Credibly Small Business Loans Review 2024
Whether you’re in need of funding to expand your business or need funding to pay bills, Credibly Business Loans offer three small business loans that could help your business.
In this review, we’ll go over the details of Credibly’s business loans to help you decide if these loans offer the right features for your business.
Recommended: Visit our comprehensive guide on small business loans or read our review of the best small business loans.
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Small Business Loan Guides
Learn more by checking out our comprehensive guides on small business loans.
Credibly Business Loans
Our Approach:
To help match your business with the right loan, we compared Credibly’s loan offerings and matched those up with the businesses that stand to benefit.
In this review, we’ll cover the type of loans Credibly offers to help you decide if Credibly is the right lending partner for your small business.
Selecting the best small business loan for your company comes down to three things:
- Type of business you have
- Needs of your business
- What you want for the future of your business
Credibly Business Loans Summary:
BlueVine offers two different types of loans: invoice factoring and line of credit loans.
- Working capital loans are the best business loans for companies needing to pay for everyday business expenses like payroll, rent, and operational costs. These loans free up cash flow during slow periods.
- Merchant cash advance loans are the best business loans for small businesses needing a short-term loan without heavy application constraints. These loans are based on estimations of future credit card transactions and repaid as a percent of those transactions.
- Business expansion loans are the best business loans for businesses wishing to expand their operations. These loans are great for businesses experiencing high rates of growth.
PROS
- Just six months in business
- 1-2 day approval
- Discounts for prepayment
- Transparent fees
- Up to $400,000
CONS
- High origination fees
- Daily or weekly repayment options only
- High rates
- Must have $10,000 per month in revenue
Recommended: Read our guide on how to build business credit.
How to Apply for Credibly’s Loans:
- Apply online in less than 10 minutes providing basic details about your business.
- Get approved by Credibly in 24 to 48 hours.
- Submit your social security number, business lease, and three months of bank statements.
- Gain access to funds within two days.
Types of Credibly Business Loans
Credibly offers three types of business loans:
- Working capital: Lets you cover business costs during gaps in business
- Merchant cash advance: Lets you borrow short-term money based on credit card sales
- Business expansion: A term loan that lets you expand your business
Credibly’s Working Capital Loan
Credibly is not a traditional bank, meaning they can get you funded in a much shorter period of time. Ninety percent of applicants qualify. Working capital loans help businesses manage cash flow during times of slower sales.
Lowest rate: 24% per week
Loan sizes up to: $400,000
Benefits:
- Quick financing
- Terms from 6-18 months
- Same day funding
Qualifications:
- 2.5% origination fee
- SIx months in business
- $10,000 in monthly revenue
How to Apply:
- Visit Credibly’s website to apply online
- The online application will take about 10 minutes to complete
- Get funded in 24 to 48 hours
Credibly’s Merchant Cash Advance Loan
Credibly offers merchant cash advance loans to help out with short term financing needs. The way these loans work is by giving you a cash advance to be repaid from future credit card sales. As the credit card transactions happen, a percentage goes to Credibly.
Lowest rate: 24%
Loan sizes up to: $400,000
Benefits:
- Quick financing
- Terms from 18-24 months
- Same day funding
Qualifications:
- 2.5% origination fee
- Six months in business
- $10,000 in monthly revenue
How to Apply:
- Visit Credibly’s website to apply online
- The online application will take about 10 minutes to complete
- Get funded in 24-48 hours
Credibly’s Business Expansion Loan
Credibly offers business expansion loans to help grow your business. The way these loans work is by giving you a cash advance to be repaid from future credit card sales. As the credit card transactions happen, a percentage goes to Credibly.
Lowest rate: 9.99%
Loan sizes up to: $250,000
Benefits:
- Quick financing
- Terms from 18-24 months
- Same day funding
Qualifications:
- 2.5% origination fee
- Six months in business
- $10,000 in monthly revenue
How to Apply:
- Visit Credibly’s website to apply online
- The online application will take about 10 minutes to complete
- Get funded in 24-48 hours
Credibly's Customer Reviews
Credibly seems to have mostly positive reviews from customers. Here are some verified Credibly reviews on Trustpilot’s website made by people who sought loans through them to help their businesses:
“Don't like to borrow money, unless it's really important. Needed to get my truck repaired and the application and deposit process is incredibly fast and easy.”
“I've been dealing with credibly for many years since it used to be Retail Capital...I personally have dealt first hand with Oliver Mupas...Great service and very professional I would email him and would respond in 10 seconds. My money was deposited in my bank account the next day after signing. But it usually takes 2 to 3 days for everything to be completed. A trustworthy company. Thank you Oliver Mupas!”
“We have been customers of Credibly for 2 years. Oliver gave us a special treatment and made the process smooth. Strict, but friendly!”
Learn more by checking out our comprehensive guides on small business loans.
Credibly's Review Ratings
Value - 4/5
Overall Credibly’s value works well for most businesses given they offer fast funding with great customer support and higher funding amounts than many other lenders. Credibly may not be right for companies needing long-term loans. Their loans are for short-term periods only.
Customer Service - 5/5
Credibly’s customer service is professional and capable of helping a business understand the loan process. Our overall experience was positive. Other customers reported that Credibly has amazing customer service as well.
Ease of Use - 3/5
Applying for a business is exceptionally easy and fast. The only thing we grimaced about was the fact that rates are a bit higher than other online lenders, and the origination fees are something to consider before applying.
Included Features - 4/5
We like Credibly’s approach to lending because they work fast and efficiently to get you approved. This is a great option for businesses needing fast funding to weather slow periods, expand, or simply manage day-to-day operations.
Final Thoughts on Credibly
Credibly may be the right lender for your business if you need fast short-term financing. Credibly offers high-interest rates, but these may be offset depending on how well a business leverages the capital to grow and expand. They also offer loans up to $400,000 — more than most other short-term lenders.
Visit our comprehensive guide on small business loans.
Credibly's FAQs
Yes, Credibly recently became an approved Small Business Administration (SBA) lender.
Credibly is an online fintech loan lender. They offer business loans that range from working capital, merchant cash advance, and business expansion loan types.
Transparency is the biggest benefit of Credibly. They don’t hide behind a veil, rather give you all the information upfront and make the process of getting a loan a straightforward process.
Credibly is an online lender that offers high-interest business loans. These loans are easier to qualify for, require lower credit scores for approval, and are mainly used as a short term business solution.
Credibly is based out of New York. They have five corporate offices across the US.
