Credibly Review

Credibly was founded in 2010 with the goal of offering business loans faster, cheaper, and with more variety than its competitors. It’s a direct lender that has since provided loans to the value of $1 billion to more than 19,000 businesses.

Startup Business Loans Best for
4 /5
$ 500 /mo
Starting Price
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Table of Contents

    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

    SBA loans

    • 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

    Credibly Pros And Cons


    • A fast application process with funds received within 24 hours of application
    • Low credit requirements on some loans
    • You’ll find additional guides on different types of credit


    • High origination and borrowing fees
    • All loans require a blanket lien agreement
    • Some interest rates can be quite high

    How do I apply for Credibly?

    You’ll apply for the type of loan you’d like via an online application form.

    The pre-qualification decision is usually instant and full approval and funding can take just 24 hours. 

    Documents I need to apply for Credibly

    • Business mortgage statement if you own your premises, or a lease agreement if you rent
    • One form of unexpired, government-issued ID such as a passport
    • Three months of business bank statements
    • If the loan is over $100,000, you’ll need to provide your most recent business tax return

    Credibly for bad credit

    Some of Credibly’s products, like its working capital loan, only require a credit score of 500.

    While others need higher scores of 600 or 620. This doesn’t make it the best on the market for those with bad credit, but you do have some options available.

    Credibly customer support

    You can contact the customer support helpline, or send in queries via email.


    If you’re looking for fast and simple business loans Credibly may be the right choice for you.

    However, the high borrowing fees, interest rates, and restrictive revenue requirements will count out a lot of applicants.

    Lending Club is a great alternative. It has much more lenient revenue requirements, starting rates as low as 4.99% and loans of up to $500,000.