Small business loans without the hoops

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.

We work with small and medium-sized businesses to connect them with much-needed capital. Credibly combines data science with a human touch, and we work directly with you to get the best company loans or financing for your unique needs, so you can focus on your products and services.

Wondering “how do I get a business loan”? Take ten minutes to pre-qualify for small business loans online and we will respond with the best funding options for you. Depending on your application, you may be eligible for online checkout so you can review your contract and checkout securely and in your own timing.

You can get funds in your bank account in as little as 24 hours.

Pre-qualify Now

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

Our financing experts can help you:

• Review the available financing and loans for small business owners
• Determine which loan or financing is right for you
• Complete the application for a business loan and financing

• Six months or more time in business
• Credit score of over 500*, and
• Average monthly revenue of $15,000+ ($180,000+ in annual revenue). ***$15K+ avg. deposits for a three-month average and the most recent month. Rates, pricing, requirements, and other terms and conditions are subject to change without notice. ***

Some funding products like merchant cash advances and invoice factoring are less credit dependent because these financing products are based on sales instead of a credit report.

Similarly, equipment financing does not have as much emphasis on credit because the equipment can be used as collateral if you default on your loan. Many of our financing solutions can 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” means that you can use the capital to fund whatever your business needs.

Some business financing is flexible in its usage, such as 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. Equipment financing can only be used to purchase or lease equipment. Any type of real estate loan will also be specific to funding a physical business location.

Before asking “how to apply for a small business loan or financing?” you should first consider whether the capital will help your business grow or help your business survive a crisis.

If you don’t have a good reason for business 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, then you should consider each of the following questions when reviewing the financing option.

1. How much capital does my business need?
2. How much is the interest rate and APR for the financing option?
3. What are the fees or prepayment penalties for it?
4. How are monthly payment amounts determined (installments, percentage remittances, etc.?)

A working capital loan is a type of small business loan. The term “small business loan” can also encompass business lines of credit, equipment financing and more.

To qualify for a small business loan, you generally need to have over 6 months time in business, a minimum credit score of 500 and at least $15,000 in average monthly deposits for the past 3 months. However, requirements can vary by lender and may be subject to change.

The factor rate for a working capital loan will depend on the individual business’s health and financial profile. Credibly offers factor rates as low as 1.11.

Small business loans can be used to describe a type of financing where a lump sum of cash is provided at a cost. Examples of a small business loan include a working capital loan or equipment financing.

Getting a small business loan is often easier than getting a traditional bank loans in terms of speed and ability to qualify. Small business financing providers, like Credibly, often have more flexible eligibility criteria, fewer steps in the application process, and can get you funds in as fast as 1 business day from approval.

Applying for a small business loan will depend on the lender. At Credibly, once you fill out an application online, you will need submit documents like your business bank statements and a copy of your government-issued ID. Once you’re approved, you’ll work with a financing expert to review your offer and get your funding.

Many small business loan providers require at least six months in business if not more as well as a minimum monthly revenue to qualify. Many startups many not meet these requirements.