
Credibly Small Business Loans
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Community Rating |
Rating not yet determined |
Loan Amount | $5,000 - $250,000 |
APR (Fixed APR) | 9.99% - 36% |
Loan Term (Months) | 3 - 24 months |
Credibly Small Business Loans Review
Credibly is a business financing offering by Credibly, based in Troy, MI. Founded in 2010, Credibly offers access to small business loans in 48 states (and Washington, DC).
Credibly FAQ
What are Credibly’s rates?
Credibly offers a fixed APR business financing product that ranges from 9.99% APR up to 36% APR.
Does Credibly charge an origination fee?
Yes, Credibly charges a loan origination fee starting at 2.5% of the business loan amount. Credibly deducts the fee directly from your business 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 business loan?
Credibly considers business loan applications for business purposes, such as:
- Product or Service Expansion
- Working capital
What types of small business loans does Credibly offer?
Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Credibly provides access to the following business loan types:
- Unsecured Term Business Loans
- Lines of Credit
- SBA Loans
- Invoice Financing
- Merchant Cash Advances
Does Credibly charge prepayment fees?
Yes, Credibly charges additional fees to borrowers who pay off their small business 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 business loan early.How much can you borrow from Credibly?
Business loan amounts start at $5,000 and go up to $250,000.
What is the maximum business loan term you can get with Credibly?
Credibly offers small 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 Credibly Small Business Loans?
Credibly Small Business Loans requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $15,000 to be considered.
When it comes to credit scores, Credibly doesn't have a set minimum or maximum. People with all types of credit scores can apply.
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 Small Business Loans 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 Small Business Loans.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
What is the estimated funding time for a business loan via Credibly?
Credibly can approve (or deny) a business loan application within 24 hours and fund small business loans within 2 business days of approval.
Contact
- Headquarters
-
1250 Kirts Blvd Ste 100
Troy, MI 48084 - (248) 633-1200
- Visit Site
- Email Support
Other Services by Credibly
Availability
- Alaska
- Alabama
- Arkansas
- Arizona
- California
- Colorado
- Connecticut
- Washington, DC
- Delaware
- Florida
- Georgia
- Iowa
- Idaho
- Illinois
- Indiana
- Kansas
- Kentucky
- Louisiana
- Massachusetts
- Maryland
- Maine
- Michigan
- Minnesota
- Missouri
- Mississippi
- Montana
- North Carolina
- North Dakota
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- Nevada
- New York
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Washington
- Wisconsin
- West Virginia
- Wyoming
Credibly Small Business Loans Community Reviews
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