Best Business Lines of Credit

With an American Express Business Line of Credit you can qualify for up to $250,000—not as much as some other lenders, but enough to give you quite a bit of leeway for improvements, new inventory, etc. Amex’s rates are competitive; depending on the amount of the credit line and the desired term, rates can be as low as 2.0%. 

Amex has a quick application process, allowing you to apply and receive a decision within minutes. And Amex has a lower revenue requirement than most lenders; you only need a monthly revenue of $3,000 or more to qualify. 

However, Amex will only approve businesses that have been in operation for 12 months or more, and a personal guarantee is required for the line of credit. 

Lendio isn’t a lender. Instead, it’s a marketplace platform that allows you to get quotes from multiple lenders. Depending on your credit and your business revenue, you could qualify for a credit line as high as $500,000, and you can have up to 24 months to use it—longer than many lenders offer. 

Lendio also has secured credit lines. By providing collateral for the line of credit, you may have a better chance of qualifying for a loan or getting a better interest rate. 

However, the rates on Lendio’s lines of credit can be quite high; according to the company, rates can be as high as 60%. And it can take one to two weeks to fund the line of credit, which is longer than usual for business lenders. 

Many business lenders require companies to be in operation for 12 months or more, and they may also require good or excellent credit. For new businesses and business owners, it can be difficult to meet those requirements. 

With Fundit, you can qualify for a line of credit with a credit score as low as 600, and businesses only need to be in operation for six months.

Although Fundit has credit lines as high as $1 million, we found that its rates, fees, and terms are unclear. On its website, the company says rates are as low as 6.0%, but it doesn’t say what the maximum rate is or what other fees may apply. And in several places, it says payments may be either weekly or monthly, but does not say what the payment schedule’s impact is on the rates of the line of credit. 

If you are an existing Bank of America Preferred Rewards for Business customer, you can qualify for additional benefits when you apply for a Business Advantage Credit Line. You can qualify for an interest rate discount as high as 0.75% based on the program tier you’re in at the time of your application. 

Through Bank of America, you can qualify for a line of credit as high as $250,000. And while other credit lines have set terms, Bank of America’s line of credit is renewable on an annual basis, so you can continue to utilize it if necessary.

The Bank of America business line of credit is only for established businesses. It has a high minimum revenue requirement, and businesses have to be in operation for at least two years to qualify. 

When you need to tap into a credit line fast, Bluevine could be a good option. You can apply for a business line of credit and receive a decision in as little as five minutes. And if you’re approved, you can start using the line of credit within a few hours. You can qualify for up to $250,000 in revolving credit, and terms are as long as 12 months. 

However, Bluevine’s eligibility requirements are strict. You need to be in operation for at least two years, and you need at least $40,000 in monthly revenue—much higher than many other lenders require. 

Typically, business lines of credit are limited to $500,000 or less. But with PNC’s Secured Business Line of Credit you can access up to $3 million. During the revolving credit period, you only have to make interest-only payments, and you may qualify for a lower APR than if you opted for an unsecured line of credit. 

There is very limited information available about PNC’s lines of credit online. The bank does not disclose the line of credit’s terms or rates. And you cannot apply online. Instead, you have to call or visit a branch in person. 

PNC doesn’t publicly disclose all of its eligibility requirements for its business lines of credit. In general, you should expect to need good to excellent credit and high monthly revenue to qualify.