I didn’t have an immediate need for funds but wanted to have access to funding in case of an emergency. Clear got me approved for a line of credit and it fit the bill perfectly.
Frequently Asked Questions
There are typically no restrictions on the use of funds. It can be used for any business purpose.
Yes you can! In fact, we often see our clients receive funding within 1 day.
A line of credit is easier to get approved for than a bank loan, more difficult than other short term products.
There is typically no prepayment penalty.
The lender usually charges a draw fee each time a draw is taken. There could also be monthly or annual service fees charged.
As payments are made and the credit line is paid down, it opens access to additional credit.
Most line of credit lenders utilize software that constantly monitors your cash flow. Each lender typically reserves the right to modify the credit line based on changes in cash flow.
Payments are typically made either weekly or monthly, via automated ACH withdrawal.
Collateral is typically not required for a line of credit.
