Credibly Small Business Loan Review: Quick Financing for Working Capital and Business Expansion

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Credibly Small Business Loan Review: Quick Financing for Working Capital and Business Expansion

Credibly loans are recommended for businesses seeking fast financing for working capital or business expansion needs. Its working capital loans and merchant cash advances can be a good option for borrowers with lower credit scores.

Good for

  • Quick financing.
  • Businesses six months or older (working capital loans and merchant cash advances only).
  • Unsecured loans.

Bad for

  • Long-term loans.
  • Businesses that need more than $400,000.
  • Businesses that want to make monthly payments.

Editor's Rating


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By clicking "See Offers" you'll be directed to our ultimate parent company, LendingTree. You may or may not be matched with the specific lender you clicked on, but up to five different lenders based on your creditworthiness.

Customer Rating

4.9 out of 5.0 (18 reviews)

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Credibly offers loans that are best for small businesses that need working capital or want to expand. In contrast to many other business lenders, Credibly has relatively low eligibility requirements in terms of credit score needed and minimum time in business for the working capital loan and merchant cash advance. Credibly also only requires businesses to file a UCC-1 for loans over $100,000 and doesn't require any collateral for the merchant cash advance. However, the terms and fees are similar, if not less desirable, than most other small business lenders due to the high origination fee for all loan products, high rates for the working capital loan and merchant cash advance, and strict requirements for the business expansion loan.

Credibly Review: Who Should Apply?

If you meet the requirements and want short-term financing, check whether your business prequalifies for a Credibly loan, even if you're unsure about using the service. Credibly offers working capital loans, merchant cash advances, business expansion loans and even lines of credit through external partners. Loan amounts range from $5,000 to $250,000 with term lengths ranging from six to 24 months, depending on the type of financing you need.

  • Working capital loans and merchant cash advances are open to borrowers who have been in business for six months or more.
  • Borrowers can receive financing within one to two days after approval.
  • Prepayment discounts are available.
  • UCC-1 filing is only required for loans over $100,000.
  • High origination fee for all loan products.
  • Only offers daily or weekly repayment options.
  • High rates for working capital loans and merchant cash advances.
  • Requires at least $10,000 in monthly revenue.

The Pros of Using Credibly

Credibly loans are suitable for borrowers that need financing quickly for their working capital or business expansion needs. Credibly offers three types of financing, and if its products don't fit your needs, the company can also help you get a line of credit from its external partners. In comparison to many lenders' lengthy funding times, businesses can receive funding from Credibly, after loan approval, within 24 to 48 hours. A UCC-1 filing is only required for loans over $100,000, which is uncommon for term loans, and merchant cash advances for any amount don't require a UCC-1 filing.

Many other lenders require its borrowers to be in business for at least a year before giving out funding. Credibly, on the other hand, only requires that a company be in business for six months to qualify for its working capital loans and merchant cash advances. Plus, borrowers must have a minimum credit score of 500 to qualify for these two financing products, which is low compared to other lenders. In addition, for Credibly's working capital and business expansion loans, borrowers can get a prepayment discount of 6% if the loan amount is paid in full within the first half of the term.

The Cons of Using Credibly

Credibly doesn't stand out from other online lenders due to its high origination fee and moderate to high rates. All three financing options have an origination fee of 2.5%, while some other lenders don't require this fee at all. Credibly, like most short-term lenders, expresses the interest payment for working capital loans and merchant cash advances as a factor rate, which can be deceiving because it looks much lower than an annual percentage rate (APR). We estimated Credibly's APRs would be high due to the short term lengths. Other lenders may offer lower interest rates and looser requirements. For example, Fundation offers APRs between 7.99% and 29.99% and requires a credit score of only 620 and one year in business. In contrast, Credibly's business expansion loan has slightly higher interest rates and tougher requirements.

Credibly only offers borrowers daily and weekly repayment options, depending on the loan product, which doesn't allow the borrower much time to accrue revenue. Furthermore, the minimum annual revenue necessary to qualify for a loan is quite high. Credibly requires companies to have a minimum monthly revenue of $10,000, which is unlikely for many companies that have only been in business for six months. So, even though the loan products are technically offered to newer businesses, they may still not qualify for a loan.

Final Thoughts

We recommend Credibly to businesses that need quick access to funding for its working capital or business expansion needs. However, Credibly doesn't necessarily differentiate itself from other online lenders, so it might be best to check whether you prequalify and also shop around for better offers. One huge benefit of getting a working capital loan or merchant cash advance with Credibly is that it will provide financing to businesses that have operated for just six months or more. But if your company isn't making at least $10,000 in revenue per month, you won't qualify.

Eligibility Criteria

Listed below are the eligibility criteria for each of Credibly's financing products. Keep this in mind: Meeting these criteria does not guarantee loan approval.

Working Capital LoanBusiness Expansion LoanMerchant Cash Advance
  • Minimum personal credit score: 500
  • Minimum monthly revenue: $10,000
  • Minimum time in business: 6 months
  • At least $15,000 in monthly deposits in the past three months
  • Average daily bank account balance greater than $1,000
  • Minimum personal credit score: 600
  • Minimum monthly revenue: $10,000
  • Minimum time in business: 3 years
  • At least $15,000 in monthly deposits in the past three months
  • Average daily bank account balance greater than $3,000
  • Minimum personal credit score:600
  • Minimum monthly revenue: $10,000 in the past three months
  • Minimum time in business: 6 months
  • At least $15,000 in monthly deposits
  • Average daily bank account balance greater than $1,000 (greater than $0 for the past three months for split funding)
  • At least $2,500 in monthly processing (split funding only)
  • At least 10 processing transactions per month (split funding only)
  • 2% or less chargeback rate (split funding only)

Features, Rates and Terms

Credibly offers three types of loan products: working capital loans, merchant cash advances and business expansion loans. And although the company doesn't offer a line of credit, Credibly will assist you in getting this type of financing through its network of partners.

