Credibly Review

Founded in 2010, Credibly is an innovative online commercial lender that specializes in serving the financing needs of small and mid-sized businesses (SMBs). Credibly empowers potential borrowers to earn pre-approval in mere minutes, and the company’s in-house team of business lending specialists is always available to help guide customers to the right funding options and loan amounts for their needs.

Credibly has earned accolades for its simplified application process and its incredibly fast delivery of loan proceeds. The company is also a hit with credit-challenged borrowers and newer businesses, both of whom often struggle to find affordable financing options through more traditional lenders.

Let’s break down the Credibly service model and see what it has to offer business borrowers.

Company Information

Credibly was founded in 2010. It is headquartered in the Detroit suburb of Southfield, Michigan. The company also maintains physical offices in New York City and Scottsdale, Arizona.

In 2013, Credibly introduced a proprietary tool it calls the ReCap scoring model, which looks beyond standard metrics to analyze nontraditional but impactful factors that contribute to a company’s financial health. This innovation drives Credibly’s business model, as it continues to focus primarily on borrowers who struggle to find loans and financing options through banks.

As of 2020, Credibly has provided financing to more than 19,000 SMBs throughout the United States. Since its founding, Credibly has issued over $1 billion in loans.

Loan Types and Financing Options

Credibly offers seven main types of SMB financing solutions:

As of October 2020, Credibly is also supporting several emergency loan programs as part of its COVID-19 response. These include Paycheck Protection Program (PPP) loans, disaster loans, and additional resources for businesses that have been negatively impacted by the novel coronavirus pandemic.

Loan Terms

The following information about Credibly’s loan terms and borrowing limits was sourced from the company’s website in October 2020:

Credibility’s Loan Qualification and Eligibility Guidelines

Qualification standards and eligibility guidelines vary, depending on the type of loan you’re seeking. That said, Credibly specializes in working with SMBs and borrowers who have challenges related to their credit ratings. The following general criteria apply for most loan types:

Credibly will perform what is known as a “hard credit pull,” meaning that it will examine your borrowing history in detail. This type of inquiry temporarily reduces your credit score, so keep that in mind before you submit your formal loan application. Prequalifying for a Credibly loan will not affect your credit score, so you don’t have to worry if you just want to shop around.

You should also expect to provide the following forms of documentation to Credibly in support of your loan application:

Additional documentation may be requested, depending on what type of loan you’re considering.

Pros and Cons of Credibly

There’s a lot to like about Credibly as a business lender. Key strengths and advantages include:

Despite these strengths, there are also a couple of drawbacks for potential customers to keep in mind:

What Others Are Saying about Credibly

Credibly has been accredited by the Better Business Bureau (BBB) since 2010. As of October 2020, the company has a stellar A+ rating with the BBB, which is the agency’s highest grade.

Trustpilot shows almost 540 user-generated reviews of Credibly as of October 2020, with an excellent average score of 4.1 out of 5. Of those reviews, 80% gave Credibly 5 out of 5 and 86% scored the company 4 out of 5 or higher.

The Bottom Line

Credibly benefits from a strong customer satisfaction track record and offers a broad range of flexible, competitive borrowing options. While you may need to put up a lien to secure your loan, Credibly does excel at providing financing to credit-challenged SMBs and other borrowers who struggle to get loans from traditional lenders.