Credibly Review

A more traditional option is the long-term business loan. These installment loans accrue interest in the same way that bank loans do. Repayments resemble those of short-term loans — except these loans are repaid weekly. The interest rate you’re assigned will be based on your business’s overall health as assessed by Credibly’s underwriting department.

Other Financing Types

Credibly doesn’t supply much information about the terms of its other financing products.

Credibly says factor rates for invoice factoring start at 1.11, with factoring fees ranging from 0.5% to 4.0% and a maximum borrowing amount of $400,000.

Regarding its lines of credit, the company just states that it offers secured and unsecured LOC up to $250,000.

Terms and fees for Credibly’s SBA loans vary depending on the SBA loan type. It’s not uncommon for lenders to not disclose SBA rates and fees since most of that information can be found directly through the SBA (though you may face an SBA packaging fee).

Credibly Application Process

You can “prequalify” for a loan online, a term that here means begin the application process. You’ll be required to enter basic information about yourself and your business. Credibly will use the answers provided to decide whether you’re eligible for a loan and how much funding you qualify for.

If you are eligible, you’ll have to talk to a real person. This person will work with you to determine how much money your business needs and what documentation you have to provide. Before the loan is finalized, you’ll have to provide the following information:

• Business lease agreement or business mortgage statement
• Picture ID of all owners
• Most recent business tax return (if you are applying for a loan above $100,000)
• Bank statements for the last three months
• Basic personal information, such as your social security number

When you’ve provided all the information, your file goes to underwriting.

If all of your information checks out, Credibly will extend a finalized offer to you. Should you accept, you’ll have to sign a business loan agreement, and the money will be transferred to your account.

The time from application to funding generally takes two to five days: one day for the application, one day to get a finalized quote, and one to three days for funding. On certain products, such as equipment financing, Credibly advertises that it offers same-day funding. The general timeline for receiving funding lowered our score slightly, leading to a 4/5 rating for Credibly’s application process.

Credibly Sales & Advertising Transparency

Credibly discloses most of the basic information you’ll need on its website, although some elements could use more elaboration. Overall, though, Credibly provides more information than many other online lenders do. However, some customers report poor sales experiences. Paired with the areas we’ve pointed out where Credibly could provide more information, this earned Credibly a 3.6/5 star rating for this section.

Credibly Customer Service & Technical Support

Credibly offers a large number of customer support options, and customers report decent quality of customer support. Customer service often gets cited as one of the high points of working with Credibly. Representatives are friendly, and hold times are short.

Credibly is available by phone, and there is also a chatbot that can answer some basic questions on Credibly’s website. Credibly is also on Facebook and Twitter. Or, if you don’t want to talk to people, an FAQ section is available on their website.

Credibly User Reviews

Overall, while there are some complaints about Credibly, the company receives mostly positive reviews from customers, earning Creidbly a 4/5 star rating for this section.

Negative Credibly Reviews & Complaints

Here are some of the most common complaints we’ve seen in Credibly reviews:

• Early Repayment Stipulations: While Credibly allows early repayment discounts, you’ll have to read the fine print to ensure you get the discount. For example, it must be made in a lump sum from a qualified account.
• Payment Issues: A few customers complained about the repayment system and having to make more payments than anticipated. Given the nature of merchant cash advances, however, this may not have been Credibly’s fault.
• Long Application Process: Some reviewers complained that the application process took longer than expected. Note that while Credibly makes claims of 48-hour funding, this refers to how long it will take to receive the funds after your application is approved.

Positive Credibly Reviews & Testimonials

In general, customers say they like the following in their Credibly funding reviews:

• Easy Application Process: Compared to traditional lenders, such as banks and credit unions, Credibly’s process should be quick and easy.
• Low Prerequisites: Younger businesses without great credit might still be able to qualify for funding.
• Good Customer Service: Most clients were pleased with the frequency and quality of the assistance they received from Credibly’s staff.

Final Verdict: Is Credibly Worth It?

While Credibly’s rates aren’t the best in the business, it is a fairly transparent online lender with a flexible array of products that are within reach of businesses that have poor credit. If you’re in a pinch and don’t have access to other financing options, Credibly might be a good lending option for your business.

Don’t get a loan from Credibly without making a few comparisons first, though. The best small business lenders (Credibly included) will provide an initial quote within a few minutes without damaging your credit score.