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Table of Contents
- About Credibly
- Credibly Small Business Loans and Financing
- Credibly Working Capital Loans
- Credibly Business Expansion Loans
- Credibly Other Types of Financing
- Credibly Merchant Cash Advances (MCA)
- Credibly Lending Experience
- The Pros
- The Cons
- Credibly Requirements
- Final Say: Credibly Reviews
Founded in 2010, Credibly provides small business loans and financing with fast approval based on a company’s overall business health, instead of just a credit score. This business lender specializes in customized short-term funding options for small to medium-sized companies (SMBs).
Credibly uses data science and hands-on support for a fast, transparent and convenient process. With Credibly, you’ll typically have access to funds within 48 hours and 90% of applicants prequalify for funding.
Consider Credibly if you:
Require access to loans and working capital within 48 hours
Want to improve your business credit score or build your credit history
Don’t have collateral for a standard loan
Credibly Small Business Loans and Financing
Credibly works exclusively with small to medium-sized companies to offer tailored solutions for your company. Start by deciding which type of Credibly funding your business needs:
- Small business working capital loans
- Small business expansion loans
- Small business merchant cash advances
- Other types of small business financing such as a business line of credit
Your Credibly lending options are nearly unlimited as you can access additional loan types, such as Small Business Association (SBA) loans through partner programs.
Credibly Working Capital Loans
Credibly small business loans include working capital loans that provide access to flexible funds for companies with steady revenue. While rates may be less competitive than business expansion loans, a working capital loan helps those with lower Fair Isaac Corporation (FICO) scores and new companies with at least six months in business.
With Credibly working capital loans, you’ll have a one-time origination fee of 2.5% of the total loan amount. Credibly deducts this amount from your proceeds. For pricing, Credibly uses a factor rate, determined by the following formula:
Factor Rate = Payback Amount ÷ Funded Amount
Credibly working capital loans at a glance:
- Up to $400,000 in working capital
- 6- to 18-month loan term length
- Automatic daily or weekly payments
- Factor rates starting at 1.15
- Only need a 500+ FICO score
Credibly Business Expansion Loans
Credibly business expansion loans provide extended term options for companies that want to scale and grow. This funding works well for companies in business for at least 3 years, with at least $3,000 in average daily account balances.
Credibly business expansion loans charge a one-time origination fee that’s 2.5% of your total loan, and the amount is deducted from your Credibly funds.
Credibly business expansion loans details:
- Up to $250,000 in Credibly funding
- 18-month or 24-month term length
- Weekly payments
- Interest rates starting at 9.99%
- Need a 600+ FICO score
Credibly Other Types of Financing
Credibly’s offers several other funding options, including a line of credit, equipment financing, invoice factoring and SBA loans. While Credibly doesn’t provide the funds for these loans, the company partners with other top lenders to help you find a short-term loan tailored to your needs.
Credibly Merchant Cash Advances (MCA)
Credibly MCAs work well for companies with fluctuating or seasonal revenue or those with less than stellar credit. MCA funds are flexible without restrictions on use. The amount you pay daily is tied to your receivables, so your payment fluctuates.
Credibly charges a one-time underwriting fee totaling 2.5% of the total advance amount and that amount is added to your balance. Plus, you’ll pay a $50 monthly administrative fee.
Credibly merchant cash advances details:
- Up to $400,000 in funding
- 3- to 18-month anticipated duration
- Daily payments tied to receivables
- Factor rates as low as 1.15
- Only need a 500+ credit score
Credibly Lending Experience
Whether you want to launch a new website or buy new equipment, Credibly works with a variety of small to medium-sized businesses for custom solutions and has provided access to nearly $1 billion in financing for SMBs.
Credibly lending options leverage data science to provide a fast approval process. This business lender emphasizes its strong customer support team and transparent process. To evaluate your creditworthiness, Credibly looks at your overall business health. Factors include credit information, recent bank statements, and business cash flow.
- Credibly provides financing to startups with only 6 months of experience.
- You can prequalify online with a soft credit pull and 10 minutes of your time.
- Flexible solutions allow you to use your Credibly capital in various ways.
- Your FICO score can range from 500-600+.
- Automatic daily or weekly payments simplify the payment process.
- Businesses must show a three-month average of $15,000 in monthly deposits and $15,000 in deposits for the most recent month.
- Those with less than excellent credit and financial strength pay higher interest or factor rates.
- Credibly funding requires a personal guarantee, which means if you don’t pay your loan, then Credibly can collect from your personal accounts or real estate.
- Your FICO score may be lower than a credit score reported by credit bureaus.
- You need to have been in business for 6 months or more
- FICO score must be at least 500 or above
- Bank statements must show an average of $15,000/month in deposits for a three-month average and the most recent month
Credibly Application: What You Need to Apply
The prequalification form is quick and straightforward. You need only basic details such as your length of time in business, percentage of ownership, monthly revenue and desired funding amount. Once you’ve prequalified, then you’ll need the following information to complete the application process:
- A business tax ID number (EIN)
- A signed business loan agreement
- Your business mortgage statement if you own your building or a business lease agreement if you rent
- Unexpired government-issued picture ID of all owners
- The most recent 3 months of bank statements
- For Credibly funding over $100,000, you must provide your most recent business tax return
Final Say: Credibly Reviews
Credibly capital, funding and loan options, help newer startups along with established companies. As a Better Business Bureau (BBB) accredited business since 2010, Credibly features an A+ BBB rating. Although the Better Business Bureau lists two consumer complaints, the company responded and provided context for both comments. Reviewers for Credibly on Trustpilot are pleased with the fast and convenient process; Credibly has an excellent rating on that site with an average of 4.9 out of 5 stars. Credibly small business loans provide a service for many small businesses that face difficulties in securing funds when applying for a business loan.