Credibly Reviews

4.6

46 reviews & ratings

5
90%
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Updated Mar. 07, 2025

By: Cassidy Horton

+1 more

Edited by: Tammy Burns

About Credibly

Credibly is a financial service provider focused on small to medium-sized business loans. Founded as Retail Capital, the company now offers a variety of loan types, including working capital loans, merchant cash advances and more. Credibly stands out for its fast funding, serving over 30,000 businesses with over $2 billion in financing.

Pros

Lenient credit score requirements
Serves a wide range of industries
Receive funds in as little as 24 hours
Variety of loan products
Simple application process

Cons

Factor rate model may confuse some
Not ideal for startups
Requires at least $15,000 in monthly income

Our editor’s take on Credibly

Credibly stands out in the small business lending market for its clear terms and eligibility requirements. It caters well to small and medium-sized businesses, particularly those with at least six months in operation and a credit score of 500 or higher. But you’re also required to have at least $15,000 in monthly revenue, which might be challenging for smaller or newer businesses to meet.

For businesses that do meet these requirements, Credibly offers a straightforward and quick path to funding, with a variety of loan options to suit different needs.

Credibly products

As a direct lender, Credibly specializes in working capital loans and merchant cash advances. But it also partners with other lenders to provide a broader suite of services. This mix of direct lending and partnerships allows Credibly to offer tailored solutions to different businesses.

Working capital loans

Working capital loans are designed to support the day-to-day operations of your business. These loans can be up to $400,000, with term lengths ranging from three to 15 months. Payments are made either daily or weekly.

To qualify, your business needs to be U.S.-based, in operation for at least six months and generating a minimum of $15,000 in monthly revenue. The application requires basic documents like a business loan agreement, ID and bank statements.

Merchant cash advances

Merchant cash advances provide flexible funding based on your future sales. They’re ideal for businesses with varying revenues. The maximum advance is $400,000 and is tied to a percentage of your daily credit and debit card sales. Credibly’s cash advances have three- to 15-month terms.

SBA loans

SBA loans are facilitated through Credibly's partner network. These loans are best for businesses with at least two years of operation, $100,000 in annual revenue and a credit score of 620 or higher.

Approval times for SBA loans can vary, typically taking a couple of months. These loans are known for having good terms and rates for eligible businesses.

Business lines of credit

Credibly’s business lines of credit are offered through partner lenders. They can be unsecured or secured and provide funding up to $300,000. With lines of credit, you only pay interest on the amount you draw, much like a credit card. It’s ideal for businesses that need access to funds on an as-needed basis.

Equipment financing

Credibly's equipment financing options help businesses purchase or lease necessary equipment. Loan amounts vary based on how much the equipment costs and can range from $10,000 to $10 million. Because the equipment itself serves as collateral, there’s no minimum credit score or minimum revenue requirement.

Long-term loans

Long-term loans are accessible through Credibly's network. They can go up to $250,000 and typically have terms of 18 or 24 months.

Invoice factoring

With invoice factoring, you can turn outstanding invoices into immediate cash. This financing option is ideal for businesses that experience long payment delays. You sell your outstanding invoices to a lender, and then receive up to 95% of the invoice value upfront, for a maximum loan amount of $400,000. The factor company then collects the payment from your clients.

Credibly rates

Like many small business lenders, Credibly uses a pricing model based on "factor rates" rather than the traditional annual percentage rate (APR). A factor rate is a straightforward way to represent the cost of borrowing. It's expressed as a decimal figure rather than a percentage.

Credibly mentions factor rates as low as 1.11 for many of its products. This means that for every dollar borrowed, you pay back $1.11. So, if you borrow $10,000 at a factor rate of 1.11, the total amount you'd repay is $11,100. This method differs from APR, which annualizes the total cost of borrowing, including both interest and other fees.

Credibly fees

In addition to factor rates, Credibly also charges certain fees associated with its loan products. A 2.5% origination fee is common. It’s typically deducted from the total loan amount. So, if you receive a $10,000 loan with a 2.5% origination fee, the fee would be $250, and you'd actually receive $9,750 in funding.

Other fees may include a 2.5% underwriting fee for merchant cash advances and a $50 monthly admin fee. The exact fee structure can vary depending on the financial product you choose. Ask about all possible fees to understand the total cost of borrowing.

How to apply for a Credibly loan

You can apply for a Credibly business loan online. The steps usually look like this:

Fill out a pre-qualification form on Credibly’s website. This process involves entering some basic information about your business.
Provide essential documents. This typically includes a signed business loan agreement, a mortgage statement or lease agreement for your business property, government-issued ID and recent bank statements. For loans over $100,000, your most recent business tax return is also required.
Receive approval. Credibly often approves loans in less than four hours. If you’re approved, a loan advisor will contact you to discuss your loan options.
Receive funding. Once your loan is finalized, the funds are deposited directly into your bank account, often available on the same day.

Specific requirements vary by loan product, but you generally need to meet these criteria for a Credibly business loan:

At least six months in business
500-plus minimum credit score
$15,000-plus in monthly revenue

How does Credibly compare?

Compared with some competitors, Credibly has a low credit score requirement but also short loan terms. Its loan amounts and required revenue fall somewhere in the median range. For example, here’s how Credibly’s working capital loans compare to two competitors, OnDeck and Quickbridge.

Customer rating	Loan amounts	Loan terms	Min. credit score	Min. annual revenue	Min. time in business
4.6 46 reviews 46 reviews	$5,000 to $400,000	3 to 15 months	500+ credit score	$180,000+ in annual sales	6+ months in business	Learn more
4.5 122 reviews 122 reviews	$5,000 to $250,000	12, 18 or 24 months	625+ credit score	$100,000+ in annual sales	1+ year in business	Learn more
No ratingView profile	$10,000 to $500,000	4 to 18 months	600 credit score	$250,000+ in annual sales	6 months in business	Learn More

Credibly FAQ

What does Credibly do?

Credibly provides a variety of financial products, including loans and advances, to small and medium-sized businesses. It specializes in working capital loans, merchant cash advances and other business financing solutions.

What is the minimum credit score for Credibly?

The minimum credit score requirement for Credibly’s products typically starts around 500, although it can vary. SBA loans, for example, usually require a score of 620 or higher.

Is Credibly the same as Retail Capital?

Yes, Credibly was formerly known as Retail Capital. It continues to provide similar financial services to small businesses under the new name.

Is Credibly legit?

Credibly has established itself as a legitimate player in the small business lending space. Since its inception, when it was known as Retail Capital, the company has grown significantly in both scope and scale. Over the years, Credibly says it has serviced more than 30,000 businesses, extending over $2 billion in funding across 325 industries.

Credibly Company Information

Company Name:: Credibly
Year Founded:: 2010
Address:: 25200 Telegraph Rd. #350
City:: Southfield
State/Province:: MI
Postal Code:: 48033
Country:: United States
Website:: www.credibly.com