Credibly Reviews - Financial Lender Pros & Cons

wc-team writer
By WC Team
Updated January 16, 2018
Editor's Rating
Top Rated Lender
Customer Rating Reviews
Types of loans
Working capital, Business expansion
Loan amounts
$5,000 to $250,000
Terms of payment
6 to 24 months
  • Customer-focused
  • Flexible repayment options
  • Weighs multiple factors to determine eligibility
  • Considers high-risk industries
  • Minimum credit score required
  • Lends only to established businesses
  • Charges an origination fee

Who should use Credibly?

Owners of small- and medium-sized businesses in need of personalized loans with flexible terms can benefit from the funding Credibly extends to a variety of industries.

Company Profile

Credibly is an online lender offering term loans and merchant cash advances to small- to medium-sized businesses. Minimal restrictions make it possible for diverse business types to qualify for loans and use the money to cover a variety of expenses. With loan amounts ranging from $5,000 to $250,000, most companies can obtain the "right-size" loan to meet their needs for funding.

Applications for Credibly loans are filled out and submitted online, and funding is received in an average of 48 hours. In some cases, the lender is able to approve same-day funding, allowing businesses to take advantage of limited-time growth opportunities or avoid falling behind on essential payments.

As a customer-focused lender, Credibly emphasizes transparency and open communication. Their "Customer Success Team" works to find loan options in line with merchants' goals and create payment structures suitable for many different cash flow situations.

Credit Policy

Although Credibly will work with businesses with credit scores ranging from fair to excellent, most loans require a minimum score of 500. Companies with open bankruptcies aren't eligible for funding.

No check of credit is required during the pre-qualification stage. A hard credit pull is performed after the signing of an official application, and this may have a small impact on overall credit score.


Businesses experiencing seasonal fluctuations in cash flow that affect credit payments or bank deposits may still qualify for funding with Credibly. The company is committed to working with businesses across a variety of industries while still offering the best loan options and payback structures. This includes high-risk industries other lenders often won't consider, making Credibly a viable alternative to traditional funding options for companies with unstable sources of income.

Cautionary Industries

Credibly's willingness to work with industries rejected by other lenders opens the door for companies struggling to get funding for growth. Whether income drops during specific times of year, bank deposits are dependent on obtaining contracts or unexpected severe weather restricts the ability to make sales, Credibly can make provisions for diverse business types:

However, there are some industries considered too high-risk or questionable to which Credibly will not extend funding. These prohibited industries include:

Target Market

Credibly will consider extending funding to most small- and medium-sized businesses but focuses on those experiencing the highest volumes of customer traffic. Retail locations, restaurants and other consumer-focused businesses have the best chances of being approved for a Credibly loan.

Internet-based businesses and brick-and-mortar companies making the switch to e-commerce can also benefit from Credibly. The lender is willing to back those whose traditional ways of doing business are suffering as customers abandon retail outlets in favor of shopping online. As long as a company meets the application requirements, no physical location is necessary to qualify for funding.

Term Length

Terms on Credibly loans are determined by the type of funding:

Payments are made daily or weekly until the end of the loan's terms.

What's Required to Apply

Credibly offers two loan structures, each with its own set of qualifications:

These minimums are necessary to prove a business has a strong enough cash flow to cover payments for the duration of the loan. Term loans require fixed daily or weekly payments. Payment for merchant cash advances is deducted daily as a percentage of credit card sales.

Merchants are asked to provide:

Additional documentation is required to complete the application. When requesting a term loan, Credibly asks companies to provide three to six months of bank statements. Cash advances require credit card processing statements covering the same period of time. Businesses in high-risk industries may need to show proof of income or sales for a period of one year give the lender a better understanding of seasonal changes in cash flow.

Merchants will also need to provide:

Full disclosure of other financial obligations prevents problems with contract violations and allows Credibly to rule out merchants attempting to stack loans. Any applicant without at least 51% ownership in the company is disqualified, as are those with open chapter 7, 11 or 13 bankruptcies. A clear payment plan or proof of payments must be provided by applicants with existing tax liens or judgements, and payoff letters must be shown for any remaining cash advance balances on other loans.

Despite the amount of documentation Credibly asks for, the application process is shorter, faster and simpler than what businesses have to go through when requesting a loan from a bank or other traditional lender.

Once a completed application has been received and processed, the business consultants at Credibly review it for completeness, determine eligibility and deliver a loan offer within 24 hours. Accepted offers are processed quickly and often result in payment within one day.


Credibly customers pay different rates based on creditworthiness and eligibility:

Payments are deducted automatically each day for cash advances and daily or weekly for term loans. Companies in industries where seasonal or weather-related fluctuations in cash flow are common can take advantage of Credibly's flexible payback programs to ensure missed payments don't accumulate during slow periods.

At time of funding, Credibly files a UCC-1 blanket lien with the Secretary of State, giving the lender the right to seize all assets in the event a company defaults on payments and is backed by a personal guarantee affirming the customer is accountable for the balance of principal and interest owed.


Credibly is a first-position lender, meaning they don't allow merchants to take out additional loans with other working capital lenders. Known as "stacking," this practice is common in the lending industry but can detrimental to businesses seeking additional funding.

Upon taking out a loan, merchants are often contacted by other lenders with shorter terms and higher rates, and those taking advantage of such offers often wind up the in position of owing a larger percentage of gross cash flow than the business can support. As more money from Sales goes toward loan payments, less is available to fund daily operations or invest in growth, putting the company in a worse situation than they were in originally. New loan proceeds end up picking up the tab in order to service the debt of current loans.

By prohibiting this practice, Credibly protects merchants from predatory loan practices and helps guarantee a schedule of regular on-time payments. If a business has one or two existing working capital loans with other lenders, Credibly is willing to pay off the balance as long as the business has adequate funding to net 50% of the amount of the loan for which they're applying. A payoff letter is required prior to approval.

Documentation Fees

Credibly charges no application fees on any loans.

Origination Fees

A one-time 2.5% origination fee is required for working capital and business expansion funding. Payment for the fee is automatically taken out of the full amount of the loan when funding is granted.

Renewal Policy

Customers have the option to renew loans with Credibly halfway through the term length. When considering whether to grant a renewal, the lender takes into account the timeliness of payments during the initial loan period as well as any challenges associated with seasonality or business structure.

As long as customers stay in communication with Credibly for the duration of their loan terms and are clear about potential difficulties in making on-time payments, the lender is willing to be flexible regarding renewals. However, any customer found to be stacking loans is in violation of the Credibly contract and automatically voids any right to a renewal.

Interest Forgiveness

Credibly doesn't have an interest forgiveness program, but there may be cases in which returning customers can qualify for better rates on renewals. This makes it possible for businesses to obtain more funding with lower payments, allowing more money to be put toward expenses and expansion.

Loan Use

Unlike with bank loans, working capital obtained from Credibly can be used to cover a variety of business expenses. Applicants aren't required to demonstrate or prove what the loan will be put toward and therefore have the flexibility to:

Without stringent requirements or restrictions, customers are given the freedom to invest funding from Credibly in whatever way will bring the greatest benefits to the business

Online Reputation

Consumer feedback regarding Credibly is largely positive. The low number of complaints filed against the company and their consistency in responding to customers' feedback has earned them an A+ rating from the BBB.

On Trustpilot, reviews are favorable and the company has responded to both positive and negative comments. When customers have difficulties, Credibly seeks to offer help or to clear up confusion surrounding the issue.

Employees of Credibly give the company 3.2 stars on Glassdoor, stating the work is demanding but rewarding for those who enjoy the industry and don't mind putting in the hours necessary to provide the service Credibly promises its customers.

Licenses & Accreditations

In addition to maintaining its A+ rating with the BBB, Credibly has been listed in the Inc. 500 as one of the top 500 fastest-growing private companies in the U.S and was named one of New York City's fastest-growing companies by Crain's Fast 50. Highlighted by both Reuters and the Wall Street Journal, Credibly has high brand visibility and the backing of some of the most trusted names in finance.

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