Credibly reviews and flexible business funding options consistently earn the company top spots on business loan ratings pages. Credibly offers multiple business financing methods, covering a vast array of industries. The company’s funding choices include term loans, quick funding options, working capital financing, lines of credit, merchant cash advances (MCA), medium and long-term borrowing, equipment financing, and invoice factoring.
Starting in 2010, Credibly operates primarily as a fintech lender through its online platform. However, the company does provide funding solutions from partner lenders for some of its business financing products. Experts and Credibly customers award the company high marks across multiple ratings platforms, averaging 4.8 out of 5 stars on many of them.
While Credibly scores well with business owners and experts, the company does have some flaws. Learn more about how Credibly can benefit your business below and what to watch out for when deciding if the company is right for you.
Pros
Low credit score requirements to qualify
Pre-qualify without affecting credit score
Up to $400,000 loan amounts available
Rapid funding between same-day and 48 hours available
Medium and Long-term business loans are available
Cons
Stringent contract terms
Potentially high interest rate
$15,000 monthly revenue required to qualify
Credibly Review: Features and Benefits
The most prominent feature found in Credibly reviews and media write-ups is the company’s ability to provide numerous funding options to a wide demographic. Credibly can supply virtually any type of funding to business owners throughout multiple industries based on and tailored to the customer’s needs. Borrowers can find Credibly financial products at Credibly or through Lendingtree.
- Multiple borrowing options available
- Pre-qualify without a hard credit check
- Finance experts available for consultation
- Highly rated company
- Funding up to $400,000
- Minimum loan amount of $5,000
- Starting factor rates from 1.11
- 2.5% origination fees apply
- $50 monthly administration fees apply to MCAs
- Minimum credit score 500
- Minimum business age 3 months
- Minimum revenue to qualify is $15k monthly or $180,000 annually
- Same-day funding possible
- Working capital loan terms of 3 to 15 months
- Long-term business loans available
- Variable loan term lengths
Credibly Review: Editorial Rating
Trusted Company Reviews Rating Score for Credibly Business Loans: 9.8
Credibly stands out among other non-traditional online lenders for its flexibility and wide financial product selection. It ranks highly in our review of the best private lenders for business loans and startups. Trusted Company Reviews awards the company 9.8 out of a possible 10 scoring points. Our analysis of the company included factoring in customer satisfaction results versus complaints against the lender, product availability and terms, and how the company ranks against similar and dissimilar lending organizations.
While Credibly reviews highlight an online lender that meets or exceeds our criteria throughout several of our detailed scoring parameters, small business owners seeking funding from non-traditional lenders must be aware of potential pitfalls.
Non-Traditional Borrowing Concerns
According to a paper released by the Federal Reserve, “Nonbank, online lenders are becoming more mainstream alternative providers of financing to small businesses. These nonbank lenders offer small-dollar credit products including cash advances, lines of credit, and various types of loans, typically under $100,000. Borrowers can apply in minutes and receive funds in days or even hours, expedience made possible with data-driven technologies. The industry’s growing reach has the potential to expand access to credit for small firms, but also raises concerns about product costs and features, and the manner in which these are disclosed to prospective borrowers.”
The primary concern regarding online lending addresses a lack of information provided by some fintech companies.
Another paper from the Federal Reserve, entitled, “Uncertain Terms: What Small Business Borrowers Find When Browsing Online Lender Websites,” states, “Online lenders varied significantly in the amount of information provided, especially on costs. Lenders that offer term loan products were likely to show costs as an annual rate, while others convey costs using terminology that may be unfamiliar to prospective borrowers. Still others, particularly those that offer merchant cash advances, provide no information at all.”
That said, Credibly rates well with experts and customers. However, the company does engage in advertising methods designed to highlight its benefits while withholding some information.
For example, Credibly’s website doesn’t include a readily available Terms of Service page to easily inform borrowers. When using Credibly and similar online lending platforms, customers should know that high APR potential and rigid repayment terms can exist.
Trusted Company Reviews highly recommends thoroughly reading the contract and getting questions answered by the lender before signing any documents related to business funding.
| Funding Type | Rates | Terms |
| Long-Term Loan | Not Provided | 3 months – 10 years |
| Working Capital Loan | 1.11 factor (starts at) | 6 – 15 months |
| Merchant Cash Advance | 1.11 factor (starts at) | 3 – 15 months |
| Line of Credit | Not Provided | 24 months |
| Equipment Loan | Not Provided | 3 months – 10 years |
| Invoice Factoring | Not Provided | Not Provided |
About Credibly Business Loans
Credibly provides several business financing solutions applicable to almost any borrowing situation. The company offers flexible terms that are within reason and dependent on the funding type. Credibly typically offers rapid funding. In some cases, borrowers can see their money on the same business day as applying. Others generally receive funding within 24 to 48 hours after applying.
Obtaining business financing through Credibly is easier than with many traditional and non-traditional lenders. The company provides a pre-qualification step before formally applying that won’t affect your credit score or appear on future credit inquiries.
Additionally, Credibly has low requirement thresholds for several of its financial products. Borrowers with credit scores as low as 500 can often obtain funding through the company’s working capital loans and MCAs.
The maximum amount available to borrowers through Credibly is $10 million through its equipment loans program. However, business loans, working capital loans, and MCAs are capped at a still respectable $400,000.
Credibly Business Loan Types, Requirements, and Details
Credibly offers multiple funding types whether you’re looking for a small loan, a $100k loan, or even larger, in a variety of industries.
Long-Term Loans
Designed for more established businesses, long-term loans can provide a large amount of capital, repayable with terms of up to 24 months. Credibly’s maximum long-term loan amount is $250,000 with automatic weekly payments.
