PSA in entirely personal capacity: if you are a small business with a credit line and you think you may need it, you may want to draw in advance of need to maintain optionality. Some lenders are actively reducing their books due to the perception that credit quality is impaired.
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They have made a boatload of money on my custom, got $20 a month for keeping the line open, and charge a 30%++ APR, and even with that they’re like “Nope, odds are if he saturates the line this week that means extremely bad news for us.”
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I drew down my business' Kabbage line of credit in full 10 days ago in anticipation of something like this and they have since shut down all lending.
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Was contacted a few days before the crash to reopen a business line of credit with ondeck. I hadn’t heard from the rep in months.
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