The right working capital loan can provide the fuel small business owners need to keep operations running smoothly for your small business. It can also give you the cash flow you need to grow your reach.
With that said, not every financing option is right for every business. For example, traditional bank loans and SBA loans might not be the best fit if you need funding as soon as possible. There are many options on the market, and it’s important to find one that fits your business needs, so you don’t waste time applying or put yourself at risk of defaulting.
Let’s take a closer look at Credibly’s loan options and their application process so you can decide if they’re right for your small business or startup.
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Who is Credibly?
Credibly is an online-based lender that serves small and medium-sized businesses. According to Crunchbase, they were founded in 2010 and are currently headquartered in Troy, Michigan.
Credibly brands themselves as a fintech company that matches businesses to loans using a data science-driven approach. This allows them to help you find the right loan based on your business’ health and potential.
Their website (www.credibly.com) also emphasizes a commitment to strong customer support that’s “second to none.”
What Are People Saying About Credibly? And is Credibly Reliable?
As of press time, Credibly has a 4.8 out of five rating on Trustpilot based on over 1,100 reviews, and a four out of five rating on ConsumerAffairs.com based on over 100 reviews. In general, the online discourse currently seems to lean towards positive tones.
As with any online review, be sure to do your own research. We don’t recommend basing important financial decisions on online reviews alone.
Credibly loans are options in Nav’s financing marketplace and are reliable.
How Credibly Business Loans Work
Credibly currently offers four funding options for borrowers, which spans both short-term and long-term options:
Short-Term Loan by Credibly
- Offers between $5,000 - $600,000 in funding
- Daily & Weekly automatic debits; 6 to 15 month repayment terms
- Online and phone call application
- Funds As quickly as 4 hours
Short-Term Loan by Credibly
As quickly as 4 hours
Pros
- Set payments
- Pre-qualification, which means you can pre-qualify without hurting your credit
- With strong cashflow health, low personal credit scores still have great options here
Cons
- Must have at least $15,000 a month in deposits
- Repayment terms maybe shorter for some users
Funding Amount
Cost
Repayment Terms
Funding Speed
- Offers between $5,000 - $600,000 in funding
- Daily debits from your bank account for 3 to 18 months
- Automatic remittances tied to receivables
- Approvals As quickly as 4 hours
Business Cash Advance by Credibly
Credibly offers flexible repayment plans with fixed rates, based on future receivables. Ideal for seasonal businesses and those with high credit card processing volumes.
Pros
- Fixed payments
- Offers the ability to pre-qualify without affecting your credit.
Cons
- Must have at least $25,000 a month in sales, Max repayment term is 15 months
Funding Amount
Cost
Repayment Terms
Funding Speed
What Does It Take to Get A Credibly Working Capital Loan?
According to Credibly’s website, you must meet the following requirements to qualify for their working capital loan:
- Located in the United States
- 6+ months in business
- At least $15,000 in monthly revenue
Fees and Terms of Credibly Business Loans
Credibly lists the following fees and terms for their loan types.
Short-Term Loan by Credibly
- As low as a 1.11 FR
- A one-time 2.5% of the total loan amount set-up fee is deducted from your proceeds (origination fee)
Business Cash Advance by Credibly
- Factor rates as low as 1.11
- A one-time 2.5% of the total advance amount set up fee is added to your balance at funding (underwriting fee)
Does Credibly Do A Hard Inquiry?
According to their website, Credibly only does soft credit pulls, which don’t impact your credit.
Don’t forget that Nav can help you manage and improve your business credit score. Our platform walks you through how to establish business credit and equips you with tools not available anywhere else (including full business credit reports). While you’re here, you can also use Nav to instantly find your best options for small business loans and business credit cards.
How to Apply For A Credibly Loan
To apply for a Credibly loan, you’ll need to provide the following information:
- A signed business loan agreement
- A business mortgage statement if you own your property
- A business lease agreement if you rent your property
- Unexpired, government-issued photo-ID for all owners
- Bank statements from business banking account (most recent three months)
- For loans over $100,000, your most recent business tax return
You can prequalify for loans by using the process on their website. They advertise the possibility of getting approved in as little as four hours, and also the possibility of receiving same day funding if approved.
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Babs Nelsen
Babs is a former Senior Manager of Content Strategy at Nav, the leading financial health platform for small business owners. When she’s not diving into the best financing solutions and the latest news in small businesses, you’ll find her binge-watching musicals, reading in the (sporadic) Chicago sunshine and discovering great new places to eat. Accio, tacos!