Credibly Small Business Loans Review

About Credibly


Credibly works to make sure that you get access to the right-sized capital for your business so you can focus on growing, not just owing. Credibly offers small business loans and cash advances, ranging from $5k up to $400k, whether you’re looking to hire new employees or getting a fancy new POS system, you can use your capital the way that best fits your business, with no spending restrictions. Apply now and have funds within 48 hours.

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What is Credibly?

Credibly, based in Troy, Mich., was founded in 2010 as RetailCapital and began operating as a joint venture with Crestmark Bank in 2011. The online, alternative lender is focused on providing small- and medium-sized businesses with short term financing options.

What Credibly offers

Credibly offers quick, flexible financing through its three lending products – working capital loans, business expansion loans and merchant cash advances – and has funded more than $1 billion in small business financing.

Payment terms can be anywhere from three months to 18 (excluding Business Expansion Loan) months depending on the type of product and strength of the application. Credibly’s interest rate-based product starts at 9.99%.

Working Capital Loan. These loans offer immediate financing for companies that need working capital right now. The money can be used for anything, so a working capital loan can be a great solution, particularly if your business can’t wait for the lengthy qualifying period required by some banks. Credibly offers up to $400,000 to qualified businesses for a period of six to 18 (excluding Business Expansion Loan) months with a factor rate starting as 1.09 percent. There’s a one-time origination fee of 2.5%, and you can receive your funds the same day.

Business Expansion Loan. If you need capital to grow your business, and you have a proven record of success and financial security, a business expansion loan could be just the solution you’re looking for and at a lower interest rate. You can borrow up to $400,000 for a period of 18 to 24 months. Rates begin at 9.99% for those with excellent credit and financial health, and can go up to 36% for borrowers with poor credit and financial standing. Funds are available the same day, and there’s a one-time origination fee of 2.5%

Merchant Cash Advance. Not really a loan, merchant cash advances provide you with the capital you need in exchange for a percentage of your future receivables. There are no restrictions on what you can use the funds for, and your remittances are based on your sales, so they go up and down along with your future sales. And because they’re forward looking, they can be easier to qualify for. Credibly’s merchant cash advances are available up to $150,000 for periods of three to 18 months with a factor rate beginning at 1.09 percent. There’s also a one-time origination fee of 2.5 percent of the loan’s total amount and you can receive your funds the same day.

Credibly: At a glance
Loan product Loan amount Loan term APR range/ factor rate Fees Time to funding
Working Capital Loan Up to $400,000 3 to 18* months Factor rate starts at 1.09% One-time origination fee of 2.5% of total loan amount Can receive funds in account same day
Business Expansion Loan Up to $250,000 18 or 24 months From 9.99% to 36% One-time origination fee of 2.5% of total loan amount Can receive funds in account same day
Merchant Cash Advance (MCAs) Up to $150,000 3 to 14-month anticipated duration Factor rate starts as low as 1.15% One-time underwriting fee that’s 2.5% of total advance amount Can receive funds in account same day

Rates current as of 2/11/2019 *(excluding Business Expansion Loan)

Eligibility requirements

Loan product Annual revenue Min. business credit score or personal credit score Time in business
Working Capital Loan Average monthly bank deposits of $15,000 or more 500 6 months or more
Business Expansion Loan Average monthly bank deposits of $15,000 or more

Average daily balances of $3,000 or more

600 3 years or more
Merchant Cash Advance Average monthly bank deposits of $15,000 or more 500 6 months or more

Additional eligibility factors

All of Credibly’s lending products require you to have average monthly bank deposits of at least $15,000. If you’re interested in the Working Capital Loan or Merchant Cash Advance, you’ll need a minimum business credit score or personal credit score of 500 and have been in business for at least six months. The Business Expansion Loan requires a minimum credit score of 600 and a minimum of at least three years in business. Even though credit scores in the 500 to 600 range are advertised, Credibly will overlook a very low credit score as long as business bank statements show good standing.

Businesses that are not eligible for Credibly loans

Businesses dealing with guns and ammunition or adult entertainment will likely have a tough time getting approval.

How to apply for Credibly financing

You can pre-qualify by completing an online form or calling a toll-free number to speak with a small business specialist. Credibly will determine your small business’ health and contact you with the best funding options within 24 hours. If approved, you can receive funds in your account the same day. All loans through Credibly are originated by WebBank, member FDIC.

Required Documentation to apply:

  • Signed business loan agreement
  • Business mortgage statement or business lease agreement
  • Unexpired, government-issued picture ID of all business owners
  • Bank statements from last three months
  • Most recent business tax return for loans over $100,000


Pros Cons
24-hour approval Automatic Payments Daily or weekly
Low eligibility requirements Need monthly deposits of $15,000 or more
Can apply online or by phone No long-term loans

Who is the best fit?

Credibly is a good option for small businesses that need cash quickly and don’t mind paying a little more interest than they may at a traditional bank. It’s also a good option if you or your business don’t have a long credit history or have some credit blemishes that may make traditional lending options harder to get.

Fine print

Credibly has a pretty good amount of information available on its site and the information provided is pretty straight forward. With that said, borrowers should be sure to inquire about all fees associated with their desired loan product. Borrowers with poor or fair credit ratings should keep in mind that they could end with a higher APR. For example, the Business Expansion Loan’s rate begins at 9.99% and anything at or close to that rate is reserved for those with excellent credit and financial strength. Those at the other end of the spectrum could potentially end up with a rate as high as 36%.

The bottom line: How Credibly stacks up

Credibly is an attractive option for small businesses that need short-term financing in a hurry and may not have the greatest credit. Financing is available to businesses that have been operating for at least six months. Some newer businesses may find meeting Credibly’s monthly revenue requirements a challenge, though. Depending on the small business loan product, Credibly requires applicants earn a gross monthly revenue of at least $15,000. This also can be tough if your monthly revenue fluctuates (like a seasonal business).

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