In-Depth Analysis

Credibly Review 2024

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Written By
I. Mitic
May 13, 2024
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We recommend Credibly loans for small and medium-sized businesses on the hunt for fast financing to suit their business expansion or working capital needs.

$5,000 to $600,000

Min. Credit Score: 500

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

3 to 24 months
9.99% to 45%
2.5% origination fee
Up to 5 business days
At least 6 months
$15,000 monthly
All 50 states + DC
pros thumb up Strengths
  • Funding for businesses less than a year old
  • Loan options for low-credit applicants
  • Suitable for growing businesses
  • Multiple channels for customer support
  • Quick and easy application process
  • Fast funding
  • Automatic repayments
  • Prepayment incentives
pros thumb up Weaknesses
  • A blanket lien is required
  • Daily or weekly payments

Credibly Overview

Founded in 2010, Credibly is a Michigan-based online lender. The company is well-known for offering simple, transparent, and relatively affordable funding. In contrast to many other funding providers, Credibly works exclusively with borrowers who have trouble qualifying for traditional financing options, such as owners of small and medium-sized businesses.

Thanks to its simple application process and fast funding times, Credibly lending options – including term loans and merchant cash advances – have become popular among start-up businesses that need some quick help covering overhead costs.

While its terms and fees don’t fall far from alternative business lending norms (which tend to be high), Credibly relies on its lenient eligibility qualifications and prepayment incentives to attract borrowers. Unlike traditional lenders that require a flawless credit score or a long time in business, Credibly often accepts applicants with credit scores as low as 500 who have been in business for less than a year.

Overall, Credibly customers’ reviews show an appreciation for this lender’s transparency and flexibility. If your business isn’t eligible for traditional funding options, this provider qualifies as a worthwhile alternative.

How Credibly Compares to Other Lenders

Credibly Logo
APR Range

9.99% to 45%

Min. Credit Score


SmartBiz Logo
APR Range

5.04% to 10.29%

Min. Credit Score


LoanMe Logo
APR Range

14.9% - 159%

Min. Credit Score


Credibly Financing Types

Considering that Credibly places almost no restrictions on loan purposes, this lender’s loan options can be a smart choice for any small business in search of some quick and relatively affordable funding. The company also offers a few other funding options, such as invoice factoring, equipment financing, and lines of credit through its network of external funding partners.

As a direct lender, Credibly offers flexible financing solutions tailored to suit the financial needs of small and medium-sized businesses. The options include working capital loans, business expansion loans, and merchant cash advances. To qualify for Credibly business loans, you must:

  • Run a small or medium-sized business that’s been active for at least six months
  • Have at least $15,000 in average monthly bank deposits
  • Have a minimum credit score of 500
  • Sign a business loan agreement with Credibly
  • Let the lender do a credit pull
  • Not have declared personal bankruptcy in the past two years
  • Provide a business mortgage statement or a business lease agreement
  • Submit your three most recent bank statements
  • Submit your business’s most recent tax return (for loans over $100,000)
  • Have a valid driver’s license or other government-issued picture ID

Working Capital Loans

Judging by Credibly loan reviews online, working capital loans are the lender’s most popular financing option. They provide immediate financial assistance to small businesses that need additional capital to stabilize cash flow or cover the costs of hiring, payroll, marketing, or materials.

Credibly’s working capital loans range in value from $5,000 to $600,000 with repayment terms between 6 and 24 months. Working capital loans are a convenient option for borrowers who need fast and flexible short-term funding to help their businesses grow.

Business Expansion Loans

Credibly’s business expansion loan product helps borrowers pursue large-scale growth plans while spreading the cost over the term of the loan. If you’re looking to launch a new product, purchase new equipment, open a new location, or expand your business into new markets, expansion loans are the way to go.

Borrowing amounts range from $5,000 to $250,000 with repayment periods of 18 to 24 months. Automatic weekly payments let you focus on your growth instead of worrying about missing a payment.

Merchant Cash Advances

A business cash advance or merchant cash advance is another popular option offered by Credibly Capital. This type of funding comes in various forms. In most cases, you receive a lump-sum loan in exchange for an agreed-upon percentage of future revenues. Credibly’s merchant cash advances come in amounts of $5,000 to $400,000 with anticipated repayment terms ranging from three to 18 months.

