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Creditfy Small Business Loans: 2024 Review

Updated Dec 19, 2023

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At a glance

Bankrate 2024 Awards Winner: Best small business loan for fast funding

4.7
Rating: 4.7 stars out of 5
Bankrate Score
Caret Down
Accessibility
Rating: 4.9 stars out of 5
Affordability
Rating: 3.9 stars out of 5
Customer experience
Rating: 4.7 stars out of 5
Transparency
Rating: 5 stars out of 5
Flexibility
Rating: 4.7 stars out of 5
How Bankrate Scores work Arrow Down

Overview

Creditfy is an online lender that offers multiple business loans, including term loans, equipment financing and SBA loans. It states it has a 90 percent loan approval rating, which could help many small business owners who struggle to qualify for loans.

Lender Details

  • Moneybag

    Loan amount

    Up to $10 million

  • Rates

    Interest rate

    4.90%-34.00% Simple interest

  • Clock Wait

    Term lengths

    Up to 25 years

  • Dollar

    Min. annual revenue

    $100,000

  • Business

    Min. time in business

    6 months

Who Creditfy is best for

Creditfy’s business loans are a good fit for business owners who need bad credit business loans, as it offers lower-than-usual credit requirements across all its loans. Creditfy is also a top lender for equipment loans, offering high loan amounts and lenient criteria to apply.

Who Creditfy may not be best for

Creditfy isn’t the best option if you’re looking for a microloan since some loans don’t go below $5,000. The lender also offers details that conflict with its website, which can make it harder to get accurate information to compare against other lenders.

Creditfy: in the details

Creditfy pros and cons

Pros

  • Checkmark

    High loan amounts

  • Checkmark

    90% approval rate

  • Checkmark

    Accepts bad credit or startups

  • Checkmark

    Fast funding

Cons

  • Conflicting loan details

  • High revenue for most loans

Business loan types offered

Creditfy offers six business loans to help you cover temporary or long-term financing. Yet Creditfy representatives often stated different interest rates, terms or loan amounts than is listed on its website or given by another representative. 

For example, a representative initially stated that loan amounts go up to $7 million. Later, they stated that SBA loans go up to $10 million. 

Creditfy reps also said it doesn’t accept startups with under a year in business, yet also stated the SBA and equipment loans allow six months in business. You’ll also find different interest rates listed on the website than you’ll find here. You’ll want to chat with a loan specialist about the exact loan options and terms available to you.

Loan quick facts

  • Amounts: $10,000 to $2.5 million
  • Terms: up to 5 years
  • Simple interest rate: 8.00% to 28.00%

Creditfy term loan overview

Creditfy sticks with terms of up to five years, which is the average for long-term business loans. Its simple interest rates stand at the low end, though the information given by a rep is different from the website. The website states that you can get rates as low as 9.49 percent.  

To apply for this loan, your business can have a minimal one year in business and a personal credit score as low as 500. You’ll need a minimum annual revenue of $180,000 to qualify.

Loan quick facts

  • Amounts: $10,000 to $750,000
  • Terms: 6 months to 3 years
  • Simple interest rate: 8.00% to 24.00%

Creditfy business line of credit overview

A business line of credit will grant you access to a recurring business loan. You can borrow funds initially after opening the line and borrow again either after paying off the first loan or as needed up to the top of your credit limit. 

A spokesperson stated Creditfy offers up to $750,000 in funding, higher than the $250,000 limits many online lenders offer. Bankrate was also told interest rates start at 8 percent. But its website states that the limit goes to $2.5 million, and its interest rates start at 6.49 percent. You’re also required to have a 600 personal credit score and $180,000 in annual revenue to be considered.

Loan quick facts

  • Amounts: Up to $10 million
  • Terms: Up to 8 years
  • Simple interest rate: 4.90% to 22.00%

Creditfy equipment financing overview

You can get an equipment loan through Creditfy with no down payment required, as long as you qualify. The equipment loan offers high loan limits, and it’s the only Creditfy business loan accepting a minimum of $100,000 in annual revenue. But you can qualify as a startup with six months in business and a 550 personal credit score. Equipment loans are often less strict with loan qualifications due to the fact that the equipment is your collateral backing the loan.

Creditfy’s website does differ in the loan details given. The site states that you can get terms up to seven years and interest rates from 6.49 percent. Again, you’ll want to check with your loan specialist about what’s available to you.

Loan quick facts

  • Amounts: Up to $10 million
  • Terms: Up to 10 years
  • Simple interest rate: 9.00% to 12.00%

Creditfy SBA loans overview

SBA loans are a solid option for small businesses that can’t qualify for standard business loans. You can qualify with six months’ time in business, which is far lower than the two to three years many traditional lenders require. It doesn’t set a standard for minimum revenue, but Creditfy prefers businesses with at least $250,000 in yearly revenue. 

Creditfy states that it can approve SBA loans within a few weeks. Keep in mind SBA loans have to go through both the lender and the SBA, so approval times can often run up to 90 days. 

Creditfy’s website states that it offers 25-year terms and offers loan sizes up to $5 million. But a spokesperson told Bankrate that it stops terms up to 10 years and offers higher loans up to $10 million. You do need a 600 personal credit score to apply.

