Credibly

This lending company stands on three pillars, Right-Sized Capital, Grow, Don’t just Owe, and the Credibly Experience.

Contents of the Article:

 

  • What is Credibly?
  • What are the services available in Credibly?
  • Who are eligible for Credibly services?
  • How do you apply for Credibly services?
  • What are the terms and fees of Credibly services?

 

What is Credibly?

 

Credibly is a company that provides loans and financing with fast approval based on a company’s overall business health, instead of just a credit score. This business lender specializes in customized short-term funding options for small to medium-sized companies (SMBs).


Basically they are focused on understanding who the business owner is and what is the right amount of capital for their business depending on what their individual needs are and their business cycle. 


While doing so, they also help the business grow and reach the next level and continuously allowing them access to capital that they need, may it be in a form of a loan, or a credit, or any number of different approaches to getting the capital that the business needs.


On top of that, there is the Credibly experience, which brings back the empathy in the lending relationship in a way which makes their business customers feel heard and understood.


Businesses come in all shapes and sizes, they are all stages of development, and their needs are incredibly diverse. 


What’s great about this company is that they recognize that every business is individual and different like mosaics, and that every business has a right to capital. In relation to that, what they do is they make sure that they understand what that mosaic is and that capital is delivered in a way that It’s simple intuitive and frictionless .


What are the services available in Credibly?

 

Short-Term Loans

A financial product that grants borrowers a lump sum. Unlike other term loans, short-term loans carry a one-time fee that is repaid along with the principal. Repayments are made daily or weekly, with the term usually lasting less than a year.


Medium-Term Loans

These are more traditional term loans. The lender provides a lump sum, and the borrower pays back the principal plus accrued interest over the term. Payments are typically made monthly or weekly.


Merchant Cash Advances

The funder buys a percentage of your future credit/debit card sales for a lump sum. A percentage of your daily card-based sales will be held back until the funder has collected the amount it advanced plus a flat fee.


Who are eligible for Credibly services?

 

While most lenders require a long time in business or a flawless credit score, Credibly’s requirements are much lower. Rather than focusing strictly on traditional financial metrics like your credit score, they assess the overall health of your business and financing affordability. 


All of Credibly’s direct loan products require 6+ month’s business, a 500+ credit score for the business owner(s), and $15,000 in average monthly revenue. Non-loan funding options have similar minimum qualifying criteria but may vary based on the specific financing product.


In other words, if your business doesn’t yet qualify for financing elsewhere, Credibly is a worthwhile alternative. While you might want to shop around a bit before settling, Credibly offers competitive rates and has transparent service.


What are the terms and fees of Credibly services?

 

These are the terms and fees for a Working Capital Loan:

  • Borrowing Amount: $5,000-$400,000
  • Term Length: 6-18 months
  • Borrowing Fee: Starts at 15% of the borrowing amount
  • Origination Fee: 2.5% of the borrowing amount
  • Collateral: UCC-1 blanket lien, personal guarantee

On the other hand, these are the terms and fees for Merchant Cash Advances:

  • Borrowing Amount: Up to $400,000
  • Term Length: Anticipated duration of 3-18 months
  • Borrowing Fee: Starts at 15% of the borrowing amount
  • Additional Fees: Underwriting fee of 2.5% of the borrowing amount
  • An administration fee of $50 per month
  • Collateral: Unknown

Lastly, these are the terms and fees for Business Expansion Loans:

  • Borrowing Amount: Up to $250,000
  • Term Length: 18-24 months
  • Interest Rate: 9.99%-36%
  • Origination Fee: 2.5% of the borrowing amount
  • Collateral: UCC-1 blanket lien, personal guarantee

How do you apply for Credibly services?

 

To begin the application process, we just need some basic information about yourself and your business, a signed and completed prequalification request, and your most recent three months bank statements. 


Afterwards, it takes about 24 hours to approve your file upon receipt of your completed application. Once approved, a business consultant will reach out to you with the options you qualify for and help you choose the best business loan or financing product for your situation.


Finally funds are deposited directly into your bank account so that you can use your funding immediately. Automatic daily, weekly, and monthly* payment and remittance options allow flexibility so that you can spend your time managing operations and leading growth initiatives.  Factor rates start at 1.15 and interest rates start at as low as 9.99%.

 


References:

 

Small Business Loans up to $400,000 | Credibly

Credibly Business Loans & Cash Advances: Review For 2021 (merchantmaverick.com)

Credibly Reviews - Ratings | Best Small Business Lenders 2021 (fastcapital360.com)