Advertiser Disclosure
Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear), but our reviews and ratings are not influenced by compensation. We do not include all companies or all offers available in the marketplace.
Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.
Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
With Credibly, businesses with less-than-perfect credit have access to the funds needed to grow their operations. To learn more about how Credibly works, read our in-depth expert review, where we cover Credibly's unconventional underwriting criteria and help you determine if it's the right lender for your business needs.
Factor rates starting at 1.11 for applicants with excellent credit only
Term Length
3 months to 24 months
Credibly offers a variety of financing types to businesses that may not otherwise qualify with another lender. They offer the financing both directly and through a network of lending partners.
Loans available to business owners with less-than-perfect credit scores
Loan officers that emphasize the importance of only borrowing what you need
Five specific types of financing offered
Fast approval and funding
Daily, weekly, and monthly payment options
High annual income requirement
Startups typically don't qualify for funding
Risk of losing collateral
Compare the best personal loans
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
This business loan is a good fit for: Established businesses with steady income streams but low credit scores.
Top perks
Available to business owners with less-than-perfect credit: There aren't many places where a business owner with a credit score as low as 500 can qualify for a business loan. That leaves some small business owners in a limbo of sorts. Credibly is willing to look past a low credit score to a business's earning potential.
Fast approval and funding: The fact that a Credibly loan can be approved within four hours and funded the same day allows business owners to jump on fast-moving business opportunities. It also allows them to compete with larger, more established businesses by promising prompt payment.
What could be improved
High annual income requirement: For most small businesses, it takes time to ramp up to earning $15,000 per month. The high annual income requirement cuts some small businesses out of the running, meaning they must grow their businesses in some other way.
Startups typically don't qualify: Credibly is upfront about the fact that it rarely (if ever) provides loans to new businesses. While this is no different from the average lender, it's still disappointing to anyone who needs financial help getting their business off the ground.
Types of business loans offered through Credibly
Credibly offers a variety of financing options for business' borrowing needs, both directly and through their lending network :
Working capital loan: Short-term loan of three to 24 months, designed for businesses that need flexible, short-term funding. Maximum loan amount of $600,000.
Merchant cash advance: Ideal for businesses with seasonal and fluctuating revenue. Loan terms range from three to 15 months. Maximum advance up to $600,000, with a 2.50% underwriting fee and $50 monthly administration fee.
Business line of credit: Offers a revolving line of credit up to $300,000. Offers a lower interest rate than the average business credit card, and business owners pay interest only on the amount they draw.
Equipment loan: Short-term loan intended for equipment purchase, repair, or replacement. Equipment loans are available from $10,000 to $10 million.
Long-term business loan: For business owners with proven financial success and a security track record. Maximum loan amount of $10 million with terms up to 120 months.
SBA loan: By partnering with the Small Business Administration (SBA), Credibly helps borrowers apply for an SBA 7(a) loan, which is guaranteed up to 80% by the SBA. An SBA loan is typically more difficult to qualify for than a traditional business loan but offers lower rates and terms. Generally, an SBA loan requires a minimum credit score of 620-640 or higher.
How to qualify for a Credibly loan
With Credibly, loan qualification is handled in a unique way. Rather than put too much weight on credit score, the lender takes a more "holistic" approach by looking at earnings potential. Here's a sample of what Credibly considers:
Six months or more in business
Credit score of over 500
Average monthly revenue of $15,000-plus ($180,000 or more in annual revenue)
$15,000 average deposits for a three-month average
Application process and required documentation
The application process for a Credibly business loan is straightforward. It consists of:
Click the "Get Started" button on the Credibly website and enter basic personal and business information
Once prequalified, wait to hear from a small business loan advisor (this should happen quickly)
Talk through loan options with an advisor to determine the best financing product
Expect a decision within four hours
If approved, expect funds to be deposited directly into your business bank account as soon as the same day
Credibly typically asks for the following documentation:
Signed business loan agreement
Most recent business tax return
Business mortgage statement or business lease agreement
Valid government-issued photo ID of all business owners
Depending on the loan size, Credibly may also request:
The three most recent bank statements from the business bank account
This Credibly small business loan is right for you if:
Your business enjoys a steady stream of income (averaging at least $15,000 per month)
Your credit score is not high enough to qualify for a business loan through another lender
Credibly is upfront regarding its policy. It does not fund new businesses but would rather work with business owners with a proven track record of making money.
Depending on your credit rating and history of earnings, you may be better off reaching out to your home bank before filling out a Credibly loan application.
If you're not "quite there," take the time to build your average monthly income to $15,000 and ensure that your personal and business credit scores are 500 or higher.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Citi Personal Loan disclaimer: **Rates as of05-31-2024. Your APR may be as low as11.49%or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the interest rate. If you are in default, your APR may increase by 2.00%. No down payment is required. Rates subject to change without notice.
You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted. Loan proceeds cannot be used for post-secondary educational or business purposes.
If you apply online, you must agree to receive the loan note and all other account disclosures provided at loan origination in an electronic format and provide your signature electronically.
Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
Fact Checked
Ashley Maready
