Who is Credibly?
Credibly helps small and medium-sized businesses obtain funding. We strive to be a trusted and committed partner to our customers, and we make the funding experience affordable, simple, and transparent.
How is Credibly different from other funding providers?
Unlike other funding providers, we cater exclusively to small and medium-sized businesses, which often find it difficult to get traditional financing. Many online funding providers are heavily automated, so you never get to speak to a real person. Credibly combines Data Science with a human touch, and we work directly with our customers to get the right-sized funding for their unique needs.
How easy is it to prequalify for funding?
Our prequalification process is quick and easy, and businesses can be funded in as little as 48 hours after approval. Take ten minutes to fill out our online form and we will assess your business’s health and respond with the best funding options for your short-term needs and mid-to-long-term goals.
What information do you use to assess my prequalification request?
Credibly uses a proprietary scoring model to determine your business’s health. The model inputs your credit information, business cash flow, recent bank statements and other data. The assessment is a more holistic and comprehensive measure of business performance than most other models, which primarily rely on your credit score.
Will filling out a prequalification request affect my credit score?
No. The prequalification request is based on a “soft pull” which is only viewable to us, so it does not negatively impact your credit score. Before you receive funding, Credibly will do a “hard pull” which will appear on your credit profile and may affect your credit score. The effect of a hard pull can vary by person, but the average impact is fewer than five points (credit scores are measured in hundreds of points, generally between 300 and 850).
How does business credit affect funding decisions?
The truth is, business credit affects funding decisions. According to a 2015 report by Nav, small business owners who understand their business credit score are 41% more likely to be accepted when they apply for a business funding. Strong business credit will not guarantee approval, but it does improve your chances and often results in more favorable funding terms.
What does it mean when a funding provider asks for collateral?
Essentially, it is something pledged as security for a contractual obligation that can be taken in the event of default. For example, when receiving a mortgage the lender typically requires the borrower to pledge the home as a security for its financing. If the borrower defaults, the lender may take and sell the home to satisfy all or a portion of the outstanding debt. At Credibly, we do not require you to pledge collateral.
What is a personal Guaranty?
A personal guaranty is a contractual promise from the owner of the business saying he or she is individually liable for the obligation if the business has trouble paying it back.
What is Credibly’s Quick Draw Funding Program?
Credibly’s unique Quick Draw funding program provides our merchants with quick and easy access to additional funding. If a merchant takes less funding from Credibly than the maximum amount they’ve been approved for on their chosen terms, they may be eligible to receive that extra funding amount they “left on the table” up to the maximum approval. If a Quick Draw is available, after the original funding Credibly will notify the merchant of the potential Quick Draw amount and the offer expiry date. Prior to a Quick Draw, Credibly will confirm that no material changes have occurred. Quick Draw is only available for a single additional funding after the original funding and merchant requests must be submitted within 45 days of the original funding date. The Quick Draw funding program is subject to certain limitations and restrictions. Credibly reserves the right to modify, suspend or stop the Quick Draw funding program at any time.
If I switch bank accounts, how long will it take for my payments or remittances to come out?
According to the contract terms, you need to provide notice if you plan to switch bank accounts. Once we’ve been notified and the change has been processed, the payments or remittances should start coming out of your new bank account immediately.
I think someone who wasn’t me submitted a request to this website using my name and information. What should I do?
At Credibly we take identity theft very seriously. Please contact us at firstname.lastname@example.org or call us at (855) 348-2006 and we’ll help you right away. We also recommend that you contact a credit bureau like Experian to add a fraud alert message to your credit report. Experian is one of our trusted partners and we would be happy to help you navigate through the process. To learn more about Credibly’s security policies, visit https://www.credibly.com/privacy/.
My loan or merchant cash advance was satisfied, but I believe some extra charges came through. What should I do?
We’re sorry for any inconvenience. It can take up to five business days for an account to settle and if we take any additional payments or remittances during that time, we will process a refund. We process refunds each Friday and you should receive them early the following week.