The Applied Bank Small Business Micro Loan credit card has low credit limits designed to encourage business owners to pay down their debts quickly. Instead of having to go through the hassle for applying for a traditional business loan, Applied Bank Small Business Micro Loan cardholders can get the money that they need for emergency expenses nearly instantaneously.
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Applied Bank operates out of Wilmington, Delaware, and has been accredited with the Better Business Bureau since 1992. This is a small financial institution with close ties with small business owners; however, business owners from all over the United States are permitted to join.
Applied Bank Micro Loan Card Details
Unless you are a small business owner, you won’t be able to apply for the Applied Bank Small Business Micro Loan card. The online application prompts applicants to submit both the name of their businesses as well as their legal names before they are able to proceed. The maximum line of credit issued is $750. Cardholders that pay down their balances may be able to get an increase after showing that they have the capability of keeping their accounts current, but this is not known for certain. It is more likely that cardholders are able to graduate to a different business credit card with better terms.
Applied Bank Small Business Micro Loan cardholders don’t sign up for any additional perks. The interest rate is high at 23.99%; however, virtually anyone that is a business owner can be approved.
Applied Bank Micro Loan Card Restrictions
While you can apply online and receive these instant approval credit cards within a few days, there are some noteworthy restrictions. These are not personal credit cards and it does not appear that Applied Bank allows business owners to get cards for their employees.
The maximum amount of money that credit cardholders can have access to at any time is $750. This means that some applicants may have lower credit limits. The 23.99% APR is fixed, therefore your interest rate will not go down as you make timely payments or improve your credit rating. Setup fees, yearly fees and other periodic charges may also be applicable with the Applied Bank Micro Loan credit card.
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