Pros
- A new business line of credit comes with many advantages, including:​
- Flexibility in spending and long-term use
- Revolving access to credit
- Easy application process
- Lower threshold for approval
- Fast approval with turnaround times of as little as 24 hours
- High financing amounts with limits up to $100,000 or more
- Reliable safety net for business emergencies
Cons
- In spite of the benefits, there are some downsides to choosing a new business line of credit, like:​
- Potential for high interest charges
- Damage to credit if payment due dates are missed
- Trouble getting approved for very new businesses without cash flow