Who Credibly may not be best for

Credibly does not offer loans to brand new startups. If you don’t have at least six months’ time in business, you’ll need to look for a different startup lender. Plus, this lender states on its website that business owners need an annual revenue of $180,000 to qualify.

But a spokesperson told us it’s $300,000. That comes out to a minimum of $25,000 deposited monthly in a business bank account. If you don’t have a business bank account or don’t show an average minimum monthly deposit of $25,000 when Credibly reviews your bank statements, you’ll likely be denied and need to look elsewhere.

While Credibly’s loans could be a good fit for business owners looking for bad credit business loans, its rates may not be low enough for well-qualified borrowers who might find lower rates elsewhere.

Business loan types offered

Credibly offers many types of business loans. You can choose from traditional options like unsecured business lines of credit and alternative lending options like merchant cash advances and more.

• • Working capital

  • Merchant cash advances

  • Business line of credit

  • Long term loans

  • Equipment financing

• Invoice factoring

• SBA loans

Credibly business line of credit overview

Credibly offers secured and unsecured business lines of credit through its partner lenders. You can borrow up to $300,000 as needed. To qualify, you’ll need at least a 650 personal credit score, which is slightly higher than other types of loans offered by Credibly. 

Credibly doesn’t show its interest rates or repayment terms on its website, which can make it harder for you to quickly compare rates with lenders.

Do you qualify? 

Eligibility requirements for Credibly business loans vary by loan product. You may qualify for a business loan with Credibly if you meet these minimum requirements.

• Based in the U.S.
• In business for least six months
• No bankruptcies in the last three years
• A credit score of 550
• Minimum annual revenue of $180,000
• Revenue must be deposited in a business bank account

Credibly notes that not all business loan products are available in all states.

What we like and what we don’t like

While Credibly offers accessible and fast business loans, it has a few drawbacks worth considering. Make sure you compare an offer from Credibly with other lenders before making a final decision.

What we like

• Fast funding. Credibly states approval can be in as little as four hours with same-day funding also an option.
• Relaxed credit requirements. Credibly’s loan products are accessible to business owners with poor personal credit scores as low as 550, though it can vary with some loan products.
• Variety of loan products. From SBA loans to merchant cash advances, Credibly offers a range of loans to satisfy the needs of many small business owners.

What we don’t like 

• • Potential fees. Depending on the loan, you may have to deal with origination, administrative or underwriting fees, which increase your borrowing costs.
  • Potentially high annual or monthly revenue requirement. Credibly’s website states its minimum annual revenue is $180,000, but a spokesperson stated it’s at least $300,000 in annual revenue or $25,000 in average deposits for the past three months to qualify.

• High factor rates. Factor rates can add significant borrowing costs to your loan. For example, a $100,000 loan with a low factor rate of 1.09 will cost at least $109,000, but a factor rate of 1.50 would increase that same loan to $150,000. And that doesn’t include additional fees.

How Credibly compares to other lenders

Credibly is known for providing fast and flexible financing solutions for small businesses looking for $5,000 to $400,000 in capital. If you get a long-term loan through Credibly’s partners, you can get funding up to $10 million. 

With its lenient lending requirements and streamlined application process, Credibly has become a reliable choice for entrepreneurs looking for accessible funding options to support their business growth. But it may not be the perfect fit for all businesses