Credibly Small Business Loans Review

Pros and cons.

Pros

• Low minimum credit score and time-in-business requirements
• Quick application process and decision times
• Large advance amounts available

Cons

• More frequent payments (daily or weekly) than traditional loan products
• Potentially costly factor rates
• High annual revenue requirements
• Only directly finances expensive lending products

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Financing offerings through Credibly.

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

• Working capital advance: Designed to provide businesses with the immediate cash flow they need for day-to-day operations. Ideal for covering short-term financial needs like inventory purchase, payroll, or emergency repairs. 
• Merchant cash advance: Provides businesses with a lump sum in exchange for a percentage of their daily credit card sales. This is a good option for businesses with high credit card sales looking for quick access to funds.

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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:

• Small businesses in need of quick funding. Due to its fast application and approval process, Credibly is an excellent choice for businesses needing immediate cash flow solutions.
• Business owners with lower credit scores. Thanks to its lower minimum credit score requirement of 500, Credibly provides a financing opportunity for those who might struggle to secure loans from traditional banks.
• New businesses. Credibly requires a minimum of only 6 months in business and look at your credit card sales as proof for your eligibility to repay rather than your business history.

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:

• Limited financing types. Credibly directly funds only working capital advances and merchant cash advances. 
• Higher cost of capital. Factor rates can be more expensive than interest rates on traditional bank loans or other financing options.
• Frequent repayment schedule. The requirement for daily or weekly repayments can be challenging for businesses with irregular cash flow. This repayment structure demands a high level of cash management discipline and planning.

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.

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