What Loans Credibly offers
You’ll find a respectable range of products with this lender, and its full offering includes:
- Working capital loans
- Business expansion loans
- Lines of credit
- SBA loans
- Merchant cash advances
- Equipment financing
- Invoice factoring
How Credibly works works
Rates and terms will vary depending on which type of loan you choose, and we’ve listed details of Credibly’s most popular options below:
Business expansion loan
- Borrow up to $250,000
- Interest rates between 9.99% and 36%
- Term lengths between 18 and 24 months
Working capital loan
- Borrow up to $400,000
- Factor rates start from 1.15
- Repayment terms between six and 18 months
- Total borrowing amount is negotiable
- Interest rates start from 6.99%
- Term lengths between two and five years
There are a few things you should watch out for with any Credibly loan.
Most have origination fees of 2.5%, plus a borrowing fee of an additional 15%. All loans are also subject to a blanket lien.
This means that it can seize any asset owned by you in the event of non-payment.
How do I qualify for Credibly?
Qualification criteria differ slightly for each type of loan, but the broad requirements are:
- Have a credit score between 500 and 620
- You must have been in business for at least six months (business expansion loans require you to have been trading for at least three years)
- Have monthly revenue of at least $15,000