Credibly Business Loans Review

Who Is Credibly Best For?

Credibly is best suited to business owners who need relatively fast access to capital and may have difficulty qualifying for traditional business financing.

Credibly may be a good fit for:

• Businesses in need of quick funding

• Business owners with fair or poor personal credit

• Businesses with strong revenue but imperfect credit

• Borrowers seeking working capital

• Companies in search of equipment financing

• Businesses wanting to prequalify without a hard credit inquiry

• Borrowers who value multiple financing options from one platform

Credibly may not be the best fit for:

• Businesses primarily seeking the lowest available interest rate

• Startups with less than six months of operating history

• Businesses with less than roughly $15,000 in monthly revenue

• Borrowers uncomfortable with daily or weekly repayment

• Applicants who want fully disclosed pricing before beginning the qualification process

• Well-qualified borrowers who may qualify for lower-cost bank or SBA financing

Qualification requirements vary considerably. For example, Credibly's long-term business loans require at least two years in business and $500,000 in annual revenue, while its business line of credit requires a credit score around 700.

Credibly Business Loans: Key Facts

Note: Credibly's qualification standards differ by product. For example, its merchant cash advance page currently lists a 550 minimum credit score and $20,000 in average monthly revenue, while its broader company materials cite minimums of 500 and $15,000 monthly or $180,000 annually.

Credibly Review: Editorial Rating

Trusted Company Reviews Rating: 8.9

Credibly earns high marks on several fronts. The primary drawbacks are cost and complexity. Factor-rate financing and frequent payments can be expensive, and rates, qualification requirements, and terms vary substantially among Credibly's products. 

• Wide selection of fast business financing options

• Potentially high financing costs

• Credit scores around 500 may qualify for some products

How We Calculated Our Credibly Rating

We use the same weighted rating criteria to evaluate each business loan provider we review fairly and systematically. Each category reflects a different part of the borrowing experience, with greater weight given to factors that have the biggest impact on borrowers, including pricing, value, and trust.

• Pricing & Value (25%): 7.7/10

• Reputation & Trust (20%): 9.4/10

• Financing Options & Features (15%): 9.6/10

• Accessibility & Approval Requirements (15%): 8.7/10

• Customer Satisfaction (10%): 9.7/10

• Application, Funding & Borrower Support (10%): 9.4/10

• Editorial Opinion Score (5%): 9.2/10

The weighted scores produce an overall Credibly rating of 8.9/10.

What Makes Credibly Different?

Credibly stands out for offering several types of business financing while maintaining relatively flexible qualification requirements for some of its products.

Rather than offering a single business loan, Credibly provides working capital loans, long-term business loans, lines of credit, merchant cash advances, equipment financing, and invoice factoring. Some products are available to borrowers with credit scores around 500 to 550, while requirements vary based on the financing type.

Credibly Business Financing Options

Credibly offers several types of business financing, with funding amounts, qualification requirements, repayment terms, and costs varying by product. Some financing is available directly through Credibly, while certain options are available through its partner network.

• Long-term business loans: Up to $600,000 directly and potentially up to $10 million through partners, with fixed monthly payments and terms up to 120 months. Applicants generally need a 500+ credit score, two years in business, and $500,000 in annual revenue.

• Working capital loans: Up to $600,000 with factor rates starting at 1.11 and terms from 6 to 24 months. Businesses generally need at least six months of operating history, and daily or weekly payments may apply.

• Business lines of credit: $5,000 to $300,000 with terms from 3 to 24 months. Requirements include a credit score around 700, at least six months in business, and approximately $20,000 in average monthly revenue.

• Merchant cash advances: Up to $600,000 with terms from 3 to 24 months. Credibly currently lists a 550 minimum credit score, six months in business, and $20,000 in average monthly revenue for this product.

• Equipment financing: Up to $600,000 directly and potentially $10 million through partners, with terms generally from one to five years and up to seven years in some cases. 

• Invoice factoring: Allows access to cash linked to customer invoices that have yet to be paid, with funding potentially available within 24 hours. 

Credibly Business Loan Features and Benefits

Credibly's primary advantage is its ability to provide numerous funding options to a wide range of businesses. Financing options can accommodate different business needs, credit profiles, and repayment preferences.

• Multiple business financing options

• Prequalification without a hard credit check

• Financing specialists available for consultation

• Direct funding up to $600,000 for certain products

• Partner financing of up to $10 million

• Minimum financing amounts starting at $5,000

• Factor rates starting at 1.11 on applicable products

• Same-day funding possible

• Working capital terms from 6 to 24 months

• Long-term financing available

• Credit score requirements beginning around 500 for some products

Pricing and Value

Credibly’s financing costs vary by product and applicant qualifications. Some of its products use factor rates rather than traditional interest rates, and the company doesn't fully disclose pricing for some of its financing options upfront. 

• Working capital loans and merchant cash advances have factor rates starting at 1.11.

• Working capital loans include a 2.5% origination fee.

• Merchant cash advances include a 2.5% underwriting fee and a $50 monthly administrative fee.

• Business line of credit rates are approximately 3% to 5% monthly.

• Factor-rate financing and short repayment terms can make some Credibly products more expensive than conventional business loans.

• Payment frequency varies by product, with daily or weekly payments applying to some options.

Credibly Reviews and Customer Complaints

Credibly receives mostly positive reviews from customers, and the company holds a 4.8 out of 5-star rating on Trustpilot from roughly 2,800 reviews. Roughly 90% of reviewers award it five stars. Credibly also holds an A+ rating with the Better Business Bureau and has been BBB-accredited since 2010.

Positive reviews frequently mention excellent funding speed, straightforward applications, and responsive customer service.

Negative reviews, on the other hand, tend to focus on high financing costs, demanding repayment terms, and additional fees. Some reviewers mention that the financing was more expensive than anticipated.

Credibly Alternatives

Credibly holds a spot in our overview of the best private lenders for business loans and startups, but it won't fit every business financing need. Businesses seeking different qualification requirements, financing products, funding limits, or the ability to compare multiple lenders may want to consider these alternatives:

• LendingTree: An online lending marketplace that can connect business owners with multiple lenders, making it useful for comparing potential financing offers and terms.

• Fundbox: Offers business lines of credit and may be worth considering for newer or smaller businesses that don't meet Credibly's revenue requirements.

• Fora Financial: Offers business financing up to $1.5 million and may appeal to established businesses with strong revenue that need access to larger amounts of capital.

• National Funding: Offers working capital and equipment financing for established businesses, including borrowers seeking dedicated financing for equipment purchases.

• Taycor Financial: Offers a broad selection of business financing products, with a particular emphasis on term loans and equipment financing.

Credibly Information and Data

Should You Choose Credibly?

Credibly is competitive for established businesses that need funding quickly, want access to multiple financing options, or have credit that may make conventional business financing harder to obtain.

• Consider Credibly if: Your business has consistent revenue, you need fast access to capital, and you value flexible qualification requirements and multiple financing options.

• Probably not if: Your business has limited revenue or operating history, you need the lowest possible borrowing cost, or you qualify for lower-cost or more traditional business financing.