Credibly is known for providing fast and flexible financing solutions for small businesses looking for $5,000 to $400,000 in capital.
With its lenient lending requirements and streamlined application process, Credibly has become a reliable choice for entrepreneurs looking for accessible funding options to support their business growth. But it may not be the perfect fit for all businesses.
Credibly vs. Fora Financial
Credibly and Fora Financial are both suitable for borrowers with poor credit and short-term financing needs.
Credibly offers more types of business loans, including working capital loans, merchant cash advances, business lines of credit and invoice factoring up to $400,000. But Fora offers small business loans and revenue advances up to $1.4 million. So Fora may be preferable for those requiring a larger capital infusion.
For the credit score and annual revenue requirements, there are other differences to consider. Credibly's credit score requirement is 550 and Fora's is 500. And the minimum monthly revenue for Credibly is $25,000 compared to Fora's much lower $12,000. Plus, Fora has a maximum term of 16 months, while Credibly gives borrowers 18 months to repay their loans.
When choosing between these two short-term lenders, it could help to focus on the loan type and funding amount needed to determine the best fit for your business.
Credibly vs. SMB Compass
Credibly and SMB Compass offer a variety of business financing options that would be a good fit for businesses with a need for significant capital.
Businesses can choose between invoice factoring, working capital loans, business line of credit and merchant cash advances between $5,000 and $400,000 with Credibly, while SMB Compass offers nine type of loans, including term loans, business lines of credit, equipment financing, invoice factoring and bridge loans, ranging from $10,000 to $10 million.
Credibly only requires a credit score of 550 and SMB Compass requires a 600 for some of its loans. So businesses with bad credit could get approved for financing with either option. But SMB Compass better aligns with businesses with good credit and long-term financing needs since it offers low interest rates that start at 5.25 percent annual percentage rate (APR) and repayment terms that go up to 25 years.
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data points collected
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 30 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 Bankrate.com 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.
