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What is an Unsecured Line of Credit & Do You Qualify?

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As a small- to medium-sized business owner, you know how difficult it can be to always have the necessary cash to keep the business running smoothly. Wouldn’t it be great if you could get a line of credit to tide you over – without having to provide everything you own as collateral? The great news is that with Advance Funds Network, you can do just that. Read below and learn the facts.


What is an Unsecured Line of Credit?


An unsecured line of credit is like a loan but without the collateral often required by banks. Advance Funds Network (AFN) offers a variety of credit lines, loans and financial options to help small to medium-sized business owners. AFN understands that to make money you must spend money, and their role is to provide you with the money you need when you need it. When you obtain an unsecured line of credit from AFN, you’re approved for a specific amount of money. Although our lines of credit range from $2,500 up to $3,000,000, the average line of credit with AFN is around $50,000.


Another benefit of an AFN unsecured line of credit is that you can use the money to consolidate other debts, acquire new property, purchase equipment or inventory, expand your business or any way you see fit. Business owners like you can get an unsecured line of credit even if they have bad credit and have been turned down in the past by other lenders. You only make interest payments on the amount of money you’ve used. Once you’ve continued to make your payments as required, you may be eligible for a larger line of credit.


What Are The Requirements? Do I Qualify?


Although AFN does have some eligibility requirements, they’re very lenient, making it very simple to be approved for an unsecured line of credit. More than 85% of the individuals applying for unsecured lines of credit from AFN are approved. Not only are they approved, but they also have access to their money in less than a week. Unlike some lenders that require tons of paperwork, AFN requires minimal documentation. The only requirements are that you have proof of monthly sales income and meet one of the two following requirements.


• At least $2,500 in monthly credit card sales
• At least $10,000 in gross monthly sales volume


Even business owners who have poor credit or have bankruptcies on their record have an excellent chance of being approved for an unsecured line of credit. In some cases pre-approval can take place in only a few hours.


What is the Process for Getting an Unsecured Line of Credit?


Applying for an unsecured line of credit with AFN is simple and fast. With a simple phone call,you can complete the simple application and possibly be pre-approved in hours. There are no processing fees, approval fees or upfront costs of any kind. The amount your business is approved for is based on your business’s revenue for the previous six months.


Because each business is different, AFN offers different payment options. They offer the option of daily, weekly, or monthly payments as well as payments based on percentage of sales. Their professional staff will work with you to determine the type of payment plan that will best meet your needs and the needs of your business.


In addition to unsecured lines of credit, AFN also offers various types of business loans, including those with bad credit or those intended for large businesses. AFN is a member of the Better Business Bureau and has an “A” rated with the BBB.

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