Business Loans and Financing FAQs

Credibly helps small and medium-sized businesses get funding. We strive to be a trusted and committed partner to you, our customers. We make getting loans for businesses affordable, simple, and transparent.

The Credibly funding process is designed to be fast and simple for small business owners:

1. Apply: Complete a quick online application with basic business information.
2. Review: We evaluate your business health using 130+ data points and provide options in as fast as 2 hours.
3. Choose: Select the financing or loan offer that fits your goals.
4. Receive Funds: Once approved and signed, funds can be deposited in your account in as fast as 4 hours.

You can get approval as fast as 2 hours after applying. Once you review and sign your offer, funds can be deposited in your account in as fast as 4 hours.

Unlike a bank or traditional lender, Credibly combines data science with a human touch. We consider cash flow, revenue, and overall performance, allowing more merchants to qualify even if they don’t meet traditional bank requirements.

We thank you for trusting us with your business — we don’t take it lightly. We work directly with owners to provide funding products that fit the unique needs of each business. Our human team will take the time to understand your needs and offer solutions that support short-term needs and long-term growth.

Wondering “how do I get a business loan”? Get business loans in as little as 24 hours after approval. Take ten minutes to pre-qualify for small business loans online and we will respond with the best funding options for you.

Credibly is a direct provider of working capital loans and merchant cash advances. Through our partners, we also offer SBA loans, business lines of credit, equipment financing, and long-term loans.

The eligibility requirements for small business loans and financing from Credibly depend on which option you choose. Our approval process is based on a business owner’s specific credit history and business health.

Generally, you need to have:

• 6 months or more in business
• Minimum credit score of 550, and
• Average monthly revenue of $20,000+³

Specific requirements will vary.

Some business funding products, like merchant cash advances, are less credit-dependent because they’re based on revenue instead of a credit report.

Similarly, equipment financing does not place as much emphasis on credit because the equipment can be used as collateral if the loan is defaulted. Many of our financing solutions may help you build business credit as well.

Startups almost never qualify for traditional bank loans, and that is true for Credibly’s business loans and financing as well.

However, there are a lot of options in small business loans and financing for new businesses and startups, including:

• Business credit cards
• Personal loans
• Your own savings

Flexible business financing allows you to use the capital to fund whatever your business needs. Common flexible financing options include a working capital loan, business expansion loan, merchant cash advance, business line of credit, or SBA loan.

However, some loan and financing options are not flexible. For instance, equipment financing can only be used to purchase or lease equipment. Likewise, any type of real estate loan must be used to fund a physical business location.

Before applying for a small business loan or financing, first consider whether the capital will help your business grow or survive a crisis. If you don’t have a good reason for financing, the fees and interest can really add up.

However, if the business financing will help you buy new equipment, hire needed staff, or survive a crisis like the COVID-19 pandemic, these questions can help you assess financial risks:

• How much capital does my business need?
• What is the factor rate or APR for the financing option?
• Are there additional fees or prepayment penalties?
• How are payment amounts determined (fixed installments, fixed ACH remittances, etc.)?

With a working capital loan or merchant cash advance from Credibly, you can access our Early Remittance Discount by satisfying your balance ahead of your remittance schedule.

To qualify, your account must be in good standing (with no missed or returned remittances), and you must remit your full outstanding balance in a single lump sum from your business checking account. When you do, Credibly reduces the factor (cost) component of your Amount Sold by 20%.⁵

Credibly also offers an Aggressive Early Remittance Discount on working capital loans and merchant cash advances. The same eligibility conditions apply, with one addition: you cannot waive the origination fee associated with your financing product. Reach out to your sales rep for details.

The cost of business financing depends on the type of product. For working capital loans and merchant cash advances from Credibly, businesses pay a factor rate as low as 1.11.²

Funding options facilitated by our external funding partners can vary in cost. For instance, a business line of credit may carry interest costs that fluctuate month to month depending on the terms of your offer. Additional fees may apply depending on the terms.

Our Customer Success Team will explain the cost of any funding options available to you.

Credibly looks at over 130 data points to assess your overall business health, such as your business’s credit score, average monthly revenue, and time in business. Stronger financial health and consistent revenue typically lead to more favorable rates.

Credibly offers funding from $5,000 to $600,000 through working capital loans and merchant cash advances. Through our network of partners, Credibly can help qualifying businesses access credit lines up to $300,000, long-term loans from $50,000 to $10 million, and equipment financing from $10,000 to $10 million.¹

Credibly does not charge an application fee. For direct funding through Credibly, a 2.5% underwriting fee is paid through the first several remittances. Merchant cash advances also incur a $50 monthly administration fee.

Origination fees for loans provided through Credibly’s external partners are deducted from the funding proceeds and may vary based on the product and file. Always review your specific financing offer for full disclosure of any associated costs.

You do not need collateral to qualify for a merchant cash advance.

However, collateral is a common business loan requirement for:

• Working capital loans, depending on the funding amount
• Business lines of credit, if secured
• Long-term business loans
• SBA loans
• Equipment financing (the equipment is the collateral)

Credibly commonly offers financing to businesses in the following industries:

• Consulting
• Restaurants
• Healthcare
• Retail
• Hospitality
• Auto repair
• Salons
• Gas stations
• Transportation
• Landscaping
• Construction

However, eligible industries are not confined to this list.

Credibly requires at least 6 months in business to qualify for business financing. Startups typically don’t meet this requirement.

Instead, startups commonly utilize other funding options, such as business credit cards, personal loans, and individual savings.

Credibly offers working capital loans directly. We facilitate other types of business loans, such as equipment financing, long-term loans, and SBA loans, through our network of external partners.

A merchant cash advance (MCA) is not a loan. It is a purchase of a portion of your future business revenue. You receive a lump sum upfront, and in exchange, you remit a fixed daily or weekly amount via ACH transfer, which is set at approval based on your actual reported revenue.⁴

A small business line of credit provides flexible, revolving access to funds. It allows businesses to borrow up to a set credit limit, use only what they need, and repay as they go. This option offers a low-cost alternative to traditional loans and can be ideal for covering fluctuating expenses or unexpected costs.

The right choice depends on your specific goals and business health:

• Merchant cash advance: Although not a loan, this may be ideal if you need capital as fast as 4 hours to address immediate cash flow needs.
• Working capital loan: These are best for predictable growth projects, such as hiring staff or purchasing inventory.
• Equipment financing: Choose this if you need to purchase specific machinery or vehicles, as the equipment itself serves as collateral.¹
• Business line of credit: This provides the most flexibility, allowing you to draw funds only when you need them.¹

The Credibly team of financing experts can help you compare these options to find the right-sized solution for your goals.

Credibly performs a soft credit pull during the application process to assess your overall business health and provide financing options. If you accept an offer, on-time remittances could help build your business credit, while missed or late remittances may have a negative impact on your credit profile.

Credibly offers fast, flexible, and customized financing solutions tailored to your business needs. With approvals as quick as 2 hours and funds in your account in as little as 4 hours, Credibly helps small and medium businesses address their needs quickly.

We want to help you succeed. Instead of relying on a credit score only, we consider over 130 data points to get a better, more comprehensive understanding of your business’s potential. Our merchant-focused approach means you’ll receive ongoing support throughout the process.

Yes, Credibly is a legitimate and reputable financing provider. As an SOC 2-certified organization, we ensure the highest standards of security and privacy. With over 55,000 small businesses financed and $3+ billion in funding, Credibly is trusted by small businesses across the U.S.