Frequently Asked Questions

A business line of credit gives you access to funding when you want it, up to your credit limit. Unlike traditional one-time loans, a Monmouth Funding LLC Line of Credit is “revolving credit,” meaning your available credit replenishes as you make repayments, so you can draw additional funds without having to fully re-apply. Though, all draws are subject to review and approval. 

Once approved for a credit line, we’ll deposit funds in your account as soon as a few hours, pending review and approval. Depending on which repayment plan you qualified for, we’ll automatically debit your account for weekly or monthly repayments. As you pay off your balance, the amount of available credit you can request automatically replenishes. You can save on interest when you pay early. We don’t charge early repayment fees. 

You can apply for a Monmouth Funding LLC Line of Credit on our website. We’ll ask you for some basic information about you and your business. Once your application is submitted, you could get a decision in as little as five minutes. 

• $10,000 in monthly revenue 

• 625+ personal FICO credit score 

• In business for 12+ months 

• Corporation or LLC 

• No bankruptcies in the past year 

• In good standing with your Secretary of State 

• Business is operating or incorporated in an eligible U.S. state 

• An active bank connection or statements from the last 3 months (a connected account makes it faster and easier to confirm your information). 

While applying and reviewing an offer will not impact your personal credit score, accepting an offer may result in a hard inquiry. Further, if you default on a Monmouth Funding LLC Line of Credit you may be subject to negative business reporting and personal credit reporting in your role as guarantor. 

With funds in as fast as 24 hours and simple interest rates, a Monmouth Funding LLC Line of Credit lets you take advantage of growth opportunities early.  

You could use a line of credit to cover payroll, hire full-time or seasonal employees as you need them, stock up on extra inventory during a sales rush, or buy materials or equipment for your next big project. You could also renovate your office, warehouse, or storefront, or lease a larger one. Learn how to make the most out of your line of credit.