Credibly Application Process

Applying for funding from Credibly can be done entirely online. It takes no longer than a day or two from start to finish.

To start the process, take 10 minutes to fill out a form at You’ll be asked to provide personal and business information such as the industry you operate in, time in business, average monthly business deposits, average monthly credit volume, your FICO score, and the desired loan amount. Once you’ve finished the application, you’ll be prompted to create a Credibly account.

The lender’s financial experts will then go through the self-reported information on your business credentials to assess the financial health of your company. At this stage of the application, the lender will perform a soft credit pull, which won’t affect your credit score.

Credibly reviews by customers report that the company won’t take longer than two to three hours to reach out and let you know if you prequalify. If you do, you’ll be given an estimate of the best funding options and an opportunity to proceed to the underwriting process.

What Information Do I Need to Apply?

One of Credibly’s credit team representatives will contact you to discuss your business’s financing options before providing an official offer. To finalize the loan, you’ll be asked to submit documentation such as:

  • Your business lease agreement or mortgage statement
  • A valid government-issued picture ID of all business owners
  • Your business’s three most recent bank statements
  • Your most recent business tax return (only for loan amounts over $100,000)
  • Your Social Security number

Once all of the underwriting steps have been completed, the lender will extend you an offer. According to Credibly funding reviews, the whole process usually takes less than 24 hours. Should you decide to accept the deal, you’ll need to sign a business loan agreement.

Before it wires the funds to your company’s bank account, the lender will perform a hard credit check. Note that this will be visible on your credit profile and might decrease your score by a few points. Finally, Credibly will deposit the funds (minus the origination fee) into your account. While same-day funding is possible in some cases, the whole process usually takes two to three days.

Credibly Funding Features

To determine your business’s financial health, Credibly uses a unique scoring model. Instead of relying primarily on your personal credit score, this lender also takes your business credit information, business cash flow, recent bank statements, and similar financial data into account.

Combining data science and a human touch, Credibly’s assessment system is a more comprehensive measure of any company’s performance than most other models.

In their Credibly small business reviews, customers suggest that this lender is upfront and transparent about its loan features. While it’s true that this funder saves its best terms and rates for the most creditworthy borrowers, that doesn’t mean that low-credit applicants will be ineligible for Credibly business lending.

Another good thing about this lender is that the loan amount is deposited into your business bank account automatically. Considering that payment schedules are scheduled and automatic, you won’t have to worry about missing a payment.

You should also be aware that this business funding provider requires a personal guarantee and a UCC blanket lien for all types of loans.

Loan Amount and APR Details

Credibly’s working capital loans function like short-term loans, which means they don’t accrue interest over time. Instead, the total borrowing cost is determined upfront and expressed as a factor rate. If you want to learn how much money you’ll need to pay back, all you have to do is multiply your borrowing amount by that rate – plus the loan origination fee.

Here’s an overview of all the loan features you should expect:

  • Loan amount: $5,000 to $600,000
  • Factor rates: 1.15-1.45 times the borrowing amount
  • Origination fee: 2.5%
  • Other fees: $25 insufficient funds fee
  • Loan term: 6 to 24 months
  • Repayment options: daily or weekly

Business expansion loans are Credibly’s most traditional funding option. Unlike working capital loans, this financing type accrues interest much like a bank loan does. Repayments, however, resemble those of short-term funding, except that Credibly’s business expansion loans can only be repaid weekly. Interest rates can vary significantly based on the lender’s assessment of your business’s overall health.

Here’s a short overview of loan features:

  • Loan amount: $5,000 to $250,000
  • Interest range: 9.99% to 36%
  • Origination fee: 2.5%
  • Other fees: $25 insufficient funds fee
  • Loan term: 18 or 24 months
  • Repayment options: weekly

Popular Credibly loan options also include merchant cash advances. This type of funding is somewhat similar to the lender’s short-term loan options in the sense that a factor rate is used to determine the financing costs. Otherwise, a merchant cash advance is far from a traditional loan, and it’s often referred to as a purchase of future receivables.