Working Capital Loan and Merchant Cash Advance

Credibly's working capital loan and merchant cash advance were designed for short-term financing and are quite similar based on the qualification requirements, fees and terms. The main differences between the two loan products is the minimum financing term length and certain requirements for the merchant cash advance if your company wants to use split funding. In split funding, the lender has the borrower pay through its preferred credit card processing company, to make receiving repayment easier. Due to the short length of the loan, fees on both loan products are expressed as a factor rate rather than an APR. To estimate the amount you have to pay back on the loan, you can multiply the factor rate by the loan amount, which will give you the loan cost plus the interest. For example, a factor rate of 1.3 on a $50,000 loan means you would repay a total of $65,000.

Financing Amount Range$5,000 - $400,000
Factor Rate1.15x - 1.49x
Estimated APR Range23.70% – 274.50% (ValuePenguin estimate)
  • Origination fee: 2.5%
  • Prepayment discount available
Financing Terms
  • Working capital loan: 6 - 18 months
  • Merchant cash advance: 18 - 24 months
Repayment OptionsDaily or weekly
Collateral RequiredUCC-1 filing (loans over $100,000) (working capital loan only)
Personal Guarantee RequiredYes (working capital loan only)

Business Expansion Loan

Credibly also provides business expansion loans, which are similar to most bank loans but have shorter terms, higher interest rates and weekly repayments. Compared to the other financing options offered by Credibly, the business expansion loan has stricter requirements, including a minimum of three years in business and a minimum personal credit score of 650. The interest rates are also much lower with longer financing terms and a higher minimum loan amount.

Financing Amount Range$50,000 - $250,000
APR Range9.99% - 36.00%
  • Origination fee: 2.5%
  • Prepayment discount available
Financing Terms18 or 24 months
Repayment OptionsWeekly
Collateral RequiredUCC-1 filing (loans over $100,000)
Personal Guarantee RequiredYes

Application Process

To apply, you can start by completing the application form online. You'll need to fill in business and personal information, including industry, average monthly business deposits, average monthly credit volume, time in business, personal credit score and loan amount. At the end of the application, you'll also be prompted to create an account with Credibly.

Credibly Application Process
Credibly Application Process

If you're eligible for financing, a Credibly representative will contact you to discuss your business's financing options, and you may ask any questions you have. In order to finalize the loan, you'll need:

  • A business lease agreement or mortgage statement.
  • Unexpired government-issued ID for each owner.
  • Bank statements from the past three months.
  • Most recent business tax return (for loans over $100,000).
  • Your Social Security number.

After you've provided all the necessary information, Credibly will perform a hard credit check. If your application is approved, Credibly will extend a final offer. In order to complete the process, you'll have to sign a business loan agreement and funding can be wired into your account in as little as 24 hours.

How Does Credibly Compare to Other Online Lenders?

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Despite Credibly having options for newer businesses, you may want to shop around for other lenders. Below we have evaluated some of its competitors.

Credibly vs Kabbage

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Although Credibly can offer a line of credit through its external partners, Kabbage is a preferable option if your business needs this type of financing. Compared to Credibly's rates for its working capital loans and merchant cash advances, Kabbage would most likely be the less costly option. The APR for Credibly's working capital loan will likely be higher than Kabbage's APR but with stricter requirements. A benefit of Kabbage's service is that there is no minimum credit score to be eligible. Instead, the company assesses your business's revenue and financial history and only requires $50,000 in annual revenue with one year of operation (these requirements are higher for credit lines over $100,000). Still, if you need more than $150,000 in funding or you've only been in business for six months, Credibly is a better option.


  • APR: 20.00% - 80.00%
  • Amount: $2,000 - $250,000
  • Terms: 6, 12 or 18 months
  • Repayment: Monthly

Credibly vs PayPal Working Capital

  • on PayPal's secure website
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PayPal's working capital loan may be your best option if your business processes a majority of its sales through PayPal. Your eligibility will be based on your PayPal sales history instead of your business or personal credit score. The interest rates are lower, and funding is made available within minutes of approval. Your PayPal Business or Premier account will need to be open for at least three months, and a personal guarantee is not required. If you need more than $97,000 in funding and your business doesn't process sales through PayPal, you would not qualify for the working capital loan. Additionally, if your business is looking to build credit, PayPal is not recommended because the company doesn't report to personal or business credit bureaus.


  • APR: 15.00% - 30.00%
  • Amount: $1,000 - $200,000
  • Terms: Up to 18 months
  • Repayment: Daily

Credibly vs LendingClub

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LendingClub's business loans are similar to Credibly's business expansion loan with comparable APRs. Having said that, LendingClub offers loans to borrowers with fair or better credit scores that have a higher maximum loan amount, longer term lengths and monthly repayments. Also, LendingClub requires only a year in business and $50,000 in annual sales. So if you need more flexible requirements and terms, LendingClub would be the best option. However, there is a potentially high origination fee of 1.99% to 6.99%, so we recommend comparing quotes from both lenders to see which can meet your business needs best.


  • APR: 5.99 - 29.99%
  • Amount: $5,000 - $150,000
  • Terms: One, two, three, or five years
  • Repayment: Monthly

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.