Credibly

About Credibly

Credibly is a direct, small and medium-sized business lender that provides working capital loans, expansion financing, credit lines, and other financing products to help small business owners address their short and long-term capital needs. The firm uses cutting-edge data science, premier customer service, and technology to facilitate an accelerated application and funding process. Credibly has continued funding throughout the COVID-19 pandemic, and is well positioned to assist businesses with their transitional capital needs. Credibly works hard to understand a business’s health and potential, to provide it with a right-sized capital solution.

The firm is headquartered in Southfield, MI and since its inception in 2010 has provided in excess of $1 billion to over 19,000 small and medium-sized businesses nationwide.

Contact Credibly:

  • Visit Credibly’s Website
  • 25200 Telegraph Rd., Suite 350, Southfield, MI 48033

Loan Programs

Credibly specializes in delivering financing to a variety of businesses, and can fund from $5,000 to $400,000 directly, or up to $10 million through third-party capital partners. Credibly has a streamlined application process and can fund in as little as 24 hours. Loan proceeds can be used for any business purpose, and borrowers with credit scores as low as 500 can apply for financing. Credibly offers early payment discounts instead of a penalty, and a large suite of funding options to ensure a product fit for any business.

Below is a sampling of reasons why a borrower would seek financing from Credibly:

  • To obtain unrestricted working capital for immediate access to funding, and for near-term and unforeseen capital expenditures
  • When fast and affordable small business capital is needed, but the borrower is ineligible for conventional business financing due to a low credit score, past bankruptcy, short time in business, too many non-sufficient funds, or a low average daily balance
  • When a borrower would like to be evaluated for various business financing options, but doesn’t wish to have his/her credit affected or apply through multiple institutions
  • If the business requires working capital financing, or an expansion loan that is larger than what competitor products can offer
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Working Capital Loan Highlights / Guidelines

A working capital loan is a lump-sum financing that provides you cash-in-hand to fund the continuing operations of your business. Since many lenders that fund working capital allow it to be used for most business purposes, there are few restrictions on what you can do with it to help your business thrive. For this reason, borrowers often opt to borrow working capital versus a specific collateral driven business loan, because the loan process will be simpler and the lender won’t usually lien any hard assets [Read: What is Working Capital?].

Loan sizes from $25,100 to $400,000

  • 6 to 17 month financing terms
  • 6 month minimum time in business requirement
  • 500 minimum credit score requirement
  • 7 maximum non-sufficient funds / negative days
  • $1,000 minimum average daily balance
  • $15,000 minimum monthly deposits
  • Funding is available nationwide, for most businesses
  • Financing for any business purpose
  • Early payment discounts available
  • Daily and weekly loan payments available
  • No collateral required, no minimum deposit count
  • Factor rates as low as 1.15x
  • Receive funding in as little as 24 hours
  • Apply online and receive a fast decision, there are no upfront fees, and applying won’t affect your credit

Merchant Cash Advance “MCA” Highlights / Guidelines

An MCA is the pre-purchase of your future revenue at a discount, to be paid back out of your business cash-flow by a daily or weekly payment. For example, an MCA provider may purchase $6,900 of your future revenue for $6,000. The provider will advance you $6,000 now, and then withdraw a fixed payment from your business bank account until the $6,900 of revenue it pre-bought is received. This financing structure has historically been known as factoring and prior to the advent of the MCA, usually involved the pre-purchase of inventory or accounts receivables at a discount, not actual revenue. The term “factor rate” is used by MCA providers to explain the amount they are pre-purchasing from you and what you will have to pay-back. In the scenario above, the $6,000 the MCA provider advanced you will be paid back at about a 1.15 factor rate (1.15 x $6,000 = $6,900).

