Does anyone know a good Credit Union that provides LOC around Chicago West Suburbs?
Thank you for your help!
@Melchor Domantay I can't be of help specifically to Chicago, but I think you're absolutely on the right track to check with credit unions on line of credits. They can be much more flexible with lending compared to traditional lending institutions. If you have call 5-10 different ones I'd be really surprised if you couldn't get at least a small LOC with one of them.
Great!! Thank you for responding @Will Gaston do you have Credit Union LOC in your name? If so, how long is the process?
@Melchor Domantay No my LOC is with a traditional bank and it's in my company name. I think my ability to get that stems from a longer track record (10+ years) and my improved financials.
I do think unsecured products of 10-20k are available at many credit unions. You just have to ask enough of them. Also, you consider collateralizing a CD or something else of value to get secured LOC. It's been my experience that banks/CUs will get creative but it's usually up to the borrower to throw out the suggestions.
@Will Gaston Thank you for your help!
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