Line of Credit – Understanding repayment, fees, and use
With lower interest rates, fewer fees, and more flexible payment options, business lines of credit are often more beneficial than credit cards for small businesses. Unlike a credit card, small business lines of credit can be thought of as a cash account, offering ease of withdrawal and transfer of cash. This flexibility is either impossible or expensive to create with credit cards, which typically carry cash advance fees and withdrawal charges, or higher interest rates for the borrowed amount. Business credit cards are useful for online purchases or use by staff, but a line of credit is an affordable way to gain peace of mind for your growing business.
To provide the best rates and terms for our clients, DreamSpring may require collateral for loan approval.
Effective July 20, 2024 DreamSpring offers uncollateralized options for applicants seeking less than $20,000 and with credit score above 650.