12-27-2012 06:54 PM
My business is new and less than a year old, we were able to get a couple of business credit cards ( ink bold & ink cash). Now I am looking to get a couple of secured lines of credit. I was think 2 secured LOC for 25K each one with chase and the other BOA.. Has anyone every got a SECURED line of credit that was backed by a CD or cash in a savings account ?? I was curious the time it takes to get approved ???
12-27-2012 08:23 PM
We actually have a $25k secured LOC backed via savings through M&T Bank. We got approved the same day we applied, but it took forever to get the docs and get them signed. I'm sure the process varies via lender.
12-27-2012 11:13 PM
12-28-2012 08:05 PM
Most banks that offer business products will have a secured loan opition even when not advertised. The best places are the small local banks. You will usually get a better rate and faster turn around.
01-11-2013 09:27 PM
What is the advantage to having a secured LOC for business? Is it just to have a satisfactory trade line? Change into unsecured after time? Etc??
Also curious about this...
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