Unsecured Business Credit Card

It is difficult to secure financing without some form of collateral, especially when you are starting a new business. About 65% of small businesses owners use credit cards to keep their fledgling business afloat. However, 50% of these cards are personal credit cards that put the personal credit and financial health of the business owner at risk. Therefore, starting and growing a business is risky business for you as an entrepreneur. So, according to the U.S. Small Businesses Administration, you should use a business credit card to separate your personal finances from your business spending.

Additionally, cashflow issues can readily stymie the growth of your business. However, going all out to get a small business loan can be a big step that not every entrepreneur is willing or even qualified to take. The stopgap measure is to obtain a business credit card.

Who needs a business credit card?

Even businesses with one or two employees should have business credit cards for business expenditures. A business credit card can give you access to capital to pay your bills and free up cash for the business.

At LaGray Finance, we understand the difficulties that startups face and the cash flow issues encountered by a growing business. If you have a good FICO credit rating we can help you get immediate access to capital with unsecured business credit cards.

What is the difference between a secured and unsecured business credit card?

You may only be qualified for a secured business credit card if you do not have a stellar credit history. Because a secured credit card is typically used to build or rebuild credit. Therefore this requires a security deposit that is close to the credit limit. Over time, with a good payment history, you get your deposit back and upgrade to an unsecured credit card.

An unsecured business credit card is a standard credit card that does not require a deposit or personal guarantee. So, you don’t need any collateral because your credit limit is based on your personal credit profile and the profitability of your business. The card works the same way as a personal credit card and has minimum monthly payments to keep you under your limit. Therefore, you can pay off all outstanding balances to make more credit available.

What are the benefits of an unsecured business credit card?

• You can use credit cards for a wide variety of business purposes

• You have short term funding that frees up your cash flow

• Business credit cards are great for your start-up, as you have access to funds to deal with unexpected expenditure

• Your personal and business finances are kept separate, which protects your personal credit

• This type of fund is easier to qualify for than a traditional business loan

• It is fast, as you may be approved and funded in as little as two weeks

What are the fees and interest rates?

Your FICO score and line of credit are used to determine your interest rate. In most cases, we can offer 0% introductory rates to our clients for at least six months.

How much credit can I get?

Credit lines range from $25,000 to $250,000 depending on your FICO score, the size of your company and its history.  Because this is a revolving line of credit, it remains available for as long as you make payments on time and stay below your credit limit.

Eligibility Checklist

• Do you have a minimum FICO Credit score of 700?

• Is your minimum personal gross income $3,500 per month as evidenced by tax returns or pay stubs?

• Are you currently using less than 50% of your personal credit lines?

If you answered ‘Yes’ to at least two of the questions above, then please contact us to get the process started.

Why LaGray Finance

We are partnered with lending institutions nationwide and we have the expertise to connect your business to the best financing products available. LaGray Finance can get you the highest credit limit, lowest rate and much faster funding than you can get on your own.