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With Credibly, businesses with less-than-perfect credit have access to the funds needed to grow their operations. To learn more about how Credibly works, read our in-depth expert review, where we cover Credibly's unconventional underwriting criteria and help you determine if it's the right lender for your business needs.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Factor rates starting at 1.11 for applicants with excellent credit only
Term Length
3 months to 24 months
Credibly offers a variety of financing types to businesses that may not otherwise qualify with another lender. They offer the financing both directly and through a network of lending partners.
Loans available to business owners with less-than-perfect credit scores
Loan officers that emphasize the importance of only borrowing what you need
Five specific types of financing offered
Fast approval and funding
Daily, weekly, and monthly payment options
High annual income requirement
Startups typically don't qualify for funding
Risk of losing collateral
Alternate picks for best small business loans
Below are some of our current favorite options for small business loans and financing that combine perks with customer service and competitive terms.
As of Oct. 01, 2024
Lender
Rating
Min. Credit Score
Loan Amounts
APR Range
Next Steps
Bluevine
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
3.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
This business loan is a good fit for: Established businesses with steady income streams but low credit scores.
Top perks
Available to business owners with less-than-perfect credit: There aren't many places where a business owner with a credit score as low as 500 can qualify for a business loan. That leaves some small business owners in a limbo of sorts. Credibly is willing to look past a low credit score to a business's earning potential.
Fast approval and funding: The fact that a Credibly loan can be approved within four hours and funded the same day allows business owners to jump on fast-moving business opportunities. It also allows them to compete with larger, more established businesses by promising prompt payment and a quick funding loan.
What could be improved
High annual income requirement: For most small businesses, it takes time to ramp up to earning $15,000 per month. The high annual income requirement cuts some small businesses out of the running, meaning they must grow their businesses in some other way.
Startups typically don't qualify: Credibly is upfront about the fact that it rarely (if ever) provides loans to new businesses. While this is no different from the average lender, it's still disappointing to anyone who needs financial help getting their business off the ground.
Types of business loans offered through Credibly
Credibly offers a variety of financing options for business' borrowing needs, both directly and through their lending network :
Working capital loan: Short-term loan of three to 24 months, designed for businesses that need flexible, short-term funding. Maximum loan amount of $600,000.
Merchant cash advance: Ideal for businesses with seasonal and fluctuating revenue. Loan terms range from three to 15 months. Maximum advance up to $600,000, with a 2.50% underwriting fee and $50 monthly administration fee.
Business line of credit: Offers a revolving line of credit up to $300,000. Offers a lower interest rate than the average business credit card, and business owners pay interest only on the amount they draw.
Equipment loan: Short-term loan intended for equipment purchase, repair, or replacement. Equipment loans are available from $10,000 to $10 million.
Long-term business loan: For business owners with proven financial success and a security track record. Maximum loan amount of $10 million with terms up to 120 months.
SBA loan: By partnering with the Small Business Administration (SBA), Credibly helps borrowers apply for an SBA 7(a) loan, which is guaranteed up to 80% by the SBA. An SBA loan is typically more difficult to qualify for than a traditional business loan but offers lower rates and terms. Generally, an SBA loan requires a minimum credit score of 620-640 or higher.
With Credibly, loan qualification is handled in a unique way. Rather than put too much weight on credit score, the lender takes a more "holistic" approach by looking at earnings potential. Here's a sample of what Credibly considers:
Six months or more in business
Credit score of over 500
Average monthly revenue of $15,000-plus ($180,000 or more in annual revenue)
$15,000 average deposits for a three-month average
Application process and required documentation
The application process for a Credibly business loan is straightforward. It consists of:
Click the "Get Started" button on the Credibly website and enter basic personal and business information
Once prequalified, wait to hear from a small business loan advisor (this should happen quickly)
Talk through loan options with an advisor to determine the best financing product
Expect a decision within four hours
If approved, expect funds to be deposited directly into your business bank account as soon as the same day
Credibly typically asks for the following documentation:
Signed business loan agreement
Most recent business tax return
Business mortgage statement or business lease agreement
Valid government-issued photo ID of all business owners
Depending on the loan size, Credibly may also request:
The three most recent bank statements from the business bank account
This Credibly small business loan is right for you if:
Your business enjoys a steady stream of income (averaging at least $15,000 per month)
Your credit score is not high enough to qualify for a business loan through another lender
Credibly is upfront regarding its policy. It does not fund new businesses but would rather work with business owners with a proven track record of making money.
Depending on your credit rating and history of earnings, you may be better off reaching out to your home bank before filling out a Credibly loan application.
If you're not "quite there," take the time to build your average monthly income to $15,000 and ensure that your personal and business credit scores are 500 or higher.
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We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Motley Fool Money does not cover all offers on the market. Motley Fool Money is 100% owned and operated by The Motley Fool. Our knowledgeable team of personal finance editors and analysts are employed by The Motley Fool and held to the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
