Business loans and lines of credit are two common ways businesses can borrow the money they need to keep their businesses moving forward.

A Business Loan or Line of Credit

Line of Credit – typically, a line of credit will be more flexible than a business loan. You have access to the funds you need up to a certain figure. You can draw down the funds as required and pay interest only on what you’ve used. You can also pay the funds back in a more flexible manner.

 

Business Loan – a business loan is more fixed in the amount of money you have access to and the way you pay it back. Like most loans, you are required to make ongoing repayments. You also have an end date, meaning all the funds need to be paid back by that set date.

By Published On: January 18, 2022Categories: Business Loan0 CommentsTags: