Credibly Review

Founded in 2010, Credibly is an innovative online lender and marketplace for small and medium-sized businesses. Credibly empowers potential borrowers to get pre-approval in minutes. And the company’s in-house team of business lending specialists is always available to help guide customers to the right funding options for their needs.

Credibly has earned accolades for its simplified application process and its incredibly fast funding. The company is also known for working with credit-challenged borrowers and newer businesses. Since both of these borrower profiles often struggle to find affordable financing options, Credibly stands out on this front.

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

Pros and Cons of Credibly



What Does Credibly Offer?

Credibly has provided financing to more than 19,000 businesses. Since its founding, the lender has issued over $1 billion in loans. Credibly offers seven main types of business financing solutions:

Working capital loans

Small businesses finance their day-to-day operations with working capital, which represents the difference between the value of a company’s assets and its total amount of debts and liabilities. Short-term working capital loans help businesses avoid difficult decisions about how to use limited resources when facing a cash crunch.

Business expansion loans

Established, growing small businesses in need of capital to finance their expansion plans can use these longer-terms loans to secure the money they require.

Business lines of credit

A business line of credit is a type of revolving credit, which remains available (up to your credit limit) on an ongoing basis. So, these are ideal for businesses with an ongoing need to borrow a modest amount of money.

SBA loans

SBA loans are backed by the U.S. Small Business Administration, a federal government agency that works to reduce risk for lenders in its partner network. Borrowers can use the proceeds of SBA loans for working capital, equipment purchases, debt consolidation, and the acquisition of commercial real estate.

Merchant cash advances

Retailers can use this innovative financial product as an alternative to a traditional loan. A merchant cash advance forwards a sum of money to a business owner. The lender then claims a small percentage of the merchant’s daily credit card transactions until the money has been paid back with interest.

Equipment financing

Small businesses that need to finance the purchase of a specialized piece of equipment or machinery may be interested in this option. These loans enable businesses to get the tools and resources they need today without overcommitting a great deal of capital.

Invoice factoring

Invoice factoring is another innovative loan option. A borrower “sells” its unpaid invoices to a lender. The lender forwards the value of the invoices to the borrower, minus fees and factoring charges, and collects the account receivable from the debtor itself.

Loan Terms

Credibly’s loan terms and borrowing limits as of November 2021:

Unique Scoring Model

In 2013, Credibly introduced a proprietary tool called the ReCap scoring model, which looks beyond standard metrics to analyze nontraditional factors that contribute to a company’s financial health. This innovation offers borrowers who struggle to get financing through banks an opportunity to get approved for funding.

What To Expect on the Site

Credibly makes it easy to pre-qualify online. Click on the “Get started” button to begin the streamlined process. Credibly then asks a few questions:

After that, Credibly asks for your name and contact information. Credibly will then reach out.

Qualification standards and eligibility guidelines vary, depending on the type of loan you’re seeking. That said, Credibly specializes in working with small businesses. The following general criteria apply for most of its loans:

If you proceed with a formal application after getting pre-approved, then Credibly will perform what’s known as a “hard credit pull.” This means it’ll examine your borrowing history in detail. This type of inquiry can temporarily affect your credit score, so keep that in mind before you submit your formal loan application. However, pre-qualifying for a Credibly loan won’t affect your credit score. So, you don’t have to worry if you just want to shop around.


It doesn’t cost anything to complete the pre-approval process on Credibly. So, if you want to see if Credibly could work for your business needs, then you can do so free of charge. Since Credibly has so many types of business loans and provides customized offers we can’t generalize about rates or fees. To get more detailed pricing information, get started with the pre-qualification form on Credibly’s website.

What People Are Saying about Credibly

As of November 2021, Credibly’s Trustpilot score is an excellent 4.8 out 5 stars. Based on the feedback from nearly 1,000 customers, its rating breaks down as follows:

Credibly has also been accredited by the Better Business Bureau (BBB) since 2010. As of November 2021, the company has a stellar A+ rating with the BBB, which is the agency’s highest grade.

The Bottom Line

Credibly offers a broad range of flexible, competitive borrowing options. Thanks to its ReCap scoring model, Credibly excels at providing financing to credit-challenged small businesses that may struggle to get loans from traditional lenders. If you need funding quickly, then Credibly’s efficient application process could be a great fit. Be sure to include it in your comparison of the best business loan lenders.