How are these business lines of credit paid back?
Tuesday, September 19th, 2006Lori Russell
How are these business lines of credit paid back? Monthly payment, interest only payment? Please explain. Thanks
TOM – yes, they are paid back by very small monthly interest only payments.
The minimum payments you make each month can be similar to a traditional credit card – as little as $40 per month in some cases.
I recommend people take out a large cash advance and only use half of it. That way you can season money in a business account and have a big nest egg sitting there to make your monthly payments with.
When you season money in an account – it helps you get more money from other lenders too!
