Business lines of credit provide short-term solutions that can bring long-term results, though fees often add up quickly – including usage and interest charges.
Some lenders require collateral as security against loans; other offer unsecured options. In order to qualify, businesses need to present financial statements, bank account data, and a personal guarantee from their owner. Small Business Line of Credit in Canada online is a great way for business owners to access funds in a timely and convenient manner.
OnDeck
OnDeck offers both small business lines of credit and short-term business loans at competitive rates with easy application processes that are available 24/7. Their dedicated support team can answer any queries. Apply either online or by phone – applications usually take only minutes to complete! Funds may arrive as soon as 24 hours later! The company boasts competitive rates while receiving excellent reviews from its customer base.
OnDeck was established in 2007 to empower small businesses. With offices throughout the US, Canada, and Australia and having assisted over 100,000 businesses with accessing funding since 2007, OnDeck now holds a market cap of $1.9 billion on the New York Stock Exchange and in addition to loans and lines of credit also offers consulting services and an online marketplace dedicated to small business.
OnDeck stands out from many online lenders by not requiring personal guarantees or collateral in order to qualify for a business line of credit. Instead, OnDeck requests either a general lien on some assets owned by your business or a portion of future credit and debit card sales as collateral. Although OnDeck financing may be more difficult for those with poor or no credit histories.
OnDeck offers not only an efficient lending process but also flexible repayment plans to meet any business need. They have both weekly and daily repayment schedules so you can select one that works for your company best, while additional payments or paying off early can reduce interest costs further.
Repeat borrowers of OnDeck may benefit from discounts or waived fees, and its reporting to business credit bureaus could help build your business’s credit score. Unfortunately, its high starting rates and stringent qualifications might not be ideal for first-time borrowers.
If you’re considering opening up a small business line of credit, work with an advisor to explore all of your available options and select one with ease. At Nav, our specialists can assist in finding and selecting an online application process tailored specifically for each line of credit to meet all your business’s requirements.
Merchant Growth
Merchant Growth is a Canadian financing company offering various loan solutions for small business owners. Their product lineup includes lines of credit, merchant cash advances and fixed financing; each of these designed to help small companies with expansion and growth needs while offering flexible repayment options.
This company has been in operation for 10 years and is one of the leading providers of alternative business loans in Canada. They pride themselves on exceptional customer service and flexible terms that can get funding delivered as soon as 24 hours post approval.
Application process for these loans is quick and painless; no collateral needs to be provided in order to apply. Minimum requirements include 6 months of business operation with either corporation or partnership registration status. As members of the Canadian Lenders Association, this lender offers competitive rates for small business loans.
A business line of credit is a form of financing that gives you access to a specified sum that you can use whenever necessary. It is important that the funds be utilized wisely and repaid as agreed – failing which your line of credit could be closed down or higher interest rates applied.
Many small businesses hesitate to apply for business lines of credit due to fears that they’ll risk losing their hard-earned capital. But for established businesses with sound financial records, this form of financing may prove extremely useful in helping avoid costly errors and remain profitable over the long haul.
Small business lines of credit are an effective way to enhance cash flow and secure funding to expand your company. Before borrowing any amount with an open line of credit or revolving line of credit loan, it is crucial that you understand its repayment and any associated interest charges so as to repay quickly without accruing more debt than necessary.
Lending Loop
Lending Loop’s Small Business Line of Credit can provide an easy and cost-effective solution to fund the expansion of your business. Their straightforward online process connects lenders and borrowers quickly, eliminating intermediaries for fast decision-making at competitive rates – giving small businesses access to affordable financing at more reasonable costs than ever before.
As a borrower, you begin by filling out an online application. Here, they will ask for basic personal contact details as well as your CRA and SIN numbers. After that step is completed, more detailed information about your business and risk profile will be required of you in order to be approved as an applicant. You will also need to submit documents showing revenue or annual sales figures as part of this application process.
Next, the company will conduct an eligibility evaluation and extend you an offer for funding. They will present a specific amount and interest rate that you can accept or reject; once accepted, your loan will be posted in the marketplace where investors can fund it; once this process has taken place for seven days you should be in possession of your funds!
Once funding has been received, Lending Loop requires monthly payments that include both an interest charge and loan origination fee, with fees typically ranging from 3-6.5 percent depending on the type of loan being taken out. Furthermore, businesses must sign both a general securities agreement and personal guarantee so as to protect themselves in case of default on debt payments.
As a lender, you will earn a regular fixed monthly income while helping Canadian small businesses expand. Lending to any of the businesses on their platform gives you an opportunity to diversify your portfolio and generate attractive returns – just keep in mind this investment is risky; never invest more than what you can afford to lose and only lend to loans from trustworthy companies that offer good business prospects or else risk being stuck with an illiquid asset that does not produce returns.
RBC
Business lines of credit tend to be easier to qualify for than traditional small business loans, yet you still must fulfill some stringent criteria in order to secure one. Most lenders require you to submit standard financial documents like P&L statements, AR, AP and cash flow statements as well as your business plan as part of their eligibility criteria; in addition they’ll want to see both your personal credit score and history, along with collateral should anything go amis with your loan payments.
Some business owners find a line of credit to be an appealing short-term funding solution, since it doesn’t come with as many strings attached as traditional small business term loans. This form of lending is especially beneficial for self-employed individuals experiencing regular cash-flow crunches due to delayed payments for work performed.
An additional advantage of a small business line of credit is its flexibility in financing ongoing expenses like rent, supplies and employee wages. However, it’s important to remember that for one-off expenses such as new equipment purchases or renovations or inventory investments a term loan might be better suited.
RBC makes the process for applying for a small business line of credit easy and straightforward, with booking an appointment at one of their branches to meet with an advisor and discuss your business’s needs and goals, before producing documentation to verify its profitability and revenue, along with your personal credit score.
RBC typically approves your application for a credit line within days if you can provide sufficient documentation, allowing you to start drawing down on it without incurring interest charges on anything you use. Should your balance exceed its maximum credit limit and incur late fees, its maximum limit will be reduced and late fees assessed against it.
RBC’s Royal Business OperatingLine also offers convenient features, such as being able to transfer funds between your RBC business credit line and everyday operating account or vice versa and making one-way revolves between banks and RBC credit lines. Furthermore, you can access funds via ATMs, Online Banking for Business or in person at RBC branches.
