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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Credibly Business Loans

Jessica Cotzin Jessica Cotzin Last update:
Loan Amount
$5K-400K
Min Credit Score
500
Funding time
1-5

Credibly has been in the online lending space since 2010, providing over $1 billion in small business loans and other flexible funding options to borrowers across the U.S. They specialize in providing capital for small and medium-sized businesses with products that include working capital loans, business expansion loans and merchant cash advances so business owners can find the perfect solution.

While Credibly funds some of their loans themselves, they also work with funding partners to operate as a one-shop-stop for financing. Unlike many of their competitors, Credibly determines who they approve for a loan based on a business’s overall health and potential rather than just financial metrics or credit score.

For most of their loans, they do have a few minimum requirements, like a 500 credit score, $15,000 in average monthly revenue, and 6 months in business.

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Credibly Financing Types Available

Credibly has two primary business financing products: a working capital loan and business expansion loan. But they offer more small business financing products which are funded through their partners, including SBA loans, term loans, line of credit, invoice financing, and equipment loans. Since these aren’t funded directly through Credibly, rates, term lengths, and qualifications may vary.

Working Capital Loan

Good for: Capital for short-term operational needs

  • Loan Amounts: Up to $400,000
  • Loan Terms: 6-18 months
  • Requirements: $15,000 in monthly revenue, 6 months in business

These are Credibly’s short-term loans, which will cost less in interest than their other loan types. The rates on working capital loans aren’t as competitive as their business expansion loan.

Business Expansion Loan

Good for: Business owners with a successful track record looking for larger-scale growth capital

  • Loan Amounts: Up to $400,000
  • Loan Terms: 18-24 months
  • Requirements: $15,000 in monthly revenue, $3,000 in average daily balances, 3 years in business, 600 credit score

Credibly’s Business Expansion Loan is a bit stricter, but offers more competitive rates and flexible terms than other small business loan types, if you qualify. They operate similarly to traditional bank loans, but are repaid weekly, so it’s important that your business is in good health.

Merchant Cash Advance

Good for: Businesses with low credit score and fluctuating revenue

  • Financing Amounts: Up to $400,000
  • Financing Terms: 3-18 months
  • Requirements: $15,000 in monthly revenue, 6 months in business

Since merchant cash advances are tied to future receivables, they provide more flexibility, making them a good option for businesses with unsteady revenue. They require a $50 monthly admin fee.

Credibly uses a factor rate to express the amount of interest they charge. If you multiply the amount you plan on borrowing by their factor rate—which starts at 1.15 for their working capital loan and merchant cash advance—you’ll be able to see how much the financing will be.

For example, if you borrow $20,000 and have a factor rate of 1.15, the total repayment would be $23,000.

Credibly: Pros

  • Fast and easy online application process
  • Factor in overall health of business when approving loans
  • Transparent pricing on costs and fees
  • Lower credit score minimum than competitors

Credibly: Cons

  • Origination fees and admin fees
  • Not good for long-term loans
  • Not good for business that want monthly payments

Application Process

Like many online lenders, the application process with Credibly for a small business loan is fast, easy, and all online. You can get started with your pre-qualification application by visiting Credibly’s website and clicking the “Get Started” button.

Credibly also has business consultants who will work with you to determine the best fit. Not all lenders offer this type of service and expert guidance.

The short pre-qualification form will ask for some basic information, including the following:

  • Company name
  • Your name and contact information
  • Desired funding amount
  • Monthly sales revenue
  • Business start date
  • % of ownership

After submitting this information—which doesn’t require a credit check just yet—a member from their team will contact you to discuss the financing options you qualify for.

To move forward and finalize an offer, you’ll need the following documents:

  • A photo of your driver’s licence
  • Last three bank statements
  • A voided check

These can all be submitted digitally, and the application will take roughly 5-10 minutes to complete.

From there, businesses can receive funding in as little as 24 hours after approval. This second application will require a hard credit check which may affect your credit score temporarily.

Privacy & Security

Credibly is BBB accredited with an A+ rating. They’re a trusted online lender with generally positive reviews, especially when it comes to the quality of their customer service.

Customer Support

Credibly is well-known for their excellent customer support. Their contact page lists a phone number and email for different departments, like sales, partnerships, and customer service, making it easy to get in touch with the right person.

You can also contact a Credibly representative through their online contact form or using their live chat feature.

Another perk is their website’s resources, which includes a blog page and guides so you can learn more about their range of products.

Final Thoughts

Credibly offers a nice array of loan products, each of which have comparable or looser loan requirements than many of their competitors. While they provide funding for their working capital loans, merchant cash advances, and business expansion loans, they work with partners to provide additional types of business loans.

Unlike many lenders, you can find most information about their different loans right on their website to see which might be best for you. It’s quick and easy to get started to see what you qualify for with their short pre-qualification form.

Credibly has an overall positive reputation among online reviewers, making it a solid choice for small businesses looking for access to capital.

Address

25200 Telegraph Rd # 350, Southfield, MI 48033

Disclaimer

This website is an independent comparison site that aims to help consumers find the most suitable product for their needs. We are able to maintain a free, high-quality service by charging an advertising fee to featured brands whenever a user completes a purchase. These advertising fees might impact the placement of the brands on this page and combined with the conversion rates might impact the scoring as well which are further based on a combination of review findings, user experience and product popularity. For more information please review our how we rate page. We make best effort to present up-to-date information; however, we do not compare or include all service providers in the market.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.
This review is based on the writer's personal opinion.