Credibly Review

Reviewed by Ty Crandall

November 13, 2023


Credibly Review Credit Suite

Our Credibly Review Can Help You Keep Your Assets Protected

Check out our Credibly review to learn if this option is right for you. Win more money by knowing all the facts.

This review was updated in August 2020 (as were other Credit Suite reviews).

Credibly is one of several online lending companies. They are actually an emerging Fintech platform. They also provide SBA PPP loans. So, is Credibly an SBA lender? The answer is yes; they even provided Credibly PPP loans when available.

They can provide small business funding for working capital or small business expansion.  You can also get a line of credit through them, equipment financing, invoice factoring, and merchant cash advances.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

Credibly Review: Background

Credibly is located online here: Their physical addresses are located in Southfield, Michigan; New York, New York; and Scottsdale, Arizona.  You can call them at: (888) 664-1444. Their contact page is here:

You can email them at: [email protected].

Credibly Review: Qualification Requirements

Your company has to in business for at least 6 months at the minimum. In addition, you need to have at least $15,000 in monthly revenue. You must have a personal credit score of 500 or better.

Credibly also will want to review your most recent three months’ worth of bank statements while they consider whether to grant your application for funding.

Credibly offers up to $400,000 in funding. Get money fast – within 24 – 48 hours.

Credibly will perform a soft credit pull only to check your qualifications. But before you receive funding, Credibly will do a hard pull which will appear on your credit profile and may affect your credit score.

In addition, they will want a personal guarantee. They do not require you to provide collateral.

Working Capital Loans

Get up to $400,000 in funding. Terms are 6 to 18 months. Pay factor rates as low as 1.15. For loans over $100,000, they want to see your most recent business tax return.

Business Expansion Loans

Get up to $250,000 in funding. Terms are 18 or 24 months. Interest rates start at 9.99%. You must have a FICO score of 600 or better and three or more years in business. Also, you must have $3,000 or more in average daily balances.

Credibly Review: Fees

Pay a one-time 2.5% of the total loan amount set up fee. This fee is deducted from your proceeds. Rates start at 9.99%.

Lines of Credit. Invoice Factoring, and Equipment Financing

These forms of funding are only available through Credibly’s network of external funding partners.

Merchant Cash Advances

Get up to $400,000 in funding with merchant cash advance loans. Duration is anticipated to be 3 to 18 months. Pay factor rates as low as 1.15. Automatic remittances are tied to your receivables.

Credibly Review: Advantages

Advantages include a short time in business requirement. A short time to funding is also attractive.

Credibly Review: Disadvantages

One set of disadvantages are that they will want a personal guarantee and they will do a hard pull on your personal credit.

For startup companies and their founders in particular, who are often on some shaky financial ground to begin with, this could prove problematic. For these sorts of companies and business owners, a better choice might be to try crowdfunding or angel investing if either is possible. In that way, a business owner’s personal assets would be safer. And, their personal credit would not be affected.


The best alternative to using any online lender, including Credibly, is to build business credit. Building business credit gives you more options. And Credibly may turn out to best the best choice after all. But it’s better to have the choice than to just have to settle for one funding provider, yes?

Business Credit

Corporate credit is credit in a company’s name. It doesn’t attach to an owner’s consumer credit, not even if the owner is a sole proprietor and the solitary employee of the corporation. Consequently, an entrepreneur’s business and personal credit scores can be very different.

Company Fundability™

A business needs to be reputable to lending institutions and vendors. As a result, a company will need a professional-looking web site and e-mail address, with website hosting purchased from a merchant like GoDaddy. And company phone numbers ought to be listed on

In addition the company telephone number should be toll-free (800 exchange or the equivalent).

A small business will also need a bank account devoted purely to it, and it must have all of the licenses essential for operating. These licenses all have to be in the identical, appropriate name of the small business, with the same corporate address and telephone numbers.

So note that this means not just state licenses, but potentially also city licenses.

Working with the IRS

Visit the IRS web site and obtain an EIN for the small business –  they’re free. Select a business entity such as corporation, LLC, etc. A company can begin as a sole proprietor but should change to a variety of corporation or partnership to limit risk and maximize tax benefits.

