- Three-Stage Process for Obtaining a Business Line of Credit – The process includes Pre-Approval, Guaranteed Offers, and Facility Activation, taking 2-3 weeks to complete.
- Fast Pre-Approval – Through self-reported FICO 8 scores, business revenue, and time in business, pre-approvals are typically provided within hours.
- Final Activation & Funding – After underwriting, the credit facility is created, agreements are signed, and funds become available for business use.
The process of obtaining a business line of credit through Line of Credit Depot consists of 3 stages: Pre-Approval, Guaranteed Offers, and lastly Facility Activation. The entire process takes anywhere from 2-3 weeks to complete, depending on which bank approves your business as well as which bank you choose for your line of credit.
First Stage: Pre-Approval
With Line of Credit Depot’s streamlined application and vetting process, applicants are able to get pre-approved for a line of credit within a couple of hours. In this stage, we confirm your self reported FICO 8 score, business revenue and time in business. The pre-approval depends on how quickly you can send these documents in for our review. This information, including other scoring variables, are then cross checked with our partner banks to generate a pre-approval quote.
Second Stage: Guaranteed Offers
In this stage, your business is further underwritten by our banks, after a pre-approval is generated. Depending on which bank has generated the pre-approval, this process takes anywhere from 3 to 7 business days.
Final Stage: Facility Activation
The funding of the business line of credit is the 3rd and final stage of the process. This is when the bank creates your credit facility and provides you with access to funds. This is when you sign credit documents for the business and the facility is funded. You can now draw from your account and fund your business checking account.
