Credibly Small Business Loan Review

Credibly Business Loan Rates & Terms

• APR range: Credibly’s annual percentage rates range between 23.7% and 274.50% for invoice factoring and merchant cash advances. Their business expansion loan rates start at 9.99% with a maximum of 36%
• Available loan terms: Credibly’s loan terms are between six and 17 months for their working capital loans and four to 17 months for their merchant cash advances.
• Loan amounts: This lender offers financing ranging between $5,000 and $400,000.
• Time to fund: Businesses can receive funds from Credibly within 24 to 48 hours.
• Origination fee: Credibly charges a flat origination fee of 2.5% on all products.
• Credit needed: To qualify for a Credibly business expansion loan, you should have a credit score above 650. Borrowers should have credit scores above 500 for their working capital loans and merchant cash advances.
• Income needed: Credibly’s minimum monthly revenue is $10,000 to qualify for working capital loans, business expansion loans, and merchant cash advances.
• Soft Credit Check? Credibly will perform a hard credit check after you have submitted all of the necessary documentation with your application.
• Best for: Credibly’s business expansion and working capital loans are ideal for businesses with fair or average credit who are looking for fast cash to fund medium-sized expenses from vehicle or equipment down payments and large repairs to bulk supply or inventory purchases.

Who Is Credibly?

Credibly is a short-term business lender offering merchant cash advances, business expansion loans, and working capital loans. What sets this lender apart from others in the industry is its relatively low credit requirements as well as its prepayment incentives. Prospective borrowers can complete the entire application process through an easy, streamlined form on Credibly’s website.

How Does Credibly Work?

Advantages

• Three different products offered
• Easier for borrowers without strong credit to qualify
• Easy, online application
• Prepayment incentives
• Lender will work with borrowers who have declared personal bankruptcy, as long as two years have passed
• Wide range of loan amounts
• Customer service hotline
• UCC-1 lien not required on loans less than $100,000

Disadvantages

• Origination fee of 2.5%
• Potential for triple-digit interest rates
• $25 insufficient funds fee for bounced payments
• Shorter loan terms
• Daily or weekly repayments

How To Apply for a Credibly Business Loan

The first step to getting approved for a Credibly business loan is filling out their online application. The application asks for information including personal and business details, your average monthly revenue and deposits, as well as your personal credit score, time in business, and the amount of cash that you’re seeking.

If you’re approved, a representative will get in touch with you to verify the information that you submitted, and you’ll then be subjected to a hard credit check. If everything checks out, Credibly will send you a final offer which you’ll have to sign within 24 hours to finalize. Once you sign, funds may be available within as little as 24 hours.

What You Need To Apply:

• Unexpired government-issued ID for each owner
• Three months of your most recent bank statements
• Your Social Security number
• Most recent business tax return (if you’re applying for a loan above $100,000)
• Business lease agreement or mortgage statement

Is Credibly Legit?

Credibly has an A+ rating on the Better Business Bureau (BBB) website, but three formal complaints have been lodged against it. Despite the bad reviews, Credibly has been an accredited financial institution since 2010 and is a legitimate organization. Due to the variety of financing options that they offer and the potential for high-interest rates, make sure if you receive an offer from them that you carefully examine each of the stipulations of the agreement and understand your repayment terms as well as the interest rate on offer.

How Does Credibly Fund Their Loans?

Credibly is a direct lender, meaning that their loans won’t be going through a third party to get to you. The entire application and borrowing process is conducted online and over the phone, so applicants are not required to make any in-person visits. Once the borrower is approved and signs a loan contract, the funds will be disbursed to their personal account within as little as 24 hours.

How Does Credibly Compare Vs LoanBuilder

vs LoanBuilder

LoanBuilder is a PayPal-operated lending service that gives borrowers access to loans of up to $500,000. If you process payments through PayPal and have a monthly revenue above $3,500, you could be eligible for a loan through this service. LoanBuilder’s minimum credit score requirements are similar to Credibly’s, with a requirement of 550 or above. Repayment terms range between 13 and 52 weeks, and like Credibly, the loans are typically fund by the next business day.

Conclusion

With a wide selection of merchant cash advances, business expansion and working capital loans, Credibly certainly succeeds when it comes to offering borrowers a variety of products and options. This lender is ideal for business owners who might be having trouble qualifying for other online loans, and need quick cash to expand their business. However, applicants should look out for potentially high interest rates which can reach into the triple digits. No matter what your credit score or financial qualifications look like, make sure to evaluate multiple offers before making a final decision on the loan that’s right for your business.

Compare Business Loans