How to Get Unsecured Credit Up to $200,000
If you wish to expand your business, you may need a large amount of money to pay the initial costs. Most business credit cards will only give you a nominal amount, which may only be enough to cover smaller purchases. However, you can look to companies that provide unsecured credit up to $200,000. Unsecured credit means that the money is extended upon your promise to repay the monies without the need to put up collateral.
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Instructions
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Register your business with the state and receive a federal tax identification number. Most credit agencies require that you own a verifiable business for a minimum of two to five years before extending a $200,000 line of unsecured credit.
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Build up your credit score. Repay any business loans or lines of credit that you already have. Avoid anything damaging to your credit history. Companies with tax liens, bankruptcy judgments, excessive inquiries and repossessions will not be eligible for these types of credit programs.
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Find companies that have an unsecured credit line up to $200,000 program. As an example, you can look at the criteria for a program offered by CFO Inc.
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Apply for a small business loan. With a small business loan, you may get one lump sum that you will have to pay back.
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Take out a personal loan. Personal loans will typically have higher interest rates, but typically have limited restrictions placed on them. Find out if your bank or lending institution has a personal loan program with credit lines up to $200,000.
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Tips & Warnings
Watch out for fraudulent companies online that offer easy to get $200,000 lines of credit. Run their name through the Better Business Bureau before you give them any information about your company.
