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I had a ~$50K line of credit from a local bank, when I was working as a consultant. As I recall, I provided maybe five years of federal tax returns. My gross in
by mirimir 7y ago
I had a ~$50K line of credit from a local bank, when I was working as a consultant. As I recall, I provided maybe five years of federal tax returns. My gross income was ~$100K at the time, but I could go months earning nothing. There was no requirement for collateral. The interest rate was pegged to prime, and about twice the usual mortgage rate.
- akrai 7y agoThanks for replying! I was wondering if you used the line of credit mainly to cover cash flow needs or to fund business growth?
- mirimir 7y agoI used it for both. I also had a couple business credit cards, as backup. The interest rates were much higher, however. For me, business growth mainly meant buying more gear, and improving my server room, network, and so on.