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  Credibly Merchant Cash Advance

Credibly Merchant Cash Advance

in Merchant Cash Advance from Credibly

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Credibly Merchant Cash Advance

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in Merchant Cash Advance from Credibly

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Highlights
Factor Rate Starting at 1.15
Loan Amount Up to $400,000
Minimum Revenue $180,000
APR  (Fee or Charge Based Product) Starting at 15%

Credibly Merchant Cash Advance Review

Credibly Merchant Cash Advance is offered by Credibly, a direct lender founded in 2010 and based in Troy, MI. Credibly Merchant Cash Advance is available in 48 states (and Washington, DC).

Credibly Merchant Cash Advance FAQ

What APRs does Credibly Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Credibly offers merchant cash advance with a factor rate starting from 1.15. The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.5 will have a total repayment of $30,000, which includes $10,000 in fees.

that ranges from 15% APR.

Does Credibly Merchant Cash Advance charge prepayment fees?

Yes, Credibly Merchant Cash Advance charges additional fees to borrowers who pay off their Credibly Merchant Cash Advance 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 Credibly Merchant Cash Advance early.

What types of repayment method does Credibly Merchant Cash Advance accept?

Credibly Merchant Cash Advance accepts the following repayment method from the Merchant:

  • Split withholding
  • ACH withholding

How often does Credibly Merchant Cash Advance process payments?

Credibly Merchant Cash Advance processes payments daily based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to Credibly Merchant Cash Advance as payment for your cash advance until the full amount is paid.

Does Credibly Merchant Cash Advance charge an origination fee?

Yes, Credibly Merchant Cash Advance charges a origination fee starting at 2.5% of the total amount advanced. Credibly Merchant Cash Advance deducts the fee directly from your merchant cash advance amount before disbursing merchant cash advance proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What is the minimum repayment amount required by Credibly Merchant Cash Advance?

There is no minimum repayment ammount.

What is the estimated funding time for a merchant cash advance via Credibly Merchant Cash Advance?

Credibly Merchant Cash Advance can approve (or deny) a merchant cash advance application within 24 hours and fund your merchant cash advance within 2 business days of approval.

What are the business financing requirements for Credibly Merchant Cash Advance?

To apply for Credibly Merchant Cash Advance, you need to provide the following business documentation:

  • Business license
  • Business bank account

What do you need to qualify for Credibly Merchant Cash Advance?

Applicants with a credit score of at least 500 and up to 850 may be eligible for Credibly Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Credibly Merchant Cash Advance 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 Merchant Cash Advance 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 are, of course, eligible for the services offered by Credibly Merchant Cash Advance. Permanent resident / green card holders are also eligible to apply.

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

  • Proof of income
  • Business formation documents
  • Proof of identity

What limitations does Credibly Merchant Cash Advance set on the purpose of the merchant cash advance?

Credibly Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

  • Equipment purchase
  • Inventory
  • Lease improvement
  • New location
  • Product or service expansion
  • Working capital
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
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.

Availability

  Available in 48 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • 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
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Annual Fee $600
Origination Fee (%) Starting at 2.5%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 500 - 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 $180,000
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 Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Inventory
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Starting at 2 days
Payment Frequency Daily
Payment Options Automatic Payments
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) Starting at 15%
Factor Rate Starting at 1.15
Loan Amount Up to $400,000
Loan Term 3 - 18 months

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