Lines of Credit
Borrow what you need when you need it without any hassle.
Running a business that requires recurring expenses can be challenging. You always need cash to cover expenses. And in times of growth or uneven cash flow, meeting these financial needs can be a burden. With a line of credit, you can cover expenses when you need to.
Easy Funding
A line of credit allows you to deal with cash flow problems efficiently. Don’t let a cash crunch limit you. Get funded and develop your business.
Reasonable Interest
Instead of paying interest on the full amount on your line, you only have to pay interest on what you borrowed.
Wide Variety
At Ashpry Capital, we offer different types of lines that help you unlock the level of borrowing power you need.
03. FAQ’s
What is a Line of Credit?
If your business requires ongoing expenses, you should consider taking a line of credit. It is a flexible financing program that does not limit your use of funds to one project. You can draw money from a line of credit to finance important purchases, pay taxes or hire employees. Do you need to meet some short-term financial necessities? Contact us today. Let us help you figure out the best credit for your business.
How Does a Line of Credit Work?
1. Online Application
To get a loan, you have to start with an application. Submit an application, providing the necessary details of your business and your financing needs. Our application process is swift and straightforward. Just apply online, and that’s it.
2. Free Consultation
Once you submit your application, an experienced capital specialist will work with you to explore the options that work for you. This consultation is free and will help you figure out the best type of line of credit for your business.
3. Lender Selection
You’ll need a lender to fund your line. But instead of going through the hassle of finding one, Ashpry Capital will do all the work for you. We have a team of industry experts who will put together an attractive offer with your application and find you the best matching lenders.
4. Underwriting and Approval
At this stage, a potential lender will review the information in your application and analyze the likely risks and benefits of giving you credit. If everything looks good, your offer will be approved.
5. Funding
Upon approval, you will be provided with a line with a set amount of money. As you borrow from the line and make repayments, more money will be released into it.
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Frequently Asked Questions
When is a Line of Credit not a good fit?
If you are looking for financing to cover real estate, costly equipment and other long term or capital purchases, you might want to consider other options. Lines of credit often max out at $250,000. However, if you have major financing needs, we can connect you with matching loans.
Is a Line of Credit the same as a credit card?
Lines of credit are different from credit cards. While a line of credit lets you borrow money against a revolving credit balance, a credit card allows you to make purchases and then pay later.
Can a Line of Credit affect my credit score?
A line of credit has a significant impact on your credit score. If you repay the loan on time, your credit score will be improved. However, if you default in payment, your credit score will be affected negatively. Leaving your credit unused can also reduce your credit score, but with some work, you can maintain a good credit score. We can show you how to do this.
What are the interest rates on a Line of Credit?
The interest rate on a line of credit depend on the credit and the lender. Typically, they range between 5% to 20%. Let us connect you with lenders that will offer you the best rates for your business.
