Best Financial Consultants Nationwide- Genius Academy Tutors Having a separate line of credit has its benefits, according to Genius Academy Tutors. When you consult with Genius Academy Tutors , they coordinate the entire process from start to finish. You can use the personal line of credit for your vehicle purchases, home renovations, daily spending and even for consolidating of your higher interest debt. You borrow only what’s required and pay interest for only what you borrowed.
But that’s not the only reason why you should have a separate business line of credit. If you have ever borrowed from personal line of credit, you would know then that personal line of credit has higher interest rates when compared with business line of credit.
If you have a good financial rating for your business, you can secure a line of credit at a much lower rate. Other benefits include:
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You get lower interest rates compared to business credit cards. In fact, borrowing cash through business credit cards is way too expensive for any business. You get to have emergency funds readily available for your business’s short terms fund requirements. With separate personal and business credit line, you can borrow more, over all. Your business can have better cash flow management, and you can better deal with all the season or industry-specific fluctuations.
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