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Credibly Small Business Loans: 2023 Review

Updated Aug 03, 2023

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At a glance

Rating: 4.6 stars out of 5
Bankrate Score
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Rating: 4.8 stars out of 5
Rating: 4.4 stars out of 5
Customer experience
Rating: 4.3 stars out of 5
Rating: 5 stars out of 5
Rating: 4.6 stars out of 5
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Through direct lending or partnering with other lenders, Credibly offers small business loans to businesses with at least $25,000 in monthly revenue deposited in their business bank account. Loan options include working capital, business lines of credit and merchant cash advances.

Lender Details

  • Moneybag

    Loan amount


  • Rates

    Interest rate

    1.09 Factor rate

  • Clock Wait

    Term lengths

    3-24 months

  • Dollar

    Min. annual revenue


  • Business

    Min. time in business

    6 months

Who Credibly is best for

Credibly is best for businesses that need fast, short-term funding and relaxed business loan requirements. Unlike traditional banks and credit unions, Credibly provides business loans to business owners 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 does not offer loans to brand new startups. If you don't have at least six months' time in business, you'll need to look for a different startup lender. Plus, this lender states on its website that business owners need an annual revenue of $180,000 to qualify. But a spokesperson told us it's $300,000. That comes out to a minimum of $25,000 deposited monthly in a business bank account. If you don't have a business bank account or don't show an average minimum monthly deposit of $25,000 when Credibly reviews your bank statements, you'll likely be denied and need to look elsewhere.

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: in the details

Credibly pros and cons


  • Checkmark

    Fast funding

  • Checkmark

    Relaxed eligibility requirements

  • Checkmark

    Variety of loan options


  • Potential fees

  • High revenue requirement

  • 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.

Loan quick facts

  • Amounts: $5,000 to $400,000
  • Terms: 6 to 18 months
  • Factor rate: Starting at 1.15

Credibly working capital loan overview

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.

Loan quick facts

  • Amounts: Up to $400,000
  • Terms: 3 to 18 months
  • Factor rate: Starting at 1.09

Credibly merchant cash advance overview

Credibly is also 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.

Loan quick facts

  • Amounts: Up to $300,000
  • Terms: Not disclosed
  • Factor rate: Not disclosed

Credibly business line of credit overview

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.

Loan quick facts

  • Amounts: Up to $400,000
  • Terms: Not disclosed
  • Factor rate: Starting at 1.09

Credibly invoice factoring overview

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.

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 550
  • $25,000 in monthly revenue or $300,000 in annual revenue 
  • Revenue must be deposited in a business bank account

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.
  • 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 $300,000 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 Credibly compares to other lenders

Rating: 4.6 stars out of 5

Bankrate Score

  • Loan amount


  • Interest rate

    1.09 Factor rate

  • Term lengths

    3-24 months

  • Min. time in business

    6 months

  • Min. business annual revenue


Rating: 4.6 stars out of 5

Bankrate Score

  • Loan amount

    $5,000-$1.4 million

  • Interest rate

    1.15-1.40 Factor rate

  • Term lengths

    Up to 16 months

  • Min. time in business

    3 months

  • Min. business annual revenue


Rating: 4.6 stars out of 5

Bankrate Score

  • Loan amount


  • Interest rate

    7.49% APR

  • Term lengths

    6 months-10 years

  • Min. time in business

    24 months

  • Min. business annual revenue


Read our review

on Bankrate

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. 

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 business 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 frequently asked questions

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.


Clock Wait
years in business
Credit Card Search
lenders reviewed
loan features weighed
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 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.