To put it simply, should you decide to go for this loan type, Credibly will purchase an agreed-upon percentage of your future sales revenue in exchange for an upfront lump sum. To collect the purchased amount, the lender will automatically deduct a percentage from your business bank account or credit card processor on a daily basis.

Here’s a quick overview of all funding features that come with a merchant cash advance:

  • Loan amount: up to $400,000
  • Factor rates: from 1.15 times the borrowed amount
  • Origination fee: 2.5%
  • Other fees: $25 insufficient funds fee; $50 monthly administration fee
  • Loan term: three to 18 months
  • Repayment options: automatic remittances tied to receivables

Eligible and Ineligible Businesses

Credibly’s eligibility requirements are much more lenient than those a bank or a credit union may impose. All of the provider’s funding products require at least six months in business, a personal credit score of at least 500, and $15,000 in average monthly revenue.

Keep in mind that while fulfilling these requirements should prequalify you for a Credibly company loan, the official offer will be determined based on the overall health of your business.

Credibly offers its services to small businesses operating in industries that many funding providers may find risky, such as real estate, law, and healthcare. However, this lender still has a list of restricted industries and occupations. These include:

  • Airlines
  • Brokerage companies
  • Cannabis dispensaries
  • Class-three weapon dealers
  • Financial institutions
  • Insurance companies
  • Warranty companies
  • Payday loan companies
  • Gambling outlets and casinos
  • Adult entertainment
  • Dating services
  • Escort services
  • Non-profit organizations
  • Oil drilling
  • Used car dealers

Credibly Repayment Terms

With Credibly’s working capital loans, you can choose between daily and weekly repayment schedules. Business expansion loans are always paid back weekly. If you opt for a merchant cash advance, the lender will deduct fixed remittances from your credit card processor or business bank account.

Repayments start almost immediately after you receive the funding. For example, if you get the funds on Wednesday, you’ll be expected to start repaying it on Thursday. Given that making manual daily or weekly payments can be very impractical, most borrowers opt for automatic repayments.

Still, we suggest you keep an eye on your business’s bank account and loan balance. To check the progress of your repayment, you can get in touch with Credibly customer service, check your loan balance via the lender’s online portal, or consult your monthly statements.

One of the best things about Credibly is its prepayment incentive. Should you decide to pay off your working capital or business expansion loan in the first half of the term, you’ll qualify for a discount on the remaining interest. Also, once you’ve repaid 50% of your current Credibly loan, the company will let you apply for more funding.

Credibly reports repayment activities to American business credit bureaus. While making timely payments won’t affect your personal credit score, it can improve your company’s credit score.

The Bottom Line

Since opening its virtual doors in 2010, Credibly has funded more than 19,000 small and mid-sized businesses nationwide, even those operating in risky industries. Like many of its online lending competitors, Credibly combines funding speed with relaxed qualification standards as its main selling points.

While it’s true that this funding provider’s rates and fees aren’t the industry’s lowest, reviews on Credibly describe it as a fairly transparent online lender with a solid array of flexible financial products that are available to even low-credit applicants. If your business is in a pickle and you’re struggling to get financing, it might be worth seeing what Credibly has to offer.


Will applying for small business loans from Credibly affect my credit?


To determine if you prequalify for its financial products, Credibly will perform a soft pull of both your personal and business credit. This won’t affect your credit score. If you make it to the next stage of the application, the lender will ask you to submit a few documents. After that, Credibly’s credit team will complete the underwriting procedure. Should you decide to accept the loan offer, you’ll need to sign a loan agreement and let the lender perform a hard credit pull before receiving your funds. According to Credibly reviews, this could affect your credit score by a few points.


Does Credibly report to credit bureaus?


Credibly reports your loan repayment activities to business credit bureaus. However, it doesn’t report to personal credit bureaus. 

How can I contact Credibly’s customer service?


The lender’s customer service is available via phone (888-664-1444), email ([email protected]), and live chat. Based on our research, most users are happy with the level of support provided and report that they have no trouble getting in touch with a support agent. Credibly has offices in Michigan, New York, and Arizona.

Is Credibly legit?


Yes, it is. Credibly has been accredited with the Better Business Bureau since 2014; its current BBB rating is A+. Since its launch in 2010, the company has funded more than 19,000 businesses nationwide.