How are these business lines of credit paid back?
Lori 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!
