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Credibly Reviews | Rates, Terms, Upsides & Downsides

Credibly reviews: Credibly is a well-known online lender for small businesses. The lending company is based in Michigan. If you are a small business owner and have experience with short-term business loans or merchant cash advances you might hear about Credibly.

Nowadays there have dozens of online lenders in the US and Canada. And it is not easy to understand who is the best lender and offers the best rate and terms. Because they have many hidden charges and fees. This hidden charge and fees can change the amount of your payback amount.

Today in this review article I am going to share the upsides and downsides of Credibly, pros and cons, is Credibly a scam or a legitimate lending company. After reading my depth review you will get a clear idea about Credibly. And I hope this article will help you to make a decision like should you take a business loan from Credibly or not. Let’s go ahead.

Upsides of Credibly

Nothing is 100% perfect in the world. Credibility is also not out of them. So like other online lenders, Credibly Online Lender has some upsides and downsides. Firstly let’s take a look at the upsides of the Credibly Online Lender.

1. Low FICO Score Required

Nowadays there have only dozens of online lender who offers money even if you have bad credit or low FICO score. If you are a small business owner and don’t have a good personal credit score you can apply for a short-term business loan. Remember when you are going to get funded from Credibility they will do a soft pool on your personal credit to check your background history. And all of the online lenders or offline lenders do the same thing. So it is better to not shopping around.

2. Early Paying Discount

Credibly Online Lender offers a good amount of discount when you pay early. For example, you browed 50 thousand USD from Credibly for 10 months term. But you want to pay after 2-3 or 7 months. If you do then Credibly will less a good amount of charge. Though it is a marketing policy I will say it is one of the best parts of Credibly Online Lender. And I really liked this offer.

3. The Fast And Easy Loan Process

MCA is a kind of quick money. And as everything was done online so it is easy to get funded. If you are looking for traditional bank loans you need to submit a lot of paperwork and also wait for at least 2-3 months to get approval. But online lenders made it easy, they can make this fund in 24 to 72 hours (business day). So if you are looking for some extra money to purchase new equipment, or as working capital then an online lender like Credibly could be a good choice.

4. Multiple Financing Options

Most of the online lenders offer only Merchant cash advances. But Credibly has multiple financing options for small business owners. They are offering working capital loans, SBA loans, business lines of credit, equipment financing. So if you are looking for a business line of credit or a longer-term business loan you can take a look at the Credibly.

5. Less Paperworks Needed

We already mentioned if you are looking for a traditional bank loan. You need to submit a lot of paperwork and other documents. But if you want to get a business loan approval from online lenders you don’t need to show a lot of paperwork. They just want to see your lat 3-6 months bank statements and other basic information like a VOIDED check, driving license, proof of your business owner.

6. Good customer support

Customer support is one of the most important parts of the business. As it is an online process, as a loan application you may face many issues and you need to solve your problems. Customer support helps their valuable customers to solve the issues. And Credibly has really great customer support for their valuable customers and who is looking for a loan from them. Customer representatives are very responsive and friendly.

Downsides of Credibly

Those who have some good sides have some downsides also. So it is time to take a look at the downsides of the Credibly Online Lender. And it will help you to make a decision.

1. Little Expensive

A business loan from an online lender is a little expensive. The interest rate will be as like a credit card rate. The main reason is it’s quick money and you are getting funded in 24 to 72 hours. Sometimes it could be difficult for you. So before taking a business loan from an online lender make sure you asked about the rate, terms, and also other fees. There have extra fees. And these fees make your money more expensive.

2. Minimum Deposite

If you have a monthly deposit of less than 10000 you are not fit for their program. I see many of the small business owners in the US who have monthly deposits of less than 10 thousand USD.

What Is Credibly?

Credibly is an online direct lender that provides short-term business loans to U.S.-based small business owners who have at least 10,000 monthly deposits and have been in business for 6 months. And located in Michigan, USA.

Is Credibly A Direct Lender Or A Broker?

Yes, Credibly is an online direct lender they are not a broker. But there have many brokers who work with them. If you go with brokers you have to pay more rates.

Credibly ISO Portal

If you are a broker or want to start a merchant cash advance business you can work with Credibly. To join as a partner you have to sign up as an ISO partner. Visit their partner page and click on apply. But it will be good if you send an email.

OnDeck VS Credibly

OnDeck VS Credibly both are online lending institute and offer business loans to small business owners. But there have some differences between the online lenders. OnDeck required a 600 FICO score and Credibly requires a 500 FICO score.

Is Credibly a scam or a legit lending company?

Credibly is a 100% legit online lender for small business owners. They are not a scam. If you are looking for short-term quick money for your business you can work with this online lender.

Credibly Alternatives

The best alternatives of Credibly are OnDeck, Vader, Fund Kite, LoanBuilder, Fundbox, LendingClub, UpStart, BlueVine, CFG Merchant Solutions, Rapid Finance, August Funding Group.

Read More: CFG Merchant Solutions

Some of the Customer Reviews

Here are some customer reviews from different review sites about Credibly:

Jenifer from Greenwood Village, Colorado writes,

Credibly is a terrible company. They are vague, their process is questionable, they don’t care about their customers. Even they don’t explain the process like how much you will be paying, how often, at what rate-until you are at the end of the process. This is not a credible comapny. – Review form Consumer Affairs.

Elizabeth from San Jose, California writes,

Very good rates for the customer services and very good attention from the statement and very easy communication with the service. Satisfied with their service machine. – Review published on Consumer Affairs.

Nick F. Writes,

Great company! Easy process, definitely would recommend and continue doing business with them. – From TrustPilot.

Our Review On Credibly

We already know the unsecured business loan is a little expensive than a traditional bank loan. So this type of business loan’s interest rate is high. But in our review, we saw Credibly funding could be a good solution if you need urgent funding with bad credit and don’t want to submit a lot of paperwork. But if you have an option to get a bank loan. Then we don’t suggest anyone work with an online lender. So we will give Crdibily Funding 4.0 out of 5 ratings.


I hope you guys got a clear idea about Credibly. If you have any questions feel free to ask me. We are here to help you out.

Remember, it is not a paid review. We shared our experiences. If you think the lending company is a good online lender then you will take the loan and if you don’t like we are not forcing you to take the small business loan.

Read More: Rapid Finance Reviews

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