The Benefits of Credibly’s New Small Business Loan

2015-06-14

Jeffrey Bumbales

When you think of applying for a traditional loan, what’s the first thing that comes to mind? Standing in line at the bank and receiving a mind-blowing stack of paperwork? Biting your nails in the corner while you wait weeks for a decision?

For those who don’t have the nerves or superhuman patience, you might consider a small business loan from an alternative lender.

How is a Credibly Small Business Loan Different From a Traditional Loan?

A loan is the most common form of borrowing.  You get a lump sum from your lender and pay back the amount, plus rates, on a fixed basis. A traditional loan tends to get paid back via a large sum on a monthly basis. But with a Small Business Loan accessed through Credibly, you pay a small portion back each day.

The payback for loans is also a fixed dollar amount, rather than a percentage. Since the payments for the Small Business Loan are automated and come out of your business checking account, you know exactly how much is being taken out and when (but without having to actually log in and make every payment).

The Benefits

As mentioned, payments are fixed – both the amount and the days that you pay – so you always know exactly where you stand. Loans also tend to be more competitively priced than other funding options due to the way they’re structured.

There aren’t any restrictions on the way you spend a business loan. As long as it’s for your business, you can use the capital however you like. Whether you need new equipment, a renovation, expansion, or system upgrades, you’re free to spend the funds on whatever you need.

Who Qualifies for Small Business Loans?

There are two important bits of information you need to know. First, since a business loan is technically not start-up capital, you must be in business for 6+ months.

Second, your business needs to deposit $15,000/month OR make $4,400/month in credit card sales.

Getting Started With Credibly Business Financing

If you meet these criteria, then we judge each application on a case-by-case basis. We really get to know you and your business so we can make an informed decision. Rather than just looking at a small picture of your business, we like to get a birds-eye view complemented by data.

A Small Business Loan is an affordable, simple funding option to help small and medium businesses grow with right-sized capital. If you have any questions or would just like to learn more get started, contact us here or submit our online pre-qualification request form.