Applying for a Revolving Credit Line Online

A borrower such as a business that has a need for a revolving credit line can apply online. This gives the borrower access to a ready line of cash necessary to pay ordinary and everyday expenses. Businesses have a great need for revolving credit lines as a way to finance their operations.

What is a Revolving Credit Line?

A revolving line is an open line of credit subject to a preset credit limit. It differs from an installment loan in that with a revolving credit line, a credit limit is set in which the borrower can use. As the credit line is accessed, the amount of credit available is reduced. When the credit amount borrowed is paid back, the amount of the credit line is restored.

Applying for a Revolving Credit Line Online

Making an online application for a revolving credit line is no different than any other loan process. A business that is interested in establishing an open revolving line of credit simply goes to the lender’s website and complete the online application provided. In some instances, the lender may require that certain documents be sent to verify the borrower’s identity or used to justify the amount being requested.  

No Instant Approval for an Online Application

An online application for a revolving credit line will not be instantly approved by the lender. What applying online will accomplish is fast tracking the approval process by getting the necessary documents in the lender’s hands sooner.  This allows the lender to conduct its review, request any additional documentation and process the request faster. It also cuts down on some of the costs associated with reproducing forms and maintaining paper supplies.

Sending Additional Documentation

Any attachments such as financial statement and other required documentation requested by the lender can be sent via fax, email or U.S. postal delivery.  The faster the delivery method, the faster the revolving credit line request can be processed.  A borrower looking for a fast approval should use electronic means to transmit information to the lender in order to hasten the approval process.

Notification of Revolving Credit Line Request

When the lender has made their decision concerning a business request for a revolving credit line, information about the lender’s decision can be sent electronically. This allows the borrower to view the terms and conditions associated with the revolving credit line as part of the agreement between the borrower and the lender. If there is a need for any further documentation as part of the loan acceptance, it can be communicated at this time. If the borrower is denied the revolving credit line, this can also be communicated with the required Fair Credit Reporting Act language.