{"id":46830,"date":"2023-02-08T17:24:15","date_gmt":"2023-02-08T22:24:15","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=46830"},"modified":"2023-02-08T17:48:40","modified_gmt":"2023-02-08T22:48:40","slug":"how-to-use-a-revolving-line-of-credit","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/","title":{"rendered":"How to Use a Revolving Line of Credit"},"content":{"rendered":"<div class=\"wpb-content-wrapper\"><p>[vc_row][vc_column][vc_single_image image=&#8221;46833&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]You hear a lot about small business loans that deliver a lump sum of cash in one fell swoop. But what about a revolving line of credit? What is it, and how can small business owners use it wisely? We\u2019ve got some things to consider that will help maximize this loan type without putting your credit score through the wringer. Let\u2019s walk through the smartest strategies for using a revolving line of credit!<\/p>\n<p>As a refresher, <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/what-is-revolving-credit\/\">revolving credit<\/a> is most likened to using a credit card. Customers get access to a set amount of credit that they can borrow up to; then, the balance either gets paid off in full or partially (if only minimum payments are made, then typically gets tacked onto the balance as well. As the balance goes down, the amount of available credit goes back up. The difference between a revolving line of credit and a non-revolving line of credit is this: revolving lines of credit are good for multiple billing cycles; once the balance is paid off, customers have access to the entire maximum loan amount again. A non-revolving line of credit is only good once, meaning that once the balance is paid off, customers can\u2019t continue to borrow against their initial loan amount.<\/p>\n<p><strong>How can you be smart about it?<\/strong><\/p>\n<p><strong>Make a plan. <\/strong>You\u2019d never start a business without a business plan in place, right? Same goes for how you\u2019ll utilize your revolving line of credit. Outline exactly what you intend to use these funds for and how you plan to pay them back. Confidence and organization are key when considering your strategy.<\/p>\n<p><strong>Never <em>just<\/em> pay the minimum.<\/strong> There are certainly financial situations that would necessitate someone\u2019s need to only make minimum payments on their line of credit, but this tactic might end up hurting you down the line. Depending on the type of revolving line of credit you get, you could find yourself paying a lot more in interest if you\u2019re only <a href=\"https:\/\/www.experian.com\/blogs\/ask-experian\/what-happens-if-you-only-pay-the-minimum-amount-due\/\">making minimum payments<\/a>. And worse still, you might get to a point where you\u2019re unable to pay off the debt.<\/p>\n<p><strong>Be mindful of how much you borrow<\/strong>. Sure, you might get approved for $1,000,000 in capital, but if you spend that entire amount, are you prepared to pay it all back\u2014with interest? Keep an eye on how much of your line you\u2019re drawing. If you don\u2019t need it, don\u2019t take it out.<\/p>\n<p>Looking for the ultimate revolving line of credit? Check out <a href=\"https:\/\/www.arffinancial.com\/development\/loans-by-product\/revolving-line-of-credit\/?urlsource=blog\">BANKROLL<\/a> at <a href=\"https:\/\/www.arffinancial.com\/development\/?urlsource=blog\">ARF Financial<\/a>. This trusted product was designed to help business owners like you who need the flexibility to access capital without putting their cash flow at risk. We provide our clients with their maximum loan\u2014up to $1,000,000&#8211;and top it off with a fixed loan term, fixed weekly payments, and the ability to pay <em>or<\/em> borrow more funds on an unlimited basis! With BANKROLL, you\u2019re in total control of your payments. Because no one knows your business better than you. Check out BANKROLL today; it might just be the ticket to helping you reach your small business goals.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_single_image image=&#8221;46833&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]You hear a lot about small business&#8230;<\/p>\n","protected":false},"author":5,"featured_media":46833,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[698],"tags":[398,402,1048,400,399,443,386,535,220,1054,213,944,943,401,224,222,172,226,142],"class_list":{"0":"post-46830","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-small-business-financing","8":"tag-affordable-business-loans","9":"tag-affordable-small-business-growth","10":"tag-american-rescue-plan","11":"tag-business-expansion","12":"tag-business-growth","13":"tag-business-line-of-credit","14":"tag-business-loans","15":"tag-equipment-leasing","16":"tag-flex-pay-loans","17":"tag-how-to-use-a-revolving-line-of-credit","18":"tag-line-of-credit","19":"tag-marketing","20":"tag-operations","21":"tag-small-business-expansion","22":"tag-small-business-financing","23":"tag-small-business-funding","24":"tag-small-business-growth","25":"tag-small-business-loans","26":"tag-working-capital"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - 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ARF Financial","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/","og_locale":"en_US","og_type":"article","og_title":"How to Use a Revolving Line of Credit - ARF Financial","og_description":"[vc_row][vc_column][vc_single_image image=&#8221;46833&#8243; img_size=&#8221;large&#8221; alignment=&#8221;center&#8221;][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]You hear a lot about small business...","og_url":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/","og_site_name":"ARF Financial","article_published_time":"2023-02-08T22:24:15+00:00","article_modified_time":"2023-02-08T22:48:40+00:00","og_image":[{"width":920,"height":420,"url":"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2023\/02\/ARF-Blog-02082023.jpg","type":"image\/jpeg"}],"author":"Robert Whited","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Robert Whited","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/#article","isPartOf":{"@id":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/"},"author":{"name":"Robert Whited","@id":"https:\/\/www.arffinancial.com\/development\/#\/schema\/person\/ab727372fcd4ff548d759472b7c7fecc"},"headline":"How to Use a Revolving Line of Credit","datePublished":"2023-02-08T22:24:15+00:00","dateModified":"2023-02-08T22:48:40+00:00","mainEntityOfPage":{"@id":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/"},"wordCount":562,"publisher":{"@id":"https:\/\/www.arffinancial.com\/development\/#organization"},"image":{"@id":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/#primaryimage"},"thumbnailUrl":"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2023\/02\/ARF-Blog-02082023.jpg","keywords":["affordable business loans","affordable small business growth","American Rescue Plan","business expansion","business growth","business line of credit","business loans","equipment leasing","flex pay loans","How to Use a Revolving Line of Credit","line of credit","Marketing","Operations","small business expansion","small business financing","small business funding","small business growth","small business loans","working capital"],"articleSection":["Small Business Financing"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/","url":"https:\/\/www.arffinancial.com\/development\/how-to-use-a-revolving-line-of-credit\/","name":"How to Use a Revolving Line of Credit - 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