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Credibly Reviews: Expert Analysis & User Insights for 2023

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.

credibly review
Credit Score
Min. Credit Score 500+
Loan Amount
Loan Amount $5K-$400K
Loan Repayment
Loan Repayment 6-18 months
michelle jackson
Written by:Michelle Jackson
Freelance Financial Writer and Online Business Coach

Reviewed by: Sarah Brooks, Personal Finance Writer and Editor

Fact Checked by: Somer G. Anderson, Accounting and Finance Professor


Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.

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 ReviewsNegative Reviews
Incredibly attentive customer serviceHigh fees
Fast application processRejected with no reasons given
Easy-to-understand loan optionsSome lengthy applications

Summarized Ratings

This parameter considers the scores achieved from independent user review sites, such as Trustpilot. Ideally, each platform’s rating reflects scores from three distinct user review sites. However, this isn’t always possible. Ultimately, the various scores were aggregated and averaged to establish an overall user reviews score.

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 Review Video

Our small business loan expert, Gordon Scott, provides an in-depth analysis, including pros and cons, of Credibly business funding.


What Is Credibly?

Credibly is a Michigan-based online lender that provides small business loans across all 50 states. You’ll find an impressive range of seven different loan types, with borrowing limits up to $400,000 and generous repayment terms. Credibly also offers specialty lending options that are aimed specifically at business expansion, and the Credibly customer service team is on hand to help you every step of the way.



Credibly Pros and Cons

Simple application process
Same day loan approval and funding
Loans up to $400,000
Low credit accepted
Multiple loans on offer
Open to high-risk industries
High-interest rates
Origination fees
New businesses will not qualify

Credibly Business Loans Features

Credibly small business loans come in seven different varieties. The most popular option is a working capital loan, which operates a little differently than a standard term loan. Credit requirements are low, but you might find that rates and fees can be a little high on these products.

Rather than apply an interest rate, you’ll instead be charged a lump sum as a total percentage of the loan (known as a factor rate*), making it a little easier to budget for. For example, if you have a factor rate of 1.15 and you borrow $10,000, your total payment will be $11,500 over the life of the loan. Keep in mind you’ll be paying this back either weekly or daily, so make sure you’ve got the cash flow to cover it.

Editor's Note: To determine the total cost of financing, multiply the factor rate by the total loan amount. Also, please take note that factor rates due tend to convert to high APRs, so make sure you know the total cost of your loan before signing.

Working Capital Loan

For short-term lending needs Credibly offers a working capital loan. Working capital loans are a good option whenever you need to tap into funds to keep your regular business operations running, to buy equipment or material, or to cover other costs like payroll if money is tight.

Term length6 to 18 months
Repayment periodDaily or weekly
APR rangeFactor rates from 1.09
Min - Max amountUp to $400,000

Long-Term Business Expansion Loan

These convenient and flexible loans are offered over a longer period of time and usually have lower rates. They’re used specifically for business expansion, so you’ll need to include a business plan as part of your application. Plus, it’s unlikely newer businesses will qualify and you’ll need to have a little experience under your belt.

Term length18 to 24 months
Repayment periodMonthly
APR rangeBetween 8% - 25%
Min - Max amountUp to $250,000

Line of Credit

A business line of credit is a flexible type of lending that allows you to draw on a designated lending limit. You only pay interest on the money you use, although you will be charged fees every time you dip into it.

Term lengthSome are open-ended
Repayment periodMonthly payments on amount used
APR rangeFrom 4.8%
Min - Max amountUp to $250,000

SBA Loans

Backed by the government, an SBA loan has more favorable terms and lower APRs, but will often require more documentation to apply. SBA loans typically have a slower funding time, too, so if you need the funds now, this may not be the best option for you.

Term length2 - 25 years
Repayment periodMonthly
APR rangeStarting from 6.99%
Min - Max amountNot disclosed

Merchant Cash Advance

With merchant cash advance, you’re promising to repay a percentage of your credit and debit card sales. Terms are usually short-term and interest rates are higher, but low credit scores are accepted and funding typically takes just 48 hours.

Term length3 - 18 months
Repayment periodDaily
APR rangeFactor rates from 1.09
Min - Max amountUp to $400,000

Equipment Financing

Equipment financing is used to purchase a specific item of machinery that will be used as collateral for the loan. Since the equipment acts as collateral, rates are typically lower and terms are more flexible.

Term lengthThe working life of the asset
Repayment periodMonthly
APR rangeNot disclosed
Min - Max amount$10,000 - $10M*

Some products given through Credibly’s network for external funding partners

Invoice Factoring

Invoice factoring allows you to sell your invoices at a discounted rate in exchange for cash. You can then use the cash to grow your business, pay employees, or purchase inventory. Rather than wait for your customers to pay you, Credibly can provide you with the funds you need within 48 hours.

Term lengthUsually one month
Repayment periodWhen you receive payment from your customers
APR rangeNot disclosed
Min - Max amountUp to $400,000

Credibly Interest Rates and Fees

With so many Credibly small business loans available, you’ll find a wide range of rates and fees. Generally, an origination fee of 2.5% will be charged regardless of the type of borrowing you choose, while other fees can vary. The platform doesn’t disclose all charges before you apply, so you may want to get in touch directly to learn more.

