If your business earns significant annual income, Credibly may be a good choice, especially if you are considering a large loan, as this lender approves loans up to $600,000.
Credibly’s minimum credit score of 500 is among the lowest we recorded in our database. So, too, is the business age requirement of just six months. Both contrast the high business income requirement ($15,000 monthly or $180,000 annually), which is among the highest in our database.
Credibly offers a variety of business loan types directly or through its partners (term loans, lines of credit, factor loans, merchant cash advances). You must complete a pre-qualification application to find out what types of loans you qualify for and their terms. This requires a “soft” credit pull. Credibly says it can approve a loan in four hours and fund it the same day.
You can borrow from $5,000 to $600,000 through Credibly. Few other loan terms are shared online. If you’re shopping for a loan, consider completing a pre-qualification application to compare offers with other lenders that provide pre-qualification offers.
Credibly earns high marks from reviewers online. Borrowers can contact the lender via phone, email, and online chat. There’s also a mobile app. Investopedia’s researchers gave it a 3 (out of 5) for online experience. It earned a 4 (out of 5) for its library of educational resources, which includes reports, calculators, explanatory articles, and more.
Credibly was founded in 2010 and is headquartered in Southfield, Michigan.
Additional Details
| Minimum Annual Revenue | $180,000 |
|---|---|
| Origination Fees | Not disclosed |
| Minimum Time to Fund | Same day |
