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Credibly Reviews: Business Loan Terms & Pricing in 2020

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Strengths

  • Quick pre-approval application
  • No collateral needed
  • Unique customizable plans for your personal needs
  • Quick funding
  • Loaning amounts of up to $400,000
  • User-friendly website with customer support bot

Weaknesses

  • Does not consider bankruptcy or low credit score borrowers
  • High requirements

Breakdown

Minimum time in business

At least 6 Months

Credit score

Over 500

Annual revenue

Monthly Income of $15,000

Borrowing

Up to $400,000

Origination fee

2.5% of Total Loan

Borrowing fee

None

Funding time

Same day

Collateral

No

APR

As little as 1%

Founded in 2010, Credibly is an excellent business loan company. Its main aim is to improve the cost, speed, choice, and experience of its clients at which it is succeeding at a rapid rate. After only 4 years in business, they ranked #35 on the Inc. 500 list, reached an A+ BBB accreditation, and launched numerous programs.

Today, they’ve funded over $1 Billion to over 19,000 businesses all across the U.S. Numerous Credibly reviews testify with great success stories from entrepreneurs who benefited from their short-term business loans plans.

Looks can be deceiving, and that is why we put Credibly to the test by looking at hundreds of customer reviews. In order to compile a compact guideline and evaluation of their funding services.

In this Credibly business loans review we will focus on the following factors:

* Features of the loan provider
* Loan application procedure and terms
* Plans, pricing, and repayment
* Pros and cons
* FAQ

Credibly Borrower Requirements & Terms

The following terms and conditions apply to determine the borrower’s qualifications: 

Plans 

Depending on your business’ needs, Credibly has you covered. They offer four main loaning products:

Working Capital Loans

Business Expansion Loans

Business Line of Credit

Merchant Cash Advances 

As well as other financing solutions. 

Credibly’s various plans allow small and medium-sized businesses to grow and expand without breaking the bank on interest fees. Combined with cutting-edge technology, data science, customer support, and partner relations, Credibly ensures that entrepreneurs get right-sized capital solutions.

Let’s have a closer look at the different options:

Working Capital Loans

Perfect for business owners with short-term needs. This plan offers up to $400,000 with a funding term of 6-18 months. Credibly customer reviews testify that the working capital loan can be pre-approved within 24 hours and funding received within a few hours after approval.  

Minimum Qualifying Criteria is:

  • Credit score of more than 500
  • At least 6 months in business
  • Average monthly income of $15,000
  • Signed business loan agreement
  • Business lease agreement 
  • 3 Most recent bank statements
  • Most recent tax returns for loans over $100,000
Business Expansion Loan 

Perfect for business owners who have a great financial track record and who are looking to expand to a greater scale. Whether you want to open a new location, purchase equipment, or launch a new campaign, an expansion loan is perfect for this. Funding amounts of up to $250,000 are offered over an 18-24 month term. 

Minimum Qualifying Criteria is:

  • FICO score of 600+
  • At least 3 years in business
  • Average monthly income of $15,000
  • Average daily balances of $3,000
  • Signed business loan agreement
  • Business lease agreement 
  • 3 Most recent bank statements
  • Most recent tax returns for loans over $100,000
Line of Credit

Reviews of Credibly loans state that the Line of Credit plan is a perfectly flexible business loan option. Access to both unsecured and secured business lines of credit are available with maximum funding amounts of up to $250,000. 

Minimum Qualifying Criteria is:

  • Personal Credit score of 560+
  • At least 6 months in business
  • Average annual income of $50,000
  • 3 Most recent bank statements
  • Most recent tax returns for loans over $100,000
Merchant Cash Advance (MCA)

Also known as a business cash advance, MCAs are great options for entrepreneurs with guaranteed future revenue. This plan provides business owners with a cash injection in exchange for a percentage of future credit card sales. Maximum advance amounts of $400,000 can be offered over a 3-18 month loan term. 

