Credibly Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Credibly is a fintech company that was founded in 2010 and is based in Troy, Michigan. The company's mission is to provide small and medium-sized businesses with access to a broad range of funding options. Credibly aims to make the funding process simple, fast, and transparent, allowing businesses to focus on what they do best. The company has provided over $1B in business loans to more than 19,000 SMBs across the U.S.
Credibly's team is composed of passionate and experienced individuals who understand the unique needs and challenges of small businesses. The company's data-driven approach, combined with a commitment to delivering the best possible service, has earned it a strong reputation in the industry.
Products & Services
Credibly offers a variety of financial products designed to meet the diverse needs of small businesses. These include working capital loans, business expansion loans, and merchant cash advances. The company's working capital loans are designed to provide businesses with the funds they need to manage their daily operations.
The business expansion loans, on the other hand, are intended for businesses looking to invest in growth opportunities. Merchant cash advances provide businesses with a lump sum of cash in exchange for a portion of their future sales. Credibly's products are designed to be flexible, with repayment terms that can be tailored to the specific needs of each business.
Pros and Cons
Pros:
1. Wide range of funding options to suit different business needs.
2. Fast and easy application process.
3. High approval rates.
4. Flexible repayment terms.
5. Excellent customer service.
Cons:
1. Higher interest rates compared to traditional banks.
2. Requires a personal guarantee.
3. Not available in all states.
4. Not suitable for startups or businesses with poor credit.
5. Early repayment can lead to a prepayment penalty.
Ideal Customer
The right type of customer for Credibly is a small to medium-sized business that has been in operation for at least six months and has a steady monthly revenue. These businesses may be looking for a fast, flexible funding solution to manage their daily operations, invest in growth opportunities, or navigate through a temporary cash flow issue.
Required Documentation
To apply for funding from Credibly, businesses need to provide the following documentation: a completed application form, four months of recent business bank statements, and a copy of the business owner's driver's license. Additional documentation may be required depending on the type of loan and the specific circumstances of the business.
Industries and Restrictions
Credibly works with businesses in over 325 industries, including retail, restaurants, health care, construction, and more. However, the company does not work with businesses in certain industries such as gambling, adult entertainment, and marijuana dispensaries.
State of Operations
Credibly operates in all 50 states in the U.S. However, the availability of certain products may vary depending on state laws and regulations.
Basic Qualifications
To qualify for funding from Credibly, a business must have been in operation for at least six months, have a minimum monthly revenue of $15,000, and the owner must have a credit score of at least 500.
Collateral or Guarantees
Credibly requires a personal guarantee from the business owner. This means that the owner is personally responsible for repaying the loan if the business is unable to do so.
Alternatives
There are several alternative options to Credibly for businesses seeking funding. These include Rapid Finance, Kapitus, and National Funding. Rapid Finance offers a variety of financing solutions including small business loans, merchant cash, and real estate loans. Kapitus provides equipment financing, business loans, and lines of credit among other services. National Funding offers working capital loans, equipment financing, and merchant cash advances.