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).

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
• Recent bank statements
• 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