Credibility Capital Business Loan Review
Whether you are looking to expand your business, refinance already-existing debts or purchase new supplies, you may need to borrow some funding for those expenses that you can’t finance out of pocket. That’s where Credibility Capital comes in.
This lender provides large business loans between $10,000 and $350,000 to well-qualified borrowers who may be having trouble getting approved with traditional bank lenders or want faster access to funds.
Credibility Capital Business Loan Rates & Terms
|Loan Amount:||$10,000 – $350,000|
|APR Range:||8.00% – 25.00%%|
|Time to Fund:||Typically 7 days|
|Loan Term:||Up to 3 years|
|How To Qualify:||680+ Personal Credit Score
$250,000+ Annual Revenue
|Great Option For:||Borrowers With Good Credit
Short & Medium-Term Financing
Click “Check Rates” to apply to Credibility Capital
- APR range: Credibility Capital offers business loans with annual percentage rates ranging between 10% and 25%.
- Available loan terms: This lender’s loans come with repayment terms of one, two or three years.
- Loan amounts: Their loan amounts start at $10,000 with a maximum of $350,000.
- Time to fund: Credibility Capital’s loans are usually available within seven business days.
- Origination fee: This lender’s loans come with a one-time origination fee in lieu of monthly service charges, with fees ranging between 3% and 5%.
- Credit needed: To qualify with this lender, you should have a personal credit score above 680.
- Income needed: In order to be eligible for a business loan with Credibility Capital, your business should have a minimum annual revenue of $250,000.
- Soft Credit Check? Upon receiving your application, the lender will take a soft pull of your personal credit and a hard pull of your commercial credit.
- Best for: Credibility Capital business loans are best for borrowers with strong credit scores and high annual revenues, who may be having trouble qualifying with traditional lenders that offer slightly lower interest rates.
What Is Credibility Capital?
Credibility Capital is an online lender offering large, short-term business loans to well-qualified borrowers who are looking for a faster application and funding time than with a traditional business loan.
How Does Credibility Capital Work?
Credibility Capital works by offering a wide range of business loans, with flexible repayment terms.
The first step to approval on a Credibility Capital loan is a short, online application which takes around 10 minutes for most prospective borrowers to complete. At this stage, the lender will take a soft pull of your personal credit and a hard pull of your commercial credit. Afterwards, if you qualify, the lender will contact you and request additional documents and information. You’ll also choose a repayment term of one, two or three years.
If you decide to take a loan from Credibility Capital, you’ll likely be able to access the funds with seven days.
Benefits of Credibility Capital
- Easy, online application
- Quick to fund, with most loans becoming available within just seven business days
- No prepayment fee
- Lower annual percentage rates than with many online lenders
- Easy repayment process, with automatic monthly payments made through ACH transfer
- Holistic review of loan application, with the lender taking more than just credit score and annual revenue into account during the evaluation process
Drawbacks of Credibility Capital
- Difficult for low-credit borrowers to be approved for, with most Credibility Capital customers maintaining credit scores above 680
- Bad for long-term financing, with a maximum repayment term of three years
- UCC-1 filing requirement
- Possible personal guarantee requirement, depending on the applicant’s financial qualifications
How To Apply for a Credibility Capital Business Loan
If you’ve decided to apply for a Credibility Capital business loan, you’ll start by submitting a six-question form that asks you for your annual revenue, the amount of funding needed, reason for your application, business industry, estimated credit score and business start date. If you pre-qualify, then you’ll move onto a longer application.
Once you submit the application, you’ll be subjected to a soft pull on your personal credit and a hard pull on your commercial credit. If you agree to an offer with this lender, you’ll then be contacted for more documents and information. To complete the process, you’ll also go through a live telephone interview with a Credibility Capital representative.
What You Need To Apply:
Before applying, you’ll need to have a few pieces of information handy, including your business’ revenue for the last year, the social security number of each owner with more than a 25% stake in the company, and your company’s tax identification number.
Is Credibility Capital Legit?
Credibility Capital has an A+ rating with the Better Business Bureau (BBB) and just one formal complaint. The lender offers a comprehensive customer service, with options to reach representatives through both email and telephone. Additionally, the lender has mostly positive reviews and a 9.5 out of 10-star rating on TrustPilot.
How Does Credibility Capital Compare? Vs Kabbage & Lendio Business Loans
Kabbage offers a slightly smaller range of loans, with a maximum amount of just $250,000. Additionally, this lender’s annual percentage rates can reach some of the highest levels in the industry, with rates as high as 99%. If you’re able to qualify with Credibility Capital, regardless of the amount that you’re looking for, this lender will likely give you more affordable rates.
Lendio is an online lending platform that matches borrowers to business loans that they qualify for. This platform connects applicants with financing up to $500,000 and interest rates between 8% and 24%. Due to this lender’s relatively low rates and flexible minimum qualifications, Lendio may be worth looking into if you’re also considering a loan with Credibility Capital.
Compare all business loans
If you’re weighing your business financing options and want more information, PrimeRates offers comprehensive reviews of several other business loan types, lenders and platforms. Even if you have a low credit score or own a brand new business, you still may be able to find a loan with low rates and flexible repayment terms. It’s important to take the time to understand all of your financing options before deciding on the loan that’s right for you.