In a Nutshell
- Instant pre-qualification, approval within 24 hours
- Funding within 48 hours of approval
- Online or combined online/phone application
- Minimum $15K+ deposits per month to qualify
- Not all products available in all states
Credibly at a Glance
|Loan types||Working capital loan, business expansion loan, merchant cash advance, and more|
|Loan amount||$10,000 - $400,000|
|Repayment terms||3-24 months|
|APR||9.99% - 36%|
|Best for||Getting approved and funded within 2-3 days|
Credibly is the online lending arm of Retail Capital, LLC, a licensed California finance lender. It plays the dual role of lender and lending marketplace, connecting business owners with the best loan options from Retail Capital and a network of vetted third-party lenders. Credibly’s main selling point is its speed. It uses advanced data analytics to assess every applicant, helping it to reach a funding decision within 24 hours and to transfer the funds within an additional 48 hours.
Why Credibly Is Good for Your Business
This service caters to small and medium business owners who need capital and need it quickly. As mentioned, Credibly gets right down to business – helping applicants to get from that initial application to funding within 48-72 hours. Credibly offers a range of funding types, making it suitable for all types of businesses. Whether you need working capital, a cash advance, or a line of credit – Credibly can help.
Credibly offers two tiers of loans. It mainly promotes its working capital loan, business expansion loan, and merchant cash advance products from parent company Retail Capital, LLC. In addition, it offers a wide range of other financing options through its partner network.
- Working capital loans: Designed for businesses with steady revenue. Offering shorter repayment periods and more flexibility than other loans.
- Business expansion loans: Built for business owners with a proven track record. Provides growth capital at more-competitive rate than other loans.
- Merchant cash advance: Aimed at businesses with unpredictable revenue and lower credit scores. Tied to future receivables and charged as a percentage of daily revenue.
- Third-party loans: Range of loans from network partners, including line of credit, equipment financing, invoice factoring, and SBA loans.
There are three methods of applying: online, by phone, or by a combination of online and phone. In order to pre-qualify, you’ll need to provide basic details about your business, including name, percentage ownership, desired funding amount, and monthly revenue. Next, you’ll be asked to provide basic documentation, including a copy of your driver’s license, last 3 months of bank statements, and a voided check.
Applying for a business expansion loan is a little more complex. For example, the applicant must provide a signed business loan agreement and business mortgage or lease agreement, as well as the most recent business tax return for loans of $100,000 or more.
Credibly promises near-instant approvals, with a funding decision typically made within 24 hours. However, it comes with some caveats – namely strict qualification criteria:
- Min. 6+ months in business (3+ years for business expansion loan).
- Min. 500+ FICO score (600+ for business expansion loan).
- Min $15K average deposits for a three-month average and the most recent month.
- $1-3K + daily balance for the past 90 days (business expansion loan only).
Loan Amount, Repayment Terms, and APR
Credibly offers up to $400,000 in funding and repayment terms of up to 24 months. Maximum loan amounts and repayment terms vary from product to product. A 2.5% origination fee is applied to all Credibly and Credibly partner products.
|Business expansion loan||Working capital loan||Merchant cash advance|
|Max loan size||$250,000||$400,000||$400,000|
|Term length||18 or 24 months||6 to 18 months||3 to 18 months|
|Rate||9.99% - 36% APR||1.15+ factor rates||1.15+ factor rates|
|Fees||2.5% origination||2.5% origination||2.5% origination + $50 monthly|
|Automatic payments||Weekly||Daily or weekly||Tied to receivables|
How Safe Is It?
Credibly is as safe as you would expect of a company that has dished out more than $1 billion in business funding while maintaining an A+ rating from the Better Business Bureau. The website is safe and secure, and all data provided by applicants is encrypted to prevent hackers from stealing sensitive information. Only a soft credit pull is made before pre-qualification, which doesn’t affect the applicant’s credit score. Like virtually all lenders, Credibly runs a hard credit query before funding, which can negatively impact the borrower’s credit score.
Help & Support
Credibly provides a hybrid of online and phone applications and support. When you fill out a form on the Credibly website, you are given the choice of requesting a call to have a representative help you complete your application. Credibly also offers the option of contacting it directly during regular business hours.
Phone: (888) 664-1444
Credibly has earned a strong reputation for safe, secure, and quick funding at competitive rates. When you use Credibly, you get access to a wide range of funding options including term loans and merchant cash advance from its parent company and alternative loans from its partner network. Credibly has stricter minimum requirements than some of its competitors. If your business meets the minimum qualification criteria, then there’s a good chance Credibly can offer a suitable loan with a suitable loan amount, repayment term, and APR.
25200 Telegraph Rd., Suite 350
Southfield, MI 48033