What Is Credibly?
Credibly was founded in 2010 and is based in Michigan. It provides working capital loans, merchant cash advances, and business expansion loans to small and medium-sized businesses. It offers loans as low as $5,000 and as high as $400,000. Its repayment terms range from 6 to 24 months. Credibly works directly with its customers to determine the best type of funding and then to help them through the application process.
What Are Small Business Loans?
Small business loans are structured to serve the needs of small businesses. These loans can provide funding to expand a business’s operations. Or they can provide an infusion of cash to cover day-to-day operations.
There are advantages and disadvantages and disadvantages to different types of loans. For example, an SBA loan offers a lower interest rate than a typical business loan, but the application process is longer and more complex.
Lenders typically consider your credit history, revenues, and time in business when determining if you qualify for a loan.
What Loans Does Credibly Offer?
Because its mission is to get small and medium businesses the right amount of funding when needed, Credibly offers various financing options.
Working Capital Loan
A working capital loan is meant to provide the funds to cover day-to-day expenses like payroll, inventory, and rent. These loans usually have a shorter repayment period.
Credibly offers working capital loans as large as $400,000 with a repayment term of up to 15 months. To qualify for a working capital loan, your business must have been in operation for at least six months and have monthly revenues of $15,000 or more.
Merchant Cash Advance
Credibly has a merchant cash advance program, which provides businesses with upfront funding in exchange for a percentage of their future sales. This type of financing works well for companies with a high volume of credit card sales and that need cash quickly.
Credibly’s program offers a maximum advance of $400,000 and a factor rate of 1.11 for qualified businesses. A 1.11 factor rate means you will pay back $1.11 for every $1 you borrow. The advantage of a merchant cash advance is that repayment happens automatically. Credibly will take a percentage of your daily credit card sales until the advance is fully repaid.
Long-term Business Loans
A long-term business loan can help your business finance bigger expenses, such as equipment or real estate purchases. Compared to shorter-term options, long-term loans offer lower interest rates, fixed rates, predictable payments, and longer repayment periods.
Credibly offers long-term loans of up to $250,000 with repayment terms of up to 24 months.
Business Line of Credit
Get access to funds that you can draw from as needed with a business line of credit. Like a credit card, a business line of credit lets you borrow money up to a set limit. You will only pay interest on funds that you use.
Credibly offers business lines of credit with maximum limits of $300,000. Your business must have annual revenues of $240,000 or more to qualify. You must also have a personal credit score of 650 or higher. You can use your business line of credit to manage your business cash flow better.
Equipment Financing
If your business needs to purchase a large piece of equipment, then equipment financing may be worth looking into. These loans are often easier to secure because they collateralize the purchased equipment. Through Credibly, you could receive approval in as little as four hours. And often, same-day funding is possible.
SBA Loans
SBA loans, or Small Business Administration loans, offer several benefits to qualifying businesses. These benefits include lower interest rates and longer repayment terms. However, getting approved for an SBA loan takes more time, often months, and is more difficult. If you anticipate the need for future funding, it’s worth applying for an SBA loan. However, a working capital loan or another option may serve you better if your need is more urgent.
Invoice Factoring
Invoice factoring is a financing option where a business can sell its unpaid invoices to a third-party company. The business gets immediate cash, and the third party gets the invoices at a discount, so they profit when the invoices are paid. Credibly offers invoice factoring financing of up to $400,000 (depending on your invoices), and you can receive funding in two days or less.
What Are the Benefits of Credibly?
Credibly offers several advantages to its customers, including competitive rates tailored to your business’s unique situation, flexible financing options that allow you to choose the loan product that best fits your needs, and access to expert advice from Credibly’s team of financing professionals.
Credibly also provides a streamlined application process with fast approvals and funding. That means your business can get the capital it needs quickly. With a commitment to transparency and customer service, Credibly is a trusted partner for companies seeking financing solutions and can help you achieve your funding goals.
How Is Credibly Different from Other Business Lenders?
Credibly specializes in lending to small and medium-sized businesses. These types of companies often find it challenging to get funding through traditional banks. Credibly works hard to find funding options that meet the needs of its customers. To do that, it strives to provide fast funding options, so you can cover expenses without delay or expand when ready. With a streamlined application process, flexible financing options, and access to expert advice from financing professionals, Credibly provides a seamless experience for businesses seeking funding.
What Types of Businesses Can Use Credibly Loans?
Credibly’s loans are available to a wide range of businesses across various industries. It provides financing options for retail, restaurant, healthcare, automotive, construction, and professional services businesses, among others. Credibly serves small and medium-sized companies. Its typical customer has been in operation for at least six months and has minimum monthly revenue of $15,000. Additionally, it provides financing solutions to businesses that may have been turned down by traditional banks due to a poor credit score or lack of collateral.
How to Get Started with Credibly
Visit Credibly’s website to apply for a business loan with the company. The application process is streamlined and typically takes only a few minutes. For your application to be considered, you’ll need to provide basic information about your business, including your monthly revenue, your time in business, and the purpose of the loan. Depending on the size of your loan request, you may need to provide bank statements to show proof of revenue. Once your application is submitted, someone from Credibly’s team of financing professionals will review it and then reach out to discuss your financing options. If your business is approved for a loan, Credibly will provide funding quickly, often within the same day.