Origination fees2.5%
Prepayment feesNone
Late payment feesNot disclosed
Maintenance feesNot disclosed
Interest ratesFactor rates as low as 1.09

credibly banner

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 CapitalLine of CreditSBA LoansMerchant Cash AdvanceOther Loans
Minimum credit score500+560+620+500+Not disclosed
Minimum annual revenue$180,000$50,000Not disclosed$180,000Not disclosed
Minimum time in businessSix monthsSix monthsTwo yearsSix monthsNot 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.

credibly application process step 1

2. Provide Your Business Information

Fill out the name of your business, how long has your business been generating revenue, whether you deposit into a business bank account, your average monthly revenue, and the industry you're in.

credibly application process step 2

3. Choose the Loan Type

Credibly offers seven different loan types, choose the loan that best meets your business needs.

credibly application process step 3

4. Choose What is Most Important For You in a Business Loan Application

credibly application process step 4

5. Talk to a Financing Representative

After submitting your online pre-qualification request, one of Credibly's financing representatives will contact you through phone call or email to follow up, and walk you through next steps.

At this point, the following documentation should be collected and submitted:

  • At least three years worth of tax returns
  • Three months of bank statements
  • A well-developed business plan
  • An understanding of what will be collateral for the loan
  • Proof of monthly revenue
  • The amount you would like to request in loan funds

Future borrowers should also spend time cleaning up any credit related issues that may be dragging down their score, as the higher the score, the better the loan terms and likelihood of approval. Credibly notes that approvals are quick; however, like all loan requests, there are various factors that influence the speed of a loan request. Once approved, funds may be made available to borrowers that same day.


How Does Credibly Determine the Loan Amount?

Your loan amount will primarily be decided by your credit score. Although, your business performance and profit and loss statement will play a key role, too. Beyond this, Credibly doesn’t give much away about its assessment method, so you might want to get in touch directly if you have questions.

Credibly Customer Support

Credibly is praised across the board for its excellent customer service. You can reach out over the phone, email, or live chat via the website. What’s more, the lender is active across multiple social media accounts and inquiries are encouraged.

Plus, you’ll find a range of blogs and guides on the website covering topics like debt refinancing, dealing with poor credit and asset-based lending.

Credibly Perks and Bonuses

While some financial institutions opt to focus on servicing a small number of financial products and services, Credibly’s unique strength as a lender is in its variety of products, quick access to funding, and U.S.-based customer service team that allows customers to address their questions and issues without dealing with a huge time difference.


Credibly offers reasonable lending terms for specific products and borrowers are able to make modification requests, though it’s unclear as to how often those requests are approved.


The Credibly website provides an incredibly wide range of resources that assist and educate potential borrowers on what to expect when making a borrowing request.

Trustpilot Credibly reviews show a consistently high level of customer satisfaction, with customers reporting they were happy with the service and pleased with how quickly funding was received.

Other customers reported some frustration related to communicating with Credibly when they have pressing questions about their loan processing. This was an infrequently reported frustration.


Customers use an online portal to access all details of their customer profile. Customers can also use the chat feature to answer quick questions, email, or call Credibly customer support. Credibly doesn’t have an app to support its platform at this time.

Credibly users set up ACH payments within the customer portal. Borrowers should be mindful of the different payment cadences available to them ranging from daily repayments to weekly.

Alternatives to Credibly

American Express® Business Line of Credit

Credibly offers a wide range of financial products, but if you’re specifically looking for a business line of credit, American Express® Business Blueprint could be a good alternative. American Express® Business Blueprint offer lines of credit from $2,000 to $250,000. You draw on the amount that you need, pay it back plus interest, and then use the funds again.

American Express Business Line of Credit offers loan terms of six, 12, or 18 months. Six-month loan fees are 3-9%, 12-month loan fees are 6-18%, and 18-month loan fees are 9-27%. To qualify, you’ll need a minimum credit score of 640, be in business for at least one year, and have at least $3,000 in average monthly revenue. However, all businesses are unique and are subject to approval and review.

Learn more in our American Express Business Line of Credit review.

National Funding

National Funding offers both small business loans and equipment financing and leasing. Small business loans range from $5,000 to $500,000 and funds can be available within 24 hours of loan approval. Equipment financing and leasing loans are for new or used equipment, and can be given up to $150,000.

Applying for a loan from National Funding is easy and it won’t affect your credit score. You’ll be matched with a Funding Specialist to guide you along the way, and decisions and funding times are quick. The company doesn’t have set requirements to qualify, but we do recommend a credit score of at least 550 and a business history of six months or more to increase your chances of approval.

Learn more in our National Funding review

Final Thoughts

Unlike other lenders that have a smaller suite of financial products, Credibly offers an impressive range of financial products - including working capital loans, small business lines of credit, long-term business loans, and SBA loans. Credibly is able to take care of most company’s borrowing needs regardless of the business stage.

Frequently Asked Questions(FAQ)

Is Credibly an SBA lender?

Yes, Credibly is an SBA lender and qualified borrowers may be approved for products with interest rates as low as 6.99%.

Does Credibly report to credit bureaus?
Yes, Credibly reports repayment activity to all three major credit bureaus.
Is Credibly a bank?
No, Credibly is not a traditional bank. Instead, it’s an online lender that partners with banks to provide many of its financial products.
Michelle Jackson

Wriiten by: Michelle Jackson

Freelance Financial Writer and Online Business Coach

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 me
Sarah Brooks Personal Finance Writer and Editor

Reviewed by: Sarah Brooks

Personal Finance Writer and Editor

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 me

Fact Checked by: Somer G. Anderson, Ph.D., CPA

Accounting and Finance Professor Ph.D., CPA, CGMA, CFE

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