Credibly offers a number of different loan and line-of-credit types to serve the short-term capital needs of small and medium sized businesses. While the reviews of the lender are mostly positive, the fees and rates tend to be on the higher side for business loans.
Credibly Business Loans Review
Credibly offers a number of different loan and line-of-credit types to serve the short-term capital needs of small and medium sized businesses. While the reviews of the lender are mostly positive, the fees and rates tend to be on the higher side for business loans.
Credibly Business Loans Highlights
LOAN AMOUNT
$5,000 - $10,000,000
LOAN REPAYMENT TERM
Various repayment terms
FUNDING TIME
24 hours
TIME IN BUSINESS
6 months
ANNUAL REVENUE
$180,000
ORIGINATION FEE
2.5% of the loan amount
PREPAYMENT FEE
None
OTHER FEES
Admin fee: $50 monthly payment
MIN CREDIT SCORE
500
SOFT CREDIT PULL
Yes
LENDER TYPE
Marketplace
Pros & Cons
- Fast, easy application process
- Low credit score requirements
- Many lending options available
- Rates and fees can be on the high side
- High requirement for monthly revenue
- Brand new businesses aren’t eligible
Business Loans Type
- SBA Loans
- Business Line of Credit
- Working Capital Loans
- Invoice Factoring
- Equipment Financing
- Merchant Cash Advances
Credibly Business Loans Terms & Requirements
How to Apply
Applying online for a business loan with Credibly is a simple process. It starts when you click on the orange button that says “Get Started” on their website. You’ll first be asked to provide your name.
Screen 1
Step 1: what is your name
Applying online for a business loan with Credibly is a simple process. It starts when you click on the orange button that says “Get Started” on their website. You’ll first be asked to provide your name.
With that quickly out of the way you move on to the next step – what is your email address?
After that you’ll be asked for your phone number.
And the name of your business.
They will also want to know how long you’ve been generating revenue. Remember, this needs to be a minimum of 6 months or your application will be declined.
Next they want to know what type of bank account your revenues are deposited into – business or personal.
And of course they need to know your average monthly revenue to be sure you meet their $15,000 minimum.
They will also want to know what industry your business operates in as this can make a difference in the types of loans and lenders available for your needs.
And that’s it. Next you’ll be presented with a page showing all the information you’ve provided. They want you to verify it is all correct before submitting your application. As you can see, it is quite fast.
Qualification Requirements
- Located in the US
- Minimum of 6 months in business
- Minimum $15,000 monthly revenue (three-month average and the most recent month)
- Minimum 500 credit score
Required Information
Prospective borrowers can get started either through the online pre-qualification application or by calling Credibly and speaking directly with a lending specialist. In either case you will need to provide the following information:
- Your name
- Email address
- Phone number
- Name of your business
- How long has the business been generating revenue
- Do you deposit into a business bank account
- Average monthly revenue
- Industry the business is in
- Loan type
- Loan amount
Application Steps & Time Frames
The initial prequalification takes just minutes, and if everything is in order you can be approved the same day that you apply. Funding can also be as soon as the same day your loan is approved. Credibly does an excellent job in streamlining the application and approval process, perhaps better than most in this industry.
State Availability
Available in all states
Privacy & Security
Credibly only collects the information provided to them as part of the loan application process. That information is kept on secure servers, and is used primarily in communications to evaluate your business’s eligibility for products provided through Credibly, respond to inquiries, and to provide you with information relating to the company or services that you may find of interest. The information may also be used to market products or services to you. In addition, Credibly does share information with third-party providers under some circumstances.
Customer Support
Credibly has many online reviews regarding its excellent customer service. You can contact them via phone, email, or live chat on their website. Credibly support agents will also respond to questions across their various social media accounts. We decided to put them to the test by calling to speak with an agent. We were quickly connected and the person we spoke with was able to answer our questions quite satisfactorily. They did want to connect us with a sales agent, but were not overly pushy about that. Overall we found the customer service experience to be just as good as the online reviews claim.
Phone Support
888-664-1444
Mon-Thu
9am-6pm EST
Fri
9am-5pm EST
Sat-Sun
Closed
Email Support
customerservice@credibly....
Social Media
In Conclusion
While the fees at Credibly seem a bit high, they fall within the standard range within their industry. The real attraction is that Credibly makes it easy for small and medium sized businesses to qualify for loans. Businesses that have less than a year in operation can qualify, making Credibly a good financing alternative for new businesses or those that might not qualify for traditional financing. It does make sense to shop around for loans, but most businesses will find that Credibly offers decent rates and easy financing.
FAQ
Yes, Credibly is able to provide SBA loan options.
Credibly has been in business since 2010 and has an A+ rating from the Better Business Bureau. They also have good customer reviews online.
Credibly can offer loans for as much as $10,000,000.
Disclosure
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Steve has been writing in the financial products space for over a decade, with interests ranging from personal loans to investing. He is also deeply into the blockchain space. In his free time, you can find him in the kitchen preparing delicious meals, or outside hiking and biking.
9.0
LS SCORE
8.0
CREDIBILITY
8.0
SUPPORT
8.0
ACCESSIBILITY
Opening Hours
Mon-Thu
9am-6pm EST
Fri
9am-5pm EST
Sat-Sun
Closed
Email Support
customerservice@credibly.co...
Social Media
Live Chat
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