Minimum Qualifying Criteria is:

  • Personal Credit score of 500+
  • At least 6 months in business
  • Average monthly income of $15,000
  • Receivables purchase agreement
  • Business mortgage statement
  • 3 Most recent bank statements
  • Most recent tax returns for loans over $100,000
Other Financing options

Backed by the federal government, Credibly also offers SBA loans with longer loan terms and lower interest rates. Other financing options include:

  • invoice factoring
  • equipment financing
  • SBA PPP loans (as part of the COVID-19 relief program)

Pricing & Repayment

Offering different loan terms, Credibly is upfront about their interest rates and fees regarding all plans.  Interest rates are calculated as a factor rate and most plans have a one-time origination fee of 2.5% of the total loan amount. 

Let’s have a closer look at the different options and their repayment plans:

  • Working Capital Loans – Automatic payments can be made daily or weekly. Credibly has qualifying criteria for both payments. Factor rates are calculated as the payback amount divided by the funded amount, it can be as low as 1.15%. 
  • Business Expansion Loan – Automatic payments are made weekly. Interest rates start at 9.99%.
  • Line of Credit – Borrowers will only pay interest on the amount loaned. Interest rates start at 4.8% and are dependent on your personal FICO score and business-related factors. 
  • Merchant Cash Advance (MCA) – Factor rates are calculated as the purchase amount divided by the advanced amount. This plan requires a monthly admin fee of $50. 

It is evident by looking at numerous Credibly customer’s reviews that the best rates are available to business owners with better personal credit scores. Even though rates start at 9.99% it can go up to 36% depending on your financial strength. 

How To Apply For A Loan With Credibly? 

Credibly offers an easy online pre-approval application that doesn’t do any hard pulls on your credit. 
Here is a step-by-step guide to the process: 

Step 1: 

Go to the following address: https://www.credibly.com/apply-online/ and follow the five easy steps 

Step 2: 

Provide the following information: How much financing you are looking for, business name, monthly revenue, name and surname, contact details and click ‘Submit’.

Step 3: 

If you’ve been pre-qualified a consultant will be in touch ASAP.

Step 4: 

Pick the best suitable financing plan and provide any further information.

Step 5: 

Upon approval, review, and e-sign closing documents.

Step 6: 

Receive funds either on the same day or within a few days.

Customer Service

Connect with Credibly on their customer support line (888) 664-1444 or email customerservice@credibly.com for further assistance and consultation. 

Pros & Cons

Quick funding

A wide variety of financing plans available

Quick pre-approval application

Excellent customer service and consultation advice that’s focused on your business’ growth

No collateral needed

User-friendly website with customer support bot

Transparent fees and rates

Unique customizable plans for your personal needs

Loaning amounts of up to $400,000

Does not consider bankruptcy or low credit score borrowers

High requirements

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Credibly Reviews

It is amazing how quickly Credibly has turned itself into a frontrunner in the non-bank finance industry. Ranking 89th out of 287 other non-bank finance companies on Trustpilot’s borrower reviews of Credibly, it scores a 4.7-star rating – and we’d say well deserved. 

With a BBB-rating of A+ and numerous 4+ star reviews, Credibly’s online reviews are majorly positive.

Wrap-Up

Over the past decade Credibly has proven itself to be a reliable and trustworthy small to medium-sized business funding service. It is evident by looking at Credibly business reviews in 2020 that the company is slowly moving to the top of the industry.

Not only do they provide excellent customizable options with low transparent rates, but they’ve also launched a ReCap scoring model and a Business Health Reporting program. Showing their dedication to helping small businesses grow and expand.

Editor Rating
VISIT WEBSITE

show more

Editor Rating
VISIT WEBSITE

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FAQ

What is the level of customer service availability?

Credibly has 24/7 online assistance through its automated chat and service bot. Alternatively, you can phone a qualified consultant on (888) 991-3954 or contact their different divisions via email on isosupport@credibly.com, ppploans@credibly.com, partners@credibly.com, and customerservice@credibly.com.

What is Credibly’s BBB rating? Is it accredited?

Credibly is accredited since 9/24/2010 and has an A+ BBB rating.

Is Credibly an Approved SBA Lender?

Yes, this guarantee helps Credibly in offering larger amounts to small businesses. With limited SBA requirements under the CARES Act, Credibly can offer PPP (Paycheck Protection Program) during the Coronavirus outbreak.

Who is Credibly business loan best for?

Best for entrepreneurs and businesses who want to expand, need a cash advance or line of credit. Further Credibly reviews show that it’s better suited for business owners who have a credit score higher than 500 and a strong financial track record.