PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
If you’re having trouble qualifying with traditional lenders or need fast cash for big projects, Credibly could be the lender for you. With a range of merchant cash advances, business expansion, and working capital loans, borrowers have a wide selection to choose from in terms of the form of funding that they’re looking for to finance their business. Credibly’s loans can be used for anything from emergency repairs to making large inventory and supply purchases. Let’s take a look at how this lender works.
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.
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.
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.
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.
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.
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.
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