Advance sizes from $5,000 to $400,000

  • No personal guaranty required
  • 3 to 17 month financing terms
  • 6 month minimum time in business requirement
  • 500 minimum credit score requirement
  • 7 maximum non-sufficient funds / negative days
  • $1,000 minimum average daily balance
  • $15,000 minimum monthly deposits
  • Funding is available nationwide, for most businesses
  • Financing for any business purpose
  • Early payment discounts available
  • Daily and weekly loan payments available
  • No collateral required, no minimum deposit count
  • Factor rates as low as 1.15x
  • Receive funding in as little as 24 hours
  • Apply online and receive a fast decision, there are no upfront fees, and applying won’t affect your credit

Business Expansion Loan Highlights / Guidelines

A business expansion loan aka business term loan, is a lump-sum financing that is usually amortized over a shorter period of time when compared to real estate collateralized loans. Term loan funds can be used for most business capital needs, but tend to be less than 10 years in length and can even be as short as 3 months. Usually term loans will carry an interest rate that is fixed for the same length as the amortization of the loan. For example, if your loan is amortized for five years, your rate will usually be fixed for five years [Read: What is a Business Term Loan?].

Loan sizes from $50,000 to $400,000

  • 18 to 24 month financing terms
  • 36 month minimum time in business requirement
  • 650 minimum credit score requirement
  • 0 maximum non-sufficient funds / negative days
  • $3,000 minimum average daily balance
  • $20,000 minimum monthly deposits
  • Funding is available nationwide, for most businesses
  • Financing for any business purpose
  • Early payment discounts available
  • Weekly loan payments available
  • No collateral required, no minimum deposit count
  • Interest rates as low as 9.99%
  • Receive funding in as little as 24 hours
  • Apply online and receive a fast decision, there are no upfront fees, and applying won’t affect your credit

The Loan Process

LendVer did not shadow the application or loan process for Credibly but its website offers information about how to get started and an overview of the loan process. Submitting a loan application to Credibly is free, will not affect your credit, and you’ll receive a credit decision in as little as 24 hours.

When applying, business owners should prepare to upload or otherwise share the following documents (other documents may be required):

  • Signed and completed application
  • All 2020 bank statements and current MTD statement
  • Most recent 3 months credit card processing statements (if applicable)
  • Voided business check
  • Color copy of photo ID

Below are underwriting requirements you should know before applying:

  • Minimum time in business (TIB) of 6+ months
  • Minimum personal credit score of 500+
  • Minimum business revenue of $15,000 / month, with a $1,000 average monthly balance
  • No open bankruptcies, maximum 2 bankruptcies in the last 10 years
  • Bankruptcies must be discharged / dismissed 6+ months
  • < $250,000 of combined judgments / tax liens
  • No more than 2 existing competitor advances or loans
  • No more than 7 non-sufficient funds or negative days
  • Applicant must own >/= 51% of the business

Assuming the application information provided to Credibly is amenable, a credit decision will usually be reached within 24 hours with next-day funding if approved. Credibly has in-house underwriting, processing, funding, and servicing which helps expedite the financing process and foster a cohesive client relationship.

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Pros

  • Credibly can fund up to $400,000 which exceeds the $100,000 limit in place for most alternative business lenders.
  • Credibly is actively lending during the COVID-19 pandemic and can provide affordable working capital to eligible business owners in as little as 24 hours.
  • Credibly offers a variety of direct business financing options including expansion loans, working capital financing, merchant cash advances, and other third-party loan products.
  • Credibly has flexible underwriting guidelines, enabling borrowers to receive financing who have credit scores down to 500, past bankruptcies, non-sufficient funds or negative bank statement days, and who have only been been in business for 6 months.

Cons

  • Larger loans in excess of $400,000 may be provided by third-party lenders.
  • Borrowers with credit scores below 500 or who have been in business for less than 6 months, are not eligible for financing through Credibly.

Why Credibly is the Best

Credibly is one of the most established members of the alternative business loan industry, and its premier customer service and flexible underwriting guidelines have enabled it to fund over $1 billion thus far; and, continue funding through the COVID-19 pandemic. Credibly offers a full suite of business financing products with affordable rates starting at 9.99%. Borrowers with credit down to 500, and who have been in business for as little as 6 months, may be eligible for Credibly financing. The firm’s low-documentation and accelerated application process allows business owners to obtain a credit decision in less than 24 hours, and receive funding (if approved) the next day. Credibly’s strong culture of integrity, innovation, respect, passion, and results, enable it to effectively offer right-sized capital options for all eligible businesses.

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