Applying for a Credibly long-term loan requires meeting nondisclosed credit score requirements and providing cash flow and expense details, including bank statements and a business plan, among others.
Working Capital Loans
Available for businesses operating for as little as six months, working capital loans from Credibly feature $400,000 loan caps, factor rates starting at 1.11, and daily or weekly payment options.
Working capital loan origination fees include an administrative fee of 2.5% of the loan amount. Same-day funding is often available, and repayment terms vary.
Business Line of Credit
Credibly’s revolving business line of credit allows pre-qualification with no credit-score effect. Terms vary up to 24 months. However, few program details are available to borrowers until after pre-qualifying. Merchant Cash Advance
Merchant cash advance funding is available through Credibly to business owners of all types, including those with bad credit scores. Funding up to $400,000 is available in as little as one day. Requirements include being in business for at least six months and generating revenue of at least of $15,000 monthly or $180,000 annually. Terms include a 2.5% underwriting fee and a $50 administrative fee.
Submitting three months of bank statements is necessary to apply, as well as providing documents related to income, expenses, business mortgages, and others upon request.
Equipment Financing
Credibly’s equipment financing programs allow pre-qualification with loan amounts between $10,000 and $10 million. An equipment finance loan from the company features approvals within four hours and professional assistance for borrowers with questions.
Invoice Factoring
Invoice factoring is available through Credibly for use as needed, including paying for equipment or short-term expenses. Funds are generally available within 24 hours, and feature factor rates as low as 1.11. The company promises no fee surprises. However, it offers little information until after contacting Credibly regarding this funding type.
Credibly Reviews: Business Loans and Financing Options
Credibly, reviews are mostly positive. The company enjoys a 4.8 out of 5-star rating from Trustpilot and an A+ grade with the Better Business Bureau. Customers generally like the speed of funding, the easy application process that doesn’t affect their credit score until after formally applying, and the company’s helpful staff. Below is a snapshot of customer reviews. Overall 88% of Trustpilot reviews rate the company at five stars, while 4% of reviews earn just one star.
5-star
Credibly really came to the rescue when my business needed it. They were fair and up front about all the costs involved and kept great communication. I would highly recommend them for working capital loans. – Juan, Trustpilot
3-star
Fast funding and good to work with, but the interest rates are way too high. They charge way to much for their funding. If you ever get a loan from these people, then make sure you pay it off within a month or two at the latest. Otherwise, you will be paying way too much for the loan. – Dianna, Trustpilot
1-star
We have been clients of Credibly for a few years and recently paid off one loan. They even corrected mistakes we found in their withdrawals without a problem. We also have a second loan that was almost paid and found we were in need of additional funding. We went to Credibly first and they agreed to fund us but in the final hour rejected us. Without a choice we went to a second lender for the financing. After this went through Credibly charged us a $1000 “Stacking fee” for using another lender. Apparently this is in the fine print of their agreement….. – Ron, Trustpilot
Who is Credibly Best For?
Many Credibly reviews from business owners who need rapid funding praise the company for its quick turnaround time. Other consumers who may benefit most by using the company’s financial services are those with poor credit or who have been in business for just a short time. Some of the company’s financial products are available to companies just three months old.
Business owners of more established businesses and those with higher-than-average credit scores may find some of Credible’s options beneficial. However, they’re more likely to find better rates and easier terms with another lender or through more traditional business financing options.
Credibly Vs. the Competition
LendingTree offers Credibly as one of its trusted financial business partners and rates it highly among similar companies. LendingTree rates Credibly as best for borrowers seeking working capital loans, including owners of newer businesses or those with poor credit or underdeveloped credit histories. Learn more through our LendingTree review.
Credibly Vs. Taycor Financial
Taycor Financial and Credibly provide similar business financing products for similar demographics. Taycor provides business loans and other funding resources quickly and for those with fair to bad credit if necessary.
The primary difference between the two is that Taycor focuses more on term loans and equipment financing than Credibly. In contrast, Credibly tends to work more closely with working capital and MCA financing options.
| Credibly | Taycor Financial | |
| Rates | 1.11+ factor and nondisclosed | 1.10+ factor / 4.99%+ |
| Amounts | $5,000 – $10m | $5,000 – $5m |
| Terms | 3 – 120 months | 4 – 300 months |
| Minimum Credit Score | 500 | 500 |
| Minimum Business Age | 3 months | 3 months |
| Minimum Revenue | $180,000 | $96,000 |
Credibly Vs. Fora Financial
Fora Financial is another fintech lender similar to Credibly, in that it provides business financing for borrowers with low credit scores or short credit histories, provided their business generates sufficient revenue.
However, Fora offers loan amounts of up to $1.5 million—far greater than Credibly’s $400k loan offerings. Despite these two competitors having much in common, borrowers seeking very large loans will likely do better with Fora Financial in that capacity.
| Credibly | Fora Financial | |
| Rates | 1.11 factor and nondisclosed | 1.10 factor and nondisclosed |
| Amounts | $5,000 – $400,000 | $5,000 – $1.5m |
| Terms | 3 – 24 months | 4 – 15 months |
| Minimum Credit Score | 500 | 500 |
| Minimum Business Age | 3 months | 6 months |
| Minimum Revenue | $180,000 | $144,000 |
Frequently Asked Questions
Is Credibly legit?
Is Credibly a direct lender?
Is Credibly an SBA lender?
Who owns Credibly?
Does Credibly do a hard or soft pull?
Source
Image Sources: credibly.com – trustpilot.com – brandfetch.com
Deane Biermeier
