Business Line of Credit

Get the capital you need now — access fast, flexible funds with a business line of credit.

Revolving

lines of credit from $6K – $100K

Flexible

repayment terms of 12, 18 or 24 months

Customizable

weekly or monthly payments

How does a business line of credit work?

Running a business takes money, and a business line of credit gives you ongoing access to funds that are right at your fingertips.

Unlike a term loan that provides a lump sum, a line of credit lets you borrow up to a set limit and only take what you need. As you repay, your available credit replenishes, so you can keep borrowing without reapplying. Whether it’s managing cash flow or investing in your big-picture plan, a revolving line of credit is a flexible way to access the funds you need.

A business line of credit from NextGenBuilder can provide qualified borrowers with a credit limit up to $100,000. You can draw from your line and get money instantly — even when the banks are closed.* Withdraw what you need, when you need it◊ — you’ll only pay for what you borrow. Plus, your on-time payments can help you build business credit history.

Benefits of an NextGen Line of Credit.

Only pay for what you borrow

Withdraw what you need, when you need it. You’ll only be charged interest on the funds you draw.

Instant funding

Receive your money within seconds when you make a withdrawal — 24/7, even on nights and weekends.*

Build business credit history

We report to business credit bureaus, which helps build business credit history with on-time payments.

How do I apply for a business line of credit?

  • 1

    Complete the application.
    Our streamlined process is designed to be completed in just minutes.

  • 2

    Get a decision.
    Work with an expert loan advisor to choose the best option for you.

  • 3

    Receive your funds.
    Sign your contract and get funds as soon as the same day.

FAQs: Business Line of Credit

The amount of business credit you can get depends on several factors, including your business’s financial situation, creditworthiness and the lender’s eligibility requirements. Typically, strong business finances and a good credit score will allow you to access higher credit limits and better terms such as a lower interest rate.

An OnDeck Line of Credit offers qualified borrowers loan amounts up to $100,000. Applying is easy and only takes a few minutes. Plus, OnDeck only does a soft credit check so it won’t affect your score.

When you take a draw from a line of credit, you’ll generally have a set time period in which to repay the funds. You’ll make weekly or monthly payments on the amount that you’ve borrowed to pay it off by the end of the term. You’ll want to do your research on lenders, as some may charge a fee for early repayment.

With an NextGen Line of Credit, you’ll receive your repayment terms upfront. When you take a draw, you’ll only pay interest on the amount you borrow and the funds will be repaid in an easy weekly or monthly payment. We don’t charge any annual fees or draw fees. Additionally, you can repay early to bring down the cost of borrowing, with no prepayment penalty.

There are some times when you could really use access to additional funds. Some lenders will allow you to request a credit line increase. If you’ve demonstrated a good repayment history and have the capacity to borrow more, they may approve you.

With OnDeck, credit limit increases are based on your cash flow, net income and payment history. NextGen continually reviews its accounts to see which may benefit from a line increase.

The total cost of your line of credit will vary based on a number of factors, including your personal and business credit scores, time in business, annual revenue and cash flow.

While it can be more difficult to find business financing with a low credit score or no business credit, it’s not impossible. At NextGen, we consider a more comprehensive view of your business finances and may be able to approve those with less-than-perfect credit scores who have been turned down by traditional lenders.

NextGen’s application process is simple and fast — and you can often get a decision on the same business day. We also make it easy to compare offers with our loan comparison tool. Keep in mind that when choosing between credit offers it’s important to consider things like interest rates, fees and other terms. And for new businesses, remember that NextGen requires a minimum of one year in business to be eligible for funding.