How much will a business line of credit cost?
The cost of your line of credit will largely depend on the balance you carry and its interest rate. You can also expect to pay origination and maintenance fees of a few hundred dollars each year.
Will the interest rate on my business line of credit be higher if I have bad credit?
Yes, your credit score plays a significant role in determining the cost of borrowing money. If you have bad credit, you’ll see higher rates on business lines of credit.
Are there other fees charged on a business line of credit other than the interest rate?
Many lenders will charge origination fees equal to a percentage of your maximum credit line. You may also have to pay maintenance fees to keep the line of credit open.
Where do you get a business line of credit?
You can get a business line of credit from many banks that offer business services. There are also specialized online lenders offering lines of credit.

About the Author

TJ Porter

TJ Porter

Personal Finance Writer

I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

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