When you need funds for your business, there are several types of borrowing you can turn to. The best one to use depends on your financial situation and what you will be using the money for. Two of the most popular ones are a business cash advance, which is a short-term loan on money your business expects to be getting as revenue soon, and a business line of credit, which is like a credit card, but usually has a larger limit. There are several key differences between them.
If you need quick cash, a business cash advance from UnsecuredBizLoan is the way to go. The application process is incredibly fast, and you can get the funds within just a few days. A business line of credit, on the other hand, takes a little bit longer to approve because we need to gather more data about your business.
Amount of Loan
A business cash advance is typically for just one month’s worth of revenue. It’s just an advance of that revenue so you can use it now to improve your business and pay back the cash advance with the revenue when it comes in. A line of credit, on the other hand, can be for a much larger amount.
Duration of Loan
You repay a cash advance quickly, often using your revenue from the next month or two to repay the money you were advanced. On the other hand, a business line of credit lasts indefinitely, allowing you to borrow money as you need it and repay it at your leisure, although you still have to make at least the minimum payment every month.
Most businesses will qualify for business cash advances, which are designed to help start-ups and companies that need a little help to get momentum. A business line of credit requires more credit history and information about your business finances.
To apply for funding for your small business, use the form on the right to begin the application process.
For more information on business cash advances, go to Business Cash Advance at http://www.unsecuredbizloan.com/business-cash-advance