A Complete Credibly Review for Your Consideration

A Complete Credibly Review for Your Consideration
Taylor Gordon
on December 26, 2017
Read in 3 min

Credibly is a lender for businesses that are in need of working capital or money to expand.

Alternative lenders like Credibly are a breath of fresh air because these lenders give you access to quick funding without having to jump through the hoops of traditional lending.

You could have funds within 48 hours.

This Credibly review will provide a breakdown of some of the details:

What is Credibly?

Credibly specializes in small and mid-sized businesses.

Does your business fall into either category? You may want to write Credibly down on your shopping list of lenders.

Credibly has an online pre-qualification application that doesn’t require a hard-pull on your credit report.

Customer service professionals are also available to work with you one-on-one to determine whether you’re a good candidate for financing.

Loan interest rates range from 9.99% to 36.00%.

The very lowest interest rates are given to the borrowers with the best credit and business profiles.

Credibly loans may require a personal guarantee and a UCC-1 lien.

A UCC-1 lien is essentially a fancy way of saying that you’re putting your business up as collateral for the money you borrow.

Credibly doesn’t provide start-up capital.

If you need start-up capital, you can learn more at our startup loans page.

Credibly Review of Loans

Let’s look more closely at each of the loan products available: business expansion & working capital loans.

Business Expansions Loans

For business expansion loans, you can borrow up to $250,000.

Loan terms range from 18 to 24 months.

The origination fee (or set-up fee) for a business expansion loan is 2.5%. You pay this fee one time.

Payments for business expansion loans withdraw automatically from your account each week.

Working Capital

Working capital is short-term financing that helps you take care of day-to-day business operations.

Credibly can give you access to working capital for 6 to 17 month terms with fixed payment options.

You make automatic payments for working capital daily.

There’s a 2.5% one-time origination fee for working capital just like the business expansion loan.

Your working capital interest rate is assigned after reviewing your request and its cost will be included into your daily payment.

Funding Options APR Do you qualify? Time in Business Annual Revenue
Funding Option
Get Started
APR
1.10-1.48 FR
Estimated Apr
Do you qualify?
500+
MIN CREDIT SCORE
Time in Business
At least 6 months
Annual Revenue
No minimum
Funding Option
Get Started
APR
9.99%-36%
Estimated Apr
Do you qualify?
600+
MIN CREDIT SCORE
Time in Business
At least 2 years
Annual Revenue
No minimum

What type of businesses can borrow from Credibly?

The type of business you run isn’t as important as your ability to meet minimum eligibility requirements.

To qualify for a Credibly loan you must:

  • Have been in business for at least six months.
  • Have bank statements that show deposits of at least $15,000 per month. (Business expansion loans specifically require minimum deposits of $15,000 per month and an average daily account balance greater than $1,000.)
  • Provide a lease agreement (if you rent your business location) or mortgage statement (if you own your business location).
  • Provide a government-issued picture ID of all owners.
  • Provide business tax returns (for loans over $100,000).
  • Provide bank statements for the last three months.

As mentioned, the initial pre-qualification will not impact your credit score.

However, the official application will require a credit inquiry.

Be mindful of this because credit inquiries can impact your score a few points.

The Credibly Request Process

If you want to apply for Credibly, the first thing to do is complete the pre-qualification online or call in to walk through pre-qualification with a customer service representative.

These are the steps to the request process:

  1. You enter your business name, industry, average monthly deposits, average monthly payments, time in business, and how much you want to borrow.
  2. Wait for a call. A Credibly representative will reach out to discuss financing options.
  3. You can get access to money in as little as 48 hours if your request is approved.
Funding Options APR Do you qualify? Time in Business Annual Revenue
Funding Option
Get Started
APR
1.10-1.48 FR
Estimated Apr
Do you qualify?
500+
MIN CREDIT SCORE
Time in Business
At least 6 months
Annual Revenue
No minimum
Funding Option
Get Started
APR
9.99%-36%
Estimated Apr
Do you qualify?
600+
MIN CREDIT SCORE
Time in Business
At least 2 years
Annual Revenue
No minimum

Credibly Highlights & Drawbacks

Advantages

While researching for this Credibly review, we discovered its a lender that provides uncomplicated and worthwhile loan solutions for small business owners.

You can check to see if you’re a viable candidate for a Credibly loan without completing a full application with credit check.

Funding of your Credibly loan can happen within a few days and there’s a customer support team to help you through the entire process from application to funding.

Business owners who have been turned down by banks, or have become disillusioned by the long bank loan process, can benefit from the convenience of Credibly financing.

Disadvantages

Credibly does charge origination fees for both the business loan and working capital loan which is something to consider when weighing your options.

The working capital and business expansion products require daily and weekly automatic payments.

Automatic payments can be convenient, but daily and weekly transactions may also present a cash flow problem for some businesses.

Consider this carefully before moving forward.

Lastly, Credibly is for businesses that have at least six months of business history.

Credibly probably won’t be the lender for you if you need to finance a start-up.

Fortunately, there are plenty of other options to finance a start-up such as personal loans.

Final Word

If you’re running a business with at least six months of business history, Credibly is a lender you may want to check out for your financing needs.

Looking to connect with a lender? Get started with our easy online form:

See Business Lenders

Taylor Gordon Finance Journalist

Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a frugal lifestyle blog on entrepreneurship and hacking your way to an abundant savings account.

Taylor has contributed to The Huffington Post, GoGirl Finance, Madame Noire, The Write Life, and more.

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Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.