Loan quick facts

  • Amounts: Up to $750,000
  • Terms: 3 months to 3 years
  • Simple interest rate: from 12.49%

Creditfy bridge loan overview

Bridge loans are designed to keep your business running while you find other sources of financing. As with most bridge loans, Creditfy keeps loan terms short and offsets the short terms with higher interest rates than its other loans. But the lender encourages you to pay off your loan early with a prepayment discount for doing so.

Loan quick facts

  • Amounts: Up to $2 million
  • Terms: 1 to 2 years
  • Simple interest rate: from 6.79%

Creditfy invoice financing overview

If you choose invoice financing, you could receive funding within 24 hours. Invoice financing can step in with fast funding when you have unpaid client invoices. Financing companies approve you based on your client's ability to pay rather than focusing on your business’s credit. 

Creditfy offers high loan amounts, on par with other invoice financing companies. Its website states you can get interest rates starting at 6.79 percent. Terms stay short at one to two years versus up to ten years that you can find elsewhere. 

Do you qualify? 

You need to meet the lender’s basic qualifications for most loans. Those include:

  • 500 to 600 personal credit score
  • $180,000 in annual revenue ($100,000 for equipment loans)
  • 6 months to 1 year in business 

Most of Creditfy’s business loans also require at least 50 percent ownership stake in the business to qualify. But you can get an equipment loan with a minimal 10 percent stake. Creditfy doesn’t serve businesses in financial services or auto sales.

What we like and what we don’t like

Creditfy provides many types of business loans, able to serve small businesses with many funding projects. But make sure to consider the lender’s pros and cons before applying. 

What we like

  • High loan sizes. Creditfy offers maximum loan amounts in the millions. Many online lenders stop loans at $250,000 to $500,000.
  • 90% approval rate. The lender approves 90 percent of loan applications, giving you a high chance of getting accepted. 
  • Accepts bad credit. Business owners with credit scores down to 500 can apply. 
  • Fast funding. You can get your loan approved in as fast as 24 hours. 

What we don’t like

  • Conflicting loan details. Across most loans, Creditfy provided different details and loan features than you’ll find listed on its website. The mixed details make it confusing for business owners to understand what they might qualify for. 
  • High revenue requirement. Most loans require you to have $180,000 in annual revenue, which could edge out some startup or low-revenue businesses. Only its equipment loan accepts annual revenue as low as $100,000. 

How Creditfy compares to other lenders

Creditfy’s offerings stay on par with what you’ll find with other top online lenders. But some competitors may beat it with alternative business loans or the credit scores accepted. Here’s a look at how Creditfy compares with two of the best small business lenders.

Rating: 4.7 stars out of 5
4.7

Bankrate Score

  • Loan amount

    Up to $10 million

  • Interest rate

    4.90%-34.00% Simple interest

  • Term lengths

    Up to 25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $100,000

Rating: 4.4 stars out of 5
4.4

Bankrate Score

  • Loan amount

    $10,000-$10 million

  • Interest rate

    5.25% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $100,000

Rating: 4.6 stars out of 5
4.6

Bankrate Score

  • Loan amount

    $1,000-$10 million

  • Interest rate

    4.63%-60.00%

  • Term lengths

    3 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $50,000

Read our review

on Bankrate

Creditfy vs. SMB Compass

Creditfy and SMB Compass both offer a variety of business loans with maximum loan amounts soaring into the millions. But Creditfy accepts applicants with personal credit scores in the 500s for term and equipment loans. SMB Compass sticks with the fair credit range. It approves a 600 personal credit score for its business lines of credit or equipment loans. 

SMB Compass also offers more alternative types of financing. Its options include invoice, inventory, purchase order and asset-based financing, alongside conventional loans like a term loan. The only alternative types of funding Creditfy offers are invoice financing, bridge loans and SBA loans. 

Creditfy vs. Lendio

Creditfy and Lendio both cater to bad credit businesses with credit scores in the 500-to-600 range. With Creditfy, you can get a term or equipment loan with a 500 or 550 personal credit score. If your credit score is bumped up into the 600s, you can choose from a business line of credit or SBA loan. 

With Lendio, you can qualify for business lines of credit, SBA 7(a) loan or SBA microloan with poor or fair credit. Lendio also offers merchant cash advances and and accepts poor personal credit scores of 500 for that loan. 

Keep in mind Lendio is a loan marketplace with over 75 lenders, helping you compare multiple lenders to find the best loan offer. Creditfy is a direct lender that also partners with a network of lenders to help you qualify for a loan with competitive rates and terms.

How to apply for a loan with Creditfy 

To apply for a loan, you can either call a representative at 844-860-2288. Or you can start your application online. Creditfy states that the application takes five minutes to complete online. You’ll need to gather some information to keep that application process a speedy one.

Required application information 

What you’ll need to apply:

  • Bank information for amount of deposits
  • Credit score and credit history
  • Employer identification number (EIN)
  • Doing Business As (DBA), if it applies
  • Type of industry
  • Legal structure of your business
  • Use of funding

Creditfy frequently asked questions

How Bankrate rates Creditfy

Overall Score 4.7
Accessibility 4.9 Creditfy keeps its credit requirements low for borrowers with bad credit.
Affordability 3.9 The fintech lender offers low starting simple interest rates, but it charges an origination fee.
Transparency 5.0 Creditfy clearly lists its loan information on its website, and its customer service is responsive.
Customer experience 4.7 Representatives are responsive when you have questions about its loans.
Flexibility 5.0 Loan amounts have wide ranges to cater to different small businesses.

Methodology

Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
22
loan features weighed
Rates
770+
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.