in Business Loans from Credibly
Strongly not recommended
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|Community Rating||Strongly not recommended|
|Loan Amount||$5,000 - $250,000|
|APR||9.99% - 36%|
|Loan Term (Months)||3 - 24|
Where does Credibly do business?
Credibly is a direct lender based in Troy, MI. It was founded in 2010 and offers access to business loans in 48 states (and Washington, DC).
What are Credibly’s rates?
Credibly offers business loans with fixed APRs starting from 9.99% to 36%.
Does Credibly charge an origination fee?
Yes, Credibly charges a loan origination fee starting at 2.5% of the loan amount. Credibly deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Credibly set on the purpose of the loan?
Credibly considers loan applications for business purposes, such as:
- Product or Service Expansion
- Working capital
What types of business loans does Credibly offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Credibly provides access to the following business loan types:
- SBA Loans
Does Credibly charge prepayment fees?Yes, Credibly charges additional fees to borrowers who pay off their loans 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 loan early.
How much can you borrow from Credibly?Loan amounts start at $5,000 and go up to $250,000.
What is the maximum loan term you can get with Credibly?
Credibly offers business loans with terms ranging from 3 to 24 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Credibly?
Applicants with a credit score of at least 300 can apply for a loan via Credibly. Credibly requires companies to be in business for at least 6 months.Businesses must have a minimum annual revenue of $15,000 to be considered.
Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via Credibly?
Credibly can approve (or deny) a loan application within 24 hours and fund business loans within 2 business days of approval.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Origination Fee||Starting at 2.5%|
|Credit Score Range||
300 - 850
|Immigration Status Considered||
|Minimum Months in Business||6|
|Verification Documents Required||
|Loan Amount||$5K - $250K|
|Loan Term (Months)||3 - 24|
|APR (Fixed APR)||9.99% - 36%|