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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.
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.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
This business loan is a good fit for: Established businesses with steady income streams but low credit scores.
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.
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.
Credibly offers a variety of financing options for business' borrowing needs, both directly and through their lending network :
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:
The application process for a Credibly business loan is straightforward. It consists of:
Credibly typically asks for the following documentation:
Depending on the loan size, Credibly may also request:
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.
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.
*Upstart Loan Disclaimer
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 of 05-31-2024. Your APR may be as low as 11.49% 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.
Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.