Loans Canada Launches Free Credit Score Portal And Is Recognized As One Of Canada’s Top Growing Companies
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
All businesses, small or large, require a steady source a capital to build inventory and cover the costs of daily operations. As an entrepreneur it’s probably your number one goal to always have enough money to keep your business running smoothly. You are therefore left with a decision to make, what source of funding is most viable for you and your business? While this may seem like a difficult decision, understanding your options will allow you to make the best choice possible. A line of credit and a credit card are two of the most utilized lending options for small businesses. The operation of these two platforms, however, differs which is what you should keep in mind before adopting either. In this, we look at the parameters of the two platforms and how they impact your business.
Credit cards are arguably the quickest cash source for small businesses or any type of business for that matter. They’re typically easy to get and even easier to use, if your business needs any type office supplies, extra inventory or even equipment a credit card can provide the capital you need to purchase any of these. Depending on your business’s needs a credit card could be a great option or it could put your finances in danger, here are the pros and cons of using a credit card as a borrowing option for your business:
As with any type of borrowing there are pros and there are cons. A business credit card can be a great financial tool that you can use to build and grow your business; it just needs to be uses responsibly.
A line of credit is another great option for your business’s daily expenses and needs. It offers a flexible mode of borrowing so you can utilize the cash you need without the hassle of applying for a new loan every time you need to make a purchase. A line of credit offers a pre-set amount that you can spend at your own discretion as long as it is paid back. To help you decide if a line of credit is the best option for you and your business here are the pros and cons:
A line of credit is an invaluable financial tool for all types of businesses, small or large. It can help you cover your business’s daily expense and cover any unexpected costs you might come across.
Like all business decisions, the borrowing option you chose to go with is completely up to you as the owner of the business. Both a credit card and a line of credit can help you grow your business, what you need to do is decide which option is the best choice for your unique situation.
Rating of 4/5 based on 7 votes.
Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.
Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
Frank Mortgage is Canada’s one-stop shop for mortgages. Get up to $1,500 cash back on your mortgage.
Great unsecured credit card for customers currently in, or recently discharged from, a consumer proposal or bankruptcy
Earn an average 5%¹ cashback at thousands of partners and at least 0.5%² cashback guaranteed with Neo.
KOHO’s Credit Building Program helps you build a better credit history with easy to manage payments for just $10/month.
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan. Loans Canada is not a mortgage broker and does not arrange mortgage loans or any other type of financial service.
When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.
Only provide your information to trusted sources and be aware of online phishing scams and the risks associated with them, including identity theft and financial loss. Nothing on this website constitutes professional and/or financial advice.