Credibly is a financing and loan provider that works to simplify the loan application process for small businesses by giving flexible access to capital, without making you jump through the usual hoops seen in bank loan applications. We looked at Credibly reviews from around the web to determine what their customers think about the company. We also compared the most popular pricing options for small business owners.
For an in-depth comparison of three top merchant cash advance providers (RapidAdvance, Credibly, and Fora Financial), check out our buyer’s guide.
Credibly Customer Reviews
Overall Experience: Good
Customer Service: Good
Pricing: Good
Summary of Credibly Reviews
We scoured hundreds of reviews and found that Credibly has generally positive ratings. Here’s what we found:
What Credibly does well:
Positive reviewers found that the below average rates and fees are a huge part of why they decided to apply and/or renew with Credibly.
What Credibly does not do well:
People who gave a negative review said that the application process was too tedious and that it doesn’t get any easier even when you are trying to renew.
Most Helpful Positive User Review
One positive reviewer said that the people she talked to during the process were very polite and helpful. She said that the rates offered to her were very reasonable and affordable, catering exactly to her business needs.
Most Helpful Negative User Review
A negative reviewer said the actual application process was too lengthy, with too many forms to fill out and too many requirements to submit.
Other Credibly Reviews From Users Around the Web
Here are a few other resources for finding helpful Credibly reviews from customers. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
| Review Website | Average Rating | Number of Reviews | Quality of Reviews |
|---|---|---|---|
| Trustpilot | 8.9 out of 10 | 90 Reviews | Good |
| Consumer Affairs | 3.7 out of 5 | 11 Reviews | Good |
| Merchant Maverick | 3.5 out of 5 | Staff Review | Fair |
*Average rating as of date article was written: April 10, 2017
How We Determined Quality of User Review Websites
- Trustpilot has the most number of reviews and the most recent reviews available.
- Consumer Affairs has honest and detailed reviews from current and former clients in a variety of states.
- Merchant Maverick has an in-depth staff review and assessment. However it has no user comments or reviews.
Credibly Pricing
| Who is Eligible? | 6+ months in business $10,000+ monthly bank deposit (Plus a credit score of 500 if WCL) |
|
| Origination Fee | None | 2.5% of total loan (One-time fee) |
| Average Factor Rate | 1.20 (Your initial loan amount x AFR = total repay amount) |
|
| Loan Amount | $5,000 - $250,000 |
|
| Funding Wait Time | 3-5 days |
|
| Term Length | No set term | 6 - 17 months |
Summary for Small Business Owners
Credibly offers some of the more affordable rates among financing companies. They require that a business operates for a longer time than most loan service providers though, as well as have a minimum monthly bank deposit of $10,000.
A merchant cash advance is the way to go for immediate, short-term financial needs. The payoff process will depend on how much you will be making during the course of the loan term. Your chance of getting approved won’t rely on your credit score unlike with a working capital loan–where you will also end up paying more the longer your payoff term is. A working capital loan can be a better option if you have a good credit score, and at least a medium scale income that can enable you to pay off your loan in a shorter amount of time.
Compare Credibly Competitors
Not sure if Credibly is the right fit for you? Check out our comparison of three top merchant cash advance providers (RapidAdvance, Credibly, and Fora Financial).
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