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Credibly Reviews: Expert Analysis & User Insights for 2024
Credibly offers small and mid-sized businesses a wide range of funding choices at each stage of business growth. With same-day funding and loan amounts up to $400,000, Credibly is an excellent choice for your small business needs.
Min. Credit Score 500+
Loan Amount $5K-$400K
Loan Repayment 6-18 months
Written by:Michelle Jackson
Reviewed by: Sarah Brooks, Personal Finance Writer and Editor
Fact Checked by: Somer G. Anderson, Accounting and Finance Professor
Expert Reviewer Verdict
Credibly is a solid service provider when it comes to small business loans. With reasonable rates, high borrowing limits, flexible options and respectable lending terms, there’s an excellent chance you’ll find what you need here. Plus, it’s very welcoming to those with poor credit, and it doesn’t hurt your score to check if you’re eligible as only a soft credit check is run.
For some, rates might be a little high here, and there are a few fees to contend with, but overall we’d highly recommend the platform. In this review, Our team of expert reviewers has thoroughly analyzed and evaluated Credibly small business loans. We will share our findings and provide our expert recommendations on whether Credibly small business loans are worth considering.
Credibly Reviews - What People Are Saying
Credibly has an excellent rating on Trustpilot with an average score of 4.6 out of 5 from 675 reviews. On Consumer Affairs, it has a 4.2 out of 5 from 122 reviews and counting.
Customers tend to praise the professional service along with the fast and convenient application process. In many instances, individual service agents are named for their top-notch customer service. In addition, users noted that it was easy to understand the different loan types and get advice on the best options.
Negative reviewers remarked that charges could be a little steep, applications were rejected without adequate reasons being given, and some applications took longer than expected.
| Positive Reviews | Negative Reviews |
| Incredibly attentive customer service | High fees |
| Fast application process | Rejected with no reasons given |
| Easy-to-understand loan options | Some lengthy applications |
Summarized Ratings
User Reviews4.1
Loan Features3.8
Interest Rates & Fees3.5
Qualification Leniency3.6
Application Process4
Soft-pull Impact on Credit Score 5
Customer Support4
Credibly has a respectable User Reviews rating of 4.1. It reflects the average rating from 2 independent user review sites, including a Trustpilot score of 4.6.
Credibly Pros and Cons
Pros
Cons
How to Qualify for a Credibly Business Loan
Qualification criteria are quite lenient, especially when compared to other online lenders. The lowest credit score accepted is 500, and you’ll need an average of $15,000 per month in gross sales and to have been in business for at least six months. However, there are some slight variations for each loan type that we’ve outlined below.
| Working Capital | Line of Credit | SBA Loans | Merchant Cash Advance | Other Loans | |
| Minimum credit score | 500+ | 560+ | 620+ | 500+ | Not disclosed |
| Minimum annual revenue | $180,000 | $50,000 | Not disclosed | $180,000 | Not disclosed |
| Minimum time in business | Six months | Six months | Two years | Six months | Not disclosed |
Credibly Loan Application Process
Credibly’s seamless loan application process allows you to get approved within four hours. If approved, funding can take place that same day.
Credibly offers a pre-qualification process via a soft-pull credit inquiry. This is ideal for borrowers because they’re able to find out if they’re eligible for a financial product without impacting their credit rating.
Let's walk through the process step-by-step.
1. Provide Basic Personal Information
Fill out your name, email, and phone number.
Frequently Asked Questions(FAQ)
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Wriiten by: Michelle Jackson
Michelle Jackson is the host of the podcast "Michelle is Money Hungry." Her goal is to transform people's financial lives through increased financial knowledge.
More about meReviewed by: Sarah Brooks
Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.
More about meFact Checked by: Somer G. Anderson, Ph.D., CPA
Somer G. Anderson has been working in the Accounting and Finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a Finance and Accounting professor at Maryville University.
More about me