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October 5, 2021
If you build a record of wise credit use, it will improve your credit score and the chances of getting a business loan or credit card with a lower interest rate. To help you decide between a loan or credit card for your business, we’ve outlined the pros and cons of both and the situations where one is preferable to the other.
If you need a large sum for your business that you can pay back with interest in monthly installments over a fixed period, it makes sense to apply for a business loan. But keep in mind that there are different types of business loans available. You will need to pick the right one for your needs.
Types of business loans include:
Different types of business loans will have different interest rates. Select a business loan based on its specific terms including the interest rate, the amount you want to borrow, your desired term length, monthly payment and associated fees. Boost the odds of approval by applying for the correct type of loan, preparing a great business plan, meeting the minimum requirements and backing your debts with personal or business assets.
With a business credit card, you can make small purchases and pay for them as one combined bill monthly. Business credit cards are best used for short-term financing when you can pay the debt off within a year.
All business credit cards provide a credit line with flexible repayment options. You can remit the full payment with no interest or pay the partial or minimum payments before the due date (within at least 15 days of bill generation).
There are a plethora of different business credit cards in the market. Choose the one that works well with how you spend money after comparing their benefits and annual fees. For instance, apply for a travel rewards business card if you are a frequent traveler. To qualify for most business credit cards, you’ll need credit scores in the “good” to “excellent” range and to prove you earn sufficient income to afford the payments.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
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