A business entity will matter when it concerns tax obligations and liability in the event of a litigation. A sole proprietorship means the entrepreneur is it when it comes to liability and tax obligations. No one else is responsible.

If you run a business as a sole proprietor at the very least file for a DBA (‘doing business as’) status. If you do not, then your personal name is the same as the small business name. Hence, you can find yourself being directly liable for all company debts.

But don’t look at a DBA filing as being anything more than a steppingstone to incorporating.

Instigating the Business Credit Reporting Process

Begin at the D&B web site and get a free DUNS number. A DUNS number is how D&B gets a corporation in their system, to generate a PAYDEX score. If there is no DUNS number, then there is no record and no PAYDEX score.

Once in D&B’s system, search Equifax and Experian’s websites for the business. You can do this at If there is a record with them, check it for accuracy and completeness. If there are no records with them, go to the next step in the process. This way, Experian and Equifax will have something to report on.

Trade Lines

First you must build trade lines that report. This is also called vendor credit. Then you’ll have an established credit profile, and you’ll get a business credit score. And with an established business credit profile and score you can begin getting more credit.

These kinds of accounts have the tendency to be for the things bought all the time, like shipping boxes, ink and toner, and office furniture.

But to start with, what is trade credit? These trade lines are creditors who will give you preliminary credit when you have none now. Terms are often Net 30, instead of revolving.

Therefore, if you get approval for $1,000 in vendor credit and use all of it, you will need to pay that money back in a set term, like within 30 days on a Net 30 account.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

Monitor Your Business Credit

Know what is happening with your credit. Make certain it is being reported and deal with any inaccuracies ASAP. Get in the habit of checking credit reports. Dig into the particulars, not just the scores.

We can help you monitor business credit at Experian, Equifax, and D&B for 90% less. Update the details if there are inaccuracies or the details is incomplete.

Disputing Mistakes

So, what’s all this monitoring for? It’s to dispute any mistakes in your records. Mistakes in your credit report(s) can be taken care of. But the CRAs normally want you to dispute in a particular way.

Disputing credit report errors typically means you specifically itemize any charges you contest.

Check out our Credit Suite Credit Line Hybrid, where you can get up to $150,000 to help your business thrive.

A Word About Business Credit

Always use credit responsibly! Don’t borrow beyond what you can pay off. Monitor balances and deadlines for repayments. Paying punctually and fully will do more to boost business credit scores than nearly anything else.

Building business credit pays off. Good business credit scores help a business get loans. Your creditor knows the corporation can pay its debts. They understand the small business is bona fide.

The small business’s EIN attaches to high scores, and lenders won’t feel the need to demand a personal guarantee.

Business credit is an asset which can help your company for many years to come.

Credibly Review: TakeawaysCredibly Review Credit Suite

Companies that do best on Credibly will be fairly new players but with relatively meteoric rises.

So a business owner asking for a loan should be prepared for a hard pull on his or her personal credit scores, which will impact those scores. However, this is just like all hard pulls do.

If an entrepreneur does not have the wherewithal to ride out a slightly lower personal credit score for a couple of years, then Credibly is not for them.

And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math. Go over the details with care. Decide if this option will be good for you and your company.

In addition, consider alternative financing options that go beyond just lending. These include building business credit and unsecured business financing. This is in order to best decide how to get the money you need to help your business grow.

Today, we want to hear from our audience! Share your voice with us about your experiences with online lenders and give us your own Credibly review.

About the author 

Janet Gershen-Siegel

Janet Gershen-Siegel is the seasoned Finance Writer and a former content manager at Credit Suite. She has been admitted to practice law for over 30 years, with a focus on litigation and product liability, and is a published author, with writing credits at Entrepreneur, and

She has a BA in Philosophy from Boston University, a JD from the Delaware Law School of Widener University, and a MS in Interactive Media (Social Media) from Quinnipiac University.

She regularly writes for Credit Suite, which helps businesses improve Fundability™, build credit, and get approved for loans and credit lines.

Her specialties: business credit, business credit cards, business funding, crowdfunding, and law

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