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How a Line of Credit Works

At Main Street Cash, we offer several options for online business line of credit and short term or long term business loans, both secured and unsecured. A secured line of credit is one that is backed up by collateral like your inventory or receivables. One of the advantages of an online business line of credit is that it is “revolving,” meaning you can tap into that liquid funding anytime you wish! For example, if you were approved for a line of credit worth $50,000, and you initially take out $30,000, you are still able to access the remaining $20,000 if you need it. Plus, if you pay off your initial $30,000 withdrawal, you have access to the whole approved amount of $50,000, without having to reapply!


Another advantage of lines of credit is the lower interest rates. Typically, compared to traditional short term or long term business loans of comparable sizes, lines of credit carry lower interest and closing costs. If you go over your approved credit limit, or are late on your payment, your interest rate could significantly increase, in contrast to term loans, where the interest rate is doesn’t change over the life of the loan.


The best time to apply for a new line of credit is before you need it. Why? Because a line of credit is primarily designed to help you pay your operating costs and create a financial cushion for your business. A online business line of credit from Main Street Cash is great for your short-term or long-term business loan goals, like seasonal expenditures, payroll, and temporary dips in revenue. It’s a smart move to use your line of credit in the short-term, and not for long-term financial goals. You’ll want to retain access to your cash in an emergency!


How a Line of Credit is Different than a Credit Card:

1. Credit cards typically carry higher interest rates.


2. Credit cards charge additional fees for cash advances.


3. Credit cards typically require payments on a monthly basis, whereas a line of credit typically does not require monthly payments.



If you’re still wondering how a line of credit works, here’s an example: Your business bills are due, however, you haven’t yet received payments from clients, and you’re short on cash. Unfortunately, this is not the first time you’ve been in this position, so you’ve calculated that a particular financial cushion (in this example, it’s $20,000) would help you avoid this issue in the future. So you reach out to Main Street Cash and apply for a business line of credit for $20k, and you are approved!


You withdraw $4,000 from your line of credit, in order to pay your company’s bills, while you’re waiting on income from your clients. Although you have access to a full $20,000 from your line of credit, you only need $4k for the time being. Therefore, you’ll only need to pay back that $4,000, and you’ll only be charged interest on that amount (not the full $20,000). So, if you have an interest rate of 10%, that means that you will need to pay back $4,400 (the initial withdrawal of $4,000 + $400 in interest). Once you have paid down this amount, you will be able to draw upon your line of credit, any time, in any amount that you need, up to your approved $20,000.


How a Line of Credit Works

Many businesses can qualify for a line of credit but it will be difficult for younger, less-established businesses to qualify. The maximum amount available, duration of the credit line, and the repayment terms depend on your business, revenues, credit rating, and many other factors.
The Details
Maximum Loan Amount

$10,000 to over $1 million
Loan Term

6 months to 5 years
%Interest Rates

7 to 25%

As little as 2 days



Now with Term Loans up to $3,000,000 and Lines of Credit up to $250,000

How Main St. Cash Business Financing Works

Apply Online

Apply online in as fast as 10 minutes or call 


Receive Your Decision

Our system evaluates your business and provides a decision in minutes

Get Funded

Receive funding via ACH or wire in as fast as 24 hours



Main st



360 Motor Parkway, Suite 200B,

Hauppauge, NY 11788


Toll Free: 877 496 3053

Fax: 888 431 2392




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