Unsecured Credit: Interview With Jeremiah Schultz
This program gains the approval of multiple revolving business credit lines in the form of high limit business credit cards so that your business may end up with 5 or more credit lines from different banks to make up your total funding. This type of credit is the best way to strengthen the foundation of your business.
You will have multiple banking relationships established instead of just one which is ideal for several reasons.
- It builds the strength of your business credit profile faster.
- Having multiple banking relationships enables your business to negotiate lower rates and get credit limit increases down the road (6 months minimum).
- Banks will offer lower rates competing for your business once your business has shown its ability to use its credit responsibly.
This is unsecured credit so it’s not attached to any personal property or collateral of any kind. Since it’s revolving credit it is a much easier debt to service compared to a traditional business loan. With a loan you have a lump sum monthly payment that’s fixed. With these revolving business credit lines your minimum monthly payment on any outstanding debt is 1-2% per month. Best of all every dollar you pay back in principal becomes immediately available for your business to use again.
Below are some additional bullet points:
- Funding range $20,000 – $150,000
- Reports only to the business credit reporting agencies
- Does not require collateral, income docs, or financials
- Minimum credit score range is 680
- Credit utlization percentage – 50% and lower
- No past bankruptcies
- Collections – tax liens – judgments (cannot be in unpaid status)
- Business credit cards are the form of capital
- Promo rates at 0% for 6, 9, 12 months
- No business age requirements – can be a startup
- Typical interest rates range from 7.99% to 11.99%
- Business credit accounts appears under the business name not the person
- 7 days start receiving credit lines – done in 20 days
Rather than shop around and have multiple banks pull your credit (hard inquiries) to see what you qualify for, we have you supply your own credit report for an initial review. Our in house underwriters will then analyze your credit report and give you a rating (funding range report) just like our banking connections would.
By supplying your own credit report for pre qualification, you are not triggering a hard inquiry to your credit. You’ll know firsthand how much you pre-qualify for in business credit lines ($20k to $150k) before actually starting the funding process.