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Credibly business loans review

Funding to cover expenses up to $400,000 with daily or weekly repayments.

Credibly mainly offers working capital loans to small and midsized businesses that need help covering overhead costs. Funding time is relatively quick — as soon as the business day following when you submit your loan documents. But you might want to look elsewhere if you don’t have steady, daily revenue coming in — this lender charges daily or weekly repayments. Read on to learn how Credibly can help your business.


Min. Amount$5,000
Max. Amount$400,000
Loan Term3 to 18 months
Min. Credit Score500
APRNot applicable
Requirements6+ months in business, $15K+ in monthly deposits, 500+ credit score
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First, do I qualify?

Requirements for a Credibly business loan include:

  • A business that's at least six months old. Credibly doesn’t offer financing for startups.
  • At least $15,000 in monthly business deposits. This can be an average of the amount your business’s bank account receives in deposits each month — not net revenue.
  • A personal credit score of 500 or higher. Bad credit doesn’t necessarily mean you’ll be denied.

When considering your eligibility for a working capital loan, Credibly places a lot of emphasis on your business’s cash flow. It considers both the amount of money your business puts in its bank account each month as well as how many negative cash flow days it has each month.

What is Credibly?

Credibly is a direct lender that specializes in lending to small and midsized businesses. It opened its doors in 2010 and has since won spots on two lists for the fastest growing companies: Crain’s New York in 2014 and Inc. 5000 in 2014 and 2016. The application process can be done entirely online and can take as little as a day or two from start to finish.

Credibly’s working capital loans are its most popular financing option. These work something like a merchant cash advance, where instead of interest, your business pays a fixed fee between 15 and 30 cents on the dollar. Loan amounts range from $5,000 to $400,000, though typically your business can qualify for up to 150% of its average monthly deposits. Once it gets its funds, your business makes daily repayments on the loan over 3 months to 1.5 years.

Business expansion loans

More established businesses might want to look into Credibly’s business expansion loans. These are closer to a traditional business loan with APRs ranging from 8% to 25% — including a 2.5% origination fee. Loan terms can be as long as two years.

To qualify, your business must be around for at least three years and make an average of $35,000 in monthly deposits. Owners also must have a personal credit score of 660 or higher and Credibly has its own way of calculating your business’s credit score, thanks to a close relationship with Experian.

These loans might be less expensive than working capital and come with more forgiving weekly repayments. But they also come with limited lending amounts from $35,000 to $150,000 or up to 100% of your business’s average monthly deposits — a significantly smaller range than its working capital loan. This combined with the fact that they’re more difficult to qualify for might be the reason why it’s a less popular choice.

What makes Credibly business loans unique?

Credibly’s business loans come with a wide range of loan amounts and flexible uses. They’re also available to a few industries that can have a hard time finding funding, including used car dealers, doctors, lawyers and real estate companies. It’s not open to everyone though — less traditional high-risk industries like cannabis won’t qualify.

Its turnaround time is quick compared to banks and credit unions, though it’s not necessarily the fastest online lender out there. And while daily repayments let your business chip away at the loan balance in smaller, more regular amounts, your business might not qualify if it doesn’t have regular cash flow coming in each day.

Credibly has office locations in New York, Arizona and Michigan.

What are the benefits of a Credibly business loan?

  • Wide range of amounts. Loans start as low as $5,000 and can go as high as $400,000.
  • No collateral required. Credibly’s business loans are unsecured so you don’t need to provide a personal guarantee or lien on your business’s assets.
  • Open to some high-risk industries. This financing option is available to doctors, lawyers, real estate companies and some other legitimate industries that lenders consider high risk.

What to watch out for

  • High cost. Your business could end up paying as much as 30 cents on the dollar for your business loan.
  • Daily repayments or weekly repayments. These less-flexible options mean that your business needs to have a history of steady cash flow to qualify.
  • Short terms. Shorter loan terms typically translate into higher repayments.

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Credibly reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 8 customer reviews
BBB customer complaints 5 customer complaints
Trustpilot Score 4.1 out of 5 stars, based on 538 customer reviews
Customer reviews verified as of 12 October 2020

Customers are impressed with the speed and efficiency of the process. But its customer service got some mixed reviews, although more than one reviewer describes its employees as “professional.”

A few customers report they had trouble closing their loan, however, and said that customer service was unresponsive. There's also some confusion about when and how an early repayment discount can be applied. And there are multiple criticisms on how it handled PPP applications and borrowers who needed help during the COVID-19 pandemic.

How do I apply?

First, confirm you meet the eligibility requirements. There are two ways you can start your application: Through its website or by calling its phone line. Follow these steps to apply online:

  1. Go to Credibly’s website.
  2. Click Apply now in the top right-hand corner.
  3. Fill out the form with basic information about you and your business and create an account. Check the box at the bottom before clicking Start your application.
  4. Follow the directions to complete your application and upload your documentation.
  5. Wait for a business consultant to reach out to you with an offer, usually within four to six business hours. If approved, Credibly gives you a maximum amount of funds and maximum loan term along with a calculator that you can use to find the right balance between daily and overall costs for your business. At this point, Credibly might also ask for additional information and documents.
  6. Review and sign the contract.
  7. Wait for your funds to be deposited into your business bank account.

Typically, the whole process takes a day or two. If you apply over the phone, a representative will send your business either a PDF or electronic application that you can fill out and send back. The rest of the application process is essentially the same as applying online.

What documents do I need to apply?

Credibly typically requires the following documents at a minimum:

  • A business lease agreement or mortgage statement. You might also have to provide your landlord’s contact information if the lease doesn’t meet Credibly’s standards.
  • Government-issued ID. You’ll need to submit one per business owner.
  • Business bank statements. Credibly asks to see the most recent three months to evaluate your cash flow.
  • Your most recent business tax return. This is only required if your business is applying for a loan over $100,000.

I got the business loan from Credibly. Now what?

Repayments start almost immediately with Credibly business loans — if your business gets its funds on Tuesday, you’ll have to start repaying on Wednesday. Most customers sign up for automatic repayments since it’s impractical to manually make a repayment each day.

Watch your business’s bank account and loan balance carefully. If you have any questions or notice something that could be a mistake, reach out to customer service by calling 888-664-1444.

Bottom line

Credibly business loans are best for small to midsize businesses that have a steady cash flow. It could be particularly useful to small businesses in some industries that other lenders consider risky like healthcare, law and real estate. And its comparatively lower credit requirements on its working capital loans open this option up to business owners with low credit scores.

However, its relatively high cost and daily repayments might make you want to look elsewhere. Check out our business loans guide to compare other lenders and learn about other financing options.

Frequently asked questions

Will applying for a Credibly business loan affect my personal credit score?

No, Credibly only conducts a soft credit pull during the application process that doesn’t appear on your credit report.

Does Credibly report repayments to credit bureaus?

Credibly only reports to Experian’s business division and Dun & Bradstreet, meaning that online repayments can help build your business credit score but not your personal credit.

Is it safe to send and receive documents outside of Credibly's site?

It is. Credibly uses DocuSign, a company that specializes in providing a secure platform for businesses to send, receive and sign documents online.

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