your rates as well.

Business Credit Card Vs. Credit Line

As you weigh working capital options for your business, you might consider a business credit card. Both give you the ability to spend cash for your business, but there are a few important differences.

First, instant business lines of credit get you more working capital. The amount you’re approved for can certainly vary. Nonetheless, line of credit approvals tend to be higher than monthly business credit card limits. This gives you more cash to spend on anything in your business—including marketing, payroll, and more.

By nature, business credit cards have more flexibility when it comes to repayment. Like most other credit cards, you can put payments off. However, remember that this strategy may add unnecessary interest to your bottom line. 

While the specifics vary based on your credit card company, you’ll generally enjoy access to benefits. Benefits always help, but often aren’t beneficial enough to make this a significant factor. 

Overall, credit cards might be a simpler and easier option when you have a few larger payments ahead of you. But when you need substantial and simplified access to cash at a moment’s notice, instant business lines of credit are the way to go. 

Apply for an Instant Line of Credit and Get Cash for Your Business Today

Why wait when you can learn your online business line of credit options today?

At National, we specialize in getting your business funded simply, quickly and easily. Through our marketplace of 75+ lenders, we can help you get the best rates, terms and amounts. 

Learn your options by applying now!

Last Updated on July 16, 2020

National Business Capital is the top FinTech marketplace offering small business loans and financing. Harnessing the power of leading technology and smart people, we’ve streamlined the application process to secure over $1 Billion in financing for business owners nationwide.

Our Business Financing Experts work within our 75+ Lender platform to match you with the right option. Easily access the best low-interest SBA loans, short and long-term loans, business lines of credit and equipment financing all in one place.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!

About the Author, Joe Camberato

Joseph Camberato, CEO of National Business Capital, developed a passion for business at a young age. Joe started his company in 2007 in his spare bedroom and has grown to secure over $1 Billion dollars in financing for small business owners nationwide. National’s team has an amazing culture and has been name the #1 Top Workplace on Long Island 3 years in a row and counting. Joe is a trusted financial expert who’s published more than 2,000 articles in the last 3 years. His articles have generated over 5 million page views and has been featured on blogs such as Google News, Yahoo, CNBC, Forbes Magazine, etc. His passion has also inspired him to build the "GrowByJoe” YouTube channel where he shares his insights into small business trends and tips for growth. Joe also holds a seat on Forbes Finance Council and is an active member of the Young Presidents' Organization (YPO), a global leadership community.





Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.