A revolving line of credit works just like a credit card. This lending product is great for small businesses as it offers both convenience and flexibility. Unlike a term loan, you only pay interest on what you borrow. As you pay down your balance, your available funds increase. The funds can be used for virtually any business use.
Currently, our lines of credit range from $5,000 - $50,000 and repayment will occur over 12 months (weekly payments).
Our simple, streamlined application takes about 10 minutes to complete. We ask for basic personal and business information. You can move quickly through the application if you have the following information handy:
We highly recommend that you link your business bank account securely to us. If this is not possible, you will be able to easily upload and submit 3 months of your most recent business bank statements. This information is required in order for us to effectively assess your application.
Businesses need to meet the following criteria in order to qualify:
If we have all the information we need to perform our credit assessment, we can approve your business in under 48 hours. Funds can be made available immediately for business use.
You can request funds by logging into your account on your smartphone, desktop or tablet and accessing your personalized dashboard.
We will automatically deduct fixed, weekly payments from your business bank account. This payment schedule will allow for minimal impact to your cash flow. All transaction activity can be monitored in real time by accessing your account online.
Yes, a UCC lien is required against business assets. We require personal guarantees from owner(s) of the business.
Our rates start at 9.99%. We may charge an origination fee of 3.0% of the approved credit amount (this is a one time fee). We may also charge a monthly fee of $19.99 in order make the full amount of the credit line available to your business for use.
Absolutely - we take the security of your data very seriously. We utilize industry standard encryption to keep your data safe and secure. Thrive will never sell or share your personal information without your approval.