Credibly Small Business Loans Review

Home Business Loan Reviews Credibly Small Business Loans Review

Credibly Small Business Financing

Funding amount

Up to $600,000

Term

6-24 months

Min. credit score

500

Time to funding

As soon as same day

Credibly is an online funder that provides financing to small businesses both through direct financing and through partnering with other lenders. With offices in Arizona, Michigan, and New York, Credibly has provided over $2 billion in funding to thousands of businesses across the United States. While Credibly offers multiple financing options through its partners, the funder only directly provides funding through its revenue-based financing options.

Credibly Small Business Financing

Apply through Lendio

Funding amount

Up to $600,000

Term

6-24 months

Min. credit score

500

Time to funding

As soon as same day

Credibly is an online funder that provides financing to small businesses both through direct financing and through partnering with other lenders. With offices in Arizona, Michigan, and New York, Credibly has provided over $2 billion in funding to thousands of businesses across the United States. While Credibly offers multiple financing options through its partners, the funder only directly provides funding through its revenue-based financing options.

Pros and cons.

Pros

Cons

Compare to other lenders.

OnDeck Short-Term Loan
Max loan amount
$250,000
Min. credit score
625
Clicklease Logo
ClickLease – Equipment Financing
Max loan amount
$20,000
Min. credit score
520

Financing offerings through Credibly.

Credibly offers two revenue-based financing products tailored to meet the diverse needs of small businesses. Their primary offerings include:

Credibly revenue-based financing quick facts
Loan amount rangeUp to $600,000
Time in business6 months
Minimum credit score500
Minimum monthly revenue$15,000
Repayment scheduleDaily or weekly
FeesOne-time 2.5% origination fee
$50 monthly payment for admin fee
Funding speedSame day from approval

See if your business is eligible
for financing through Lendio.

How much money are you looking for?

Things to consider.

Quick funding

After completing a straightforward application process, businesses can receive approval within 4 hours and have funds deposited into their account as soon as the same day. This rapid turnaround is particularly beneficial for businesses in need of urgent cash flow to address immediate needs or capitalize on time-sensitive opportunities. 

Relaxed credit requirements

Credibly stands out for its relatively relaxed credit requirements, making it an appealing option for small business owners who may not qualify for traditional bank loans. The company requires a minimum credit score of 500 and a minimum time in business of six months.

Limited directly-funded loans.

While Credibly offers a diverse range of financing products, it’s important to note that not all options are financed directly by Credibly. This means that for certain loans, such as SBA loans, lines of credit, invoice factoring, and equipment financing, Credibly acts more as a broker, connecting businesses with third-party lenders.

Prepayment incentive

Credibly offers a prepayment incentive of 6% off the total remaining balance if it’s paid off prior to 50% of the term.

Great customer reviews.

Credibly has an A+ rating from the Better Business Bureau and a 4.8 out of 5 star rating on Trustpilot. Customer reviews highlight fast funding times and funding for businesses with low credit scores.

Evaluation

Credibly is best for:

Here are some areas where Credibly excels in business financing:

Where Credibly might fall short:

While Credibly offers many advantages for small business financing, there are areas where it might not be the ideal fit for every business owner:

How to apply for financing from Credibly through Lendio.

Applying for financing through Credibly via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

  1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
  2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
  3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Credibly is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
  4. Finalize the deal: If you decide to proceed with Credibly, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents. Once everything is in place, you can expect to receive the funds in your business bank account, typically within 24-48 hours.

The bottom line.

Credibly offers an opportunity to secure funding when traditional bank loans might not be an option. Ultimately, business owners must balance the benefits of easy access and rapid funding against the costs and repayment terms to determine if Credibly is the right fit for their financial needs.

Ready to compare Credibly with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

Quickly compare loan offers from multiple lenders.

Applying is free and won’t impact your credit.

FAQs

Credibly was founded in 2010 and has provided over $2 billion in financing to over 30,000 small businesses across the United States. The lender is accredited with the Better Business Bureau and has an A+ rating. It also has a 4.8 out of 5 star rating on Trustpilot, with reviews highlighting quick funding.

You should have a credit score of at least 500 to qualify for a small business loan from Credibly.

No, Credibly is not a bank. Instead, it is a direct lender that provides loans to small businesses.

12+ years of serving
small business.


$15+ billion in SMB funding


75+ lenders in our network


400,000+ total loans funded


*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (June 27, 2024). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.