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Credibly business loans: 2023 review

2023-05-31 15:50:11
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At a glance

Overall Score 4.6
Overview Through direct lending or partnering with other lenders, Credibly offers many types of small business loans to businesses that need help securing financing. This most notably includes short-term options like working capital, business lines of credit and merchant cash advances.
Loan amount: $5,000 to $400,000
Factor rate: Starting at 1.09
Term lengths: 3 to 24 months
Minimum credit score: Over 500

Who Credibly is best for

Credibly is best for businesses that need fast funding and relaxed business loan requirements. Unlike traditional banks and credit unions, Credibly provides business loans to people with poor credit and a minimum amount of time in business. It may be possible to secure a loan with a credit score of 550 or higher and only six months in business.  

Who Credibly may not be best for

Credibly’s required annual revenue isn’t the highest out there, but $180,000 a year is still just high enough to disqualify some businesses, especially startups who don’t need equipment financing.

While Credibly’s loans could be a good fit for business owners looking for bad credit business loans, its rates may not be low enough for well-qualified borrowers who might find lower rates elsewhere.

Credibly pros and cons


  • Checkmark

    Fast funding

  • Checkmark

    Relaxed eligibility requirements

  • Checkmark

    Variety of loan options


  • Close X

    Potential fees

  • Close X

    High revenue requirement

  • Close X

    Potentially high factor rates

Business loan types offered

Credibly offers many types of business loans. You can choose from traditional options like unsecured business lines of credit and alternative lending options like merchant cash advances and more.

Working capital loan

Credibly is a direct lender of working capital loans. These are short-term loans with shorter repayment periods than other lenders. This is helpful if you want to save on the total cost of the loan, but only if you are able to pay your loan back quickly. For short-term loans with repayment periods of two years or longer, you'll need to shop around.

Merchant cash advance

Credibly is a direct lender of merchant cash advances. With this option, you can borrow against your future credit and debit card sales. Then you repay the amount borrowed along with fees and factor rates. This is one of the most accessible forms of business financing available to business owners. But it can also be one of the most expensive, especially if you don't qualify for the lowest possible rate.

Business line of credit

Credibly offers secured and unsecured business lines of credit through its partner lenders. You can borrow up to $300,000 as needed. To qualify, you’ll need at least a 600 personal credit score, which is slightly higher than other types of loans offered by Credibly. 
Credibly doesn’t show its interest rates or repayment terms on its website, which can make it harder for you to quickly compare rates with lenders.

Invoice factoring

Invoice factoring involves selling your invoices to a factoring company in exchange for an advance on your invoices. The factoring company generally gives you up to 90% of the total invoices and releases the rest of the funds, minus factoring fees, once the invoices have been paid. Although factoring rates may be expensive, invoice factoring could be a solid option if your business needs cash fast to cover short-term needs.

Additional financial products

In addition to the products mentioned above, Credibly offers even more types of business loans, including equipment financing. Although its website states a benefit of an equipment loan is that it "doesn’t require a minimum credit score or annual revenue to qualify," a spokesperson stated you'll need a minimum credit score of 550 to qualify. 

Credibly also offers long-term business loans of up to $250,000. But repayment terms are anticipated to be 18 to 24 months. This is far shorter than long-term loans of three to 10 years offered by other lenders. 

You can also get SBA loans through Credibly. Depending on the SBA loan option you choose, you can borrow up to $20 million. Terms are slightly more strict for these loans. To qualify, you need at least a 620 credit score, two years in business and no bankruptcies in the last three years.

Do you qualify? 

Eligibility requirements for Credibly business loans vary by loan product. You may qualify for a business loan with Credibly if you meet these minimum requirements.
  • Based in the U.S.
  • In business at least six months
  • No bankruptcies in the last three years
  • A credit score of over 500
  • $15,000 in monthly revenue or $180,000 in annual revenue 

Credibly notes that not all business loan products are available in all states.

What we like and what we don’t like

While Credibly offers accessible and fast business loans, it has a few drawbacks worth considering. Make sure you compare an offer from Credibly with other lenders before making a final decision.

What we like

  • Fast funding. Credibly states approval can be in as little as four hours with same-day funding also an option.
  • Relaxed eligibility requirements. Credibly’s loan products are accessible to business owners with poor credit and limited time in business. Its equipment financing loan doesn’t even have a minimum credit score or annual revenue requirement. 
  • Variety of loan products. From SBA loans to merchant cash advances, Credibly offers a range of loans to satisfy the needs of many small business owners.

What we don't like 

  • Potential fees. Depending on the loan, you may have to deal with origination, admin or underwriting fees, which increase your borrowing costs.
  • High annual or monthly revenue requirement. Your business will need at least $180,000 in annual revenue or $15,000 in average deposits for the past three months to qualify.
  • High factor rates. Factor rates can add significant borrowing costs to your loan. For example, a $100,000 loan with a low factor rate of 1.09 will cost at least $109,000, but a factor rate of 1.50 would increase that same loan to $150,000. And that doesn’t include additional fees.

How to apply for a loan with Credibly

For a Credibly loan, you can submit a quick online application to prequalify. This involves a soft credit pull, which doesn’t impact your credit. After you prequalify, you can compare the terms with other lenders. If you like Credibly’s offer, funds could be deposited in as little as a day into your bank account. Before applying, make sure you have the following information available:
  • Last three months of business banking statements 
  • Recent tax returns for loans higher than $100,000
  • Copy of driver's license or government-issued ID for all business owners 
  • Federal Tax ID number (FEIN)
  • NAICS or SIC code

Credibly FAQs

How Bankrate rates Credibly

Overall Score 4.6
Accessibility 4.8 Credibly offers loans and fast funding to a wide range of borrowers.
Affordability 4.4 Credibly’s wide range of loans include SBA loans, which typically have affordable rates.
Transparency 5.0 You’ll find plenty of loan details on Credibly’s website.
Customer experience 4.3 Credibly offers a fast online application and online account management.
Flexibility 4.6 Credibly’s wide range of loan products can meet the needs of many small business owners.


To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 20 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Jerry Brown
Contributing writer

Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans, auto loans and debt management.

Edited by Editor