Secured Business Line Of Credit Rates

Your rate will be between prime 1 75 and prime 9 75 depending on your personal and business credit evaluation.

Secured business line of credit rates.

Rates are subject to change and may be higher or lower than the stated ranges. Quick view loan chart. Secured by a wells fargo savings or cd account. Secured small business line of credit.

10 000 to 500 000 line of credit. Non real estate business assets are provided by the borrower as collateral for the secured line of credit. Business line of credit and term loan interest rate discounts are available to business applicants and co applicants who are enrolled in the program at the time of line of credit or term loan application for a new credit facility excludes specialty lending products that receive customized pricing. Credit lines from 5 000 to 100 000 based on the amount pledged.

There are two wells fargo secured business lines of credit. Unsecured business lines of credit accessed july 8 2020. Both types may come with an interest rate discount of 0 25 0 50 or 0 75 depending on your three month average combined balances in bank of america business deposit accounts and or merrill edge or merrill lynch business investment accounts. If you use a cd or savings account as collateral for a loan you can typically qualify within hours and have the funds within the same or next business day you could also receive the added benefit of a lower annual percentage rate compared to an unsecured option.

You might also consider a secured credit card which requires some form of collateral. Why a business line of credit may be a smart choice for your business accessed july 8 2020. The business line or prime line. Rates as low as prime 1 00 interest charged when you use the account.

A secured business line of credit is a revolving credit option designed to help you build business credit with wells fargo. Which line of credit may be right for your business. When considering a business line of credit u s. Secured business line of credit accessed july 8 2020.

While the business line may be suited for relatively new businesses or those rebuilding business credit with amounts between 5 000 and 100 000 the prime line is designed for established businesses with 2 million to 5 million in annual revenue. A chase business line of credit is ideal if your business needs easy access to cash for short term capital inventory purchase supplier payment or an emergency fund. Bank of america offers secured and unsecured business credit lines. Best for rate discount.

Bank has three options you can consider.