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  Credibly Business Lines of Credit
Credibly Business Lines of Credit
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Credibly Business Lines of Credit

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in Business Lines of Credit from Credibly
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Highlights
APR  (Fixed APR) Starting at 4.8%
Credit Score Range 560 - 850
Loan Amount $5,000 - $250,000

Credibly Business Lines of Credit Review

Credibly Business Lines of Credit is offered by Credibly, a direct lender founded in 2010 and based in Troy, MI. Credibly Business Lines of Credit are available in 48 states (and Washington, DC).

Credibly Business Lines of Credit FAQ

What APRs does Credibly Business Lines of Credit offer?

Credibly Business Lines of Credit offers a fixed APR product that starts at 4.8% APR.

Does Credibly Business Lines of Credit charge an origination fee?

Yes, Credibly Business Lines of Credit charges an origination fee starting at 2.5% of the line of credit amount. Credibly Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Credibly Business Lines of Credit set on the purpose of the line of credit?

Credibly Business Lines of Credit considers line of credit applications for business purposes, such as:

  • Equipment Purchase
  • Inventory
  • Payroll
  • Product or Service Expansion
  • Working capital

Does Credibly Business Lines of Credit charge prepayment fees?

Yes, Credibly Business Lines of Credit charges additional fees to borrowers who pay off their lines of credit sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a line of credit early.

How much can you borrow from Credibly Business Lines of Credit?

Line of credit amounts start at $5,000 and go up to $250,000.

What is the maximum term you can get with Credibly Business Lines of Credit?

Credibly Business Lines of Credit offers business lines of credit with terms ranging from 3 to 24 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Credibly Business Lines of Credit?

Applicants with a credit score of at least 560 and up to 850 may be eligible for Credibly Business Lines of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Credibly Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Credibly Business Lines of Credit product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Credibly Business Lines of Credit.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Proof of identity

What is the estimated funding time for the Credibly Business Lines of Credit?

Credibly Business Lines of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 2 business days of approval.

What are the business financing requirements for Credibly Business Lines of Credit?

To apply for Credibly Business Lines of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does Credibly Business Lines of Credit report your account activity to credit bureaus?

Yes, Credibly Business Lines of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

What types of business lines of credit does Credibly offer?

Credibly offers both secured and unsecured lines of credit. Secured lines of credit are typically secured by a blanket lien on your assets or a certificate of deposit.

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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Credibly Business Lines of Credit

A revolving line of credit provides a flexible option for business capital, giving you access to funds when you need them without having to pay for what you don’t use. A business line of credit is a flexible business loan that allows you to borrow up to a certain amount, or credit limit, to cover short-term working capital requirements. When you get a business line of credit, the lender approves you to borrow up to a certain amount of money and you’re able to access some or all of that money as you need it. After you fully pay off a portion you’ve used, the full amount of your line of credit is available for you to use again. Although business lines of credit do operate very similarly to a credit card, they are not the same thing. Credit cards typically have higher interest rates and in many cases, a line of credit does not have a mandatory monthly payment system. Unlike a term loan, a business line of credit allows you to only pay interest on the amount you actually use. For example, if a business owner has a credit limit of $150,000 but only uses $40,000, they only have to pay interest on the $40,000 draw. Once the amount has been repaid ($40,000), the business owner can draw additional funds up to the amount of their credit limit ($150,000).

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:00am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday Closed

Other Services by Credibly

Availability

  Available in 48 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee (%) Starting at 2.5%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 560 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Non-Military
  • Veterans
Minimum Age 18
Minimum Months in Business 6
Minimum Revenue $50,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
  • Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Product or Service Expansion
  • Working Capital
  • Inventory
  • Payroll
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Starting at 2 days
Payment Frequency Monthly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) Starting at 4.8%
APR Type Fixed APR
Loan Amount $5,000 - $250,000
Loan Term 3 - 24 months

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