If you’ve reviewed the benefits of Credibly’s small business loans and decided this solution is right for your company, the next step is understanding how to apply.
Credibly is known for its fast, flexible lending process, offering personalized evaluations and tailored funding proposals. Here’s a look at how to take the next steps and grow your business with a Credibly loan.
Credibly’s Small Business Loans Rates and Terms
Loan rates and terms through Credibly can vary depending on factors like your location, business profile, and the type of financing you’re seeking. For the most accurate and up-to-date details, it’s best to consult with an authorized representative or visit Credibly’s official website.
Instead of a traditional annual interest rate, Credibly typically uses a factor rate. For example, a factor rate of 1.11 means that for every $1 you borrow, you’ll repay $1.11. This structure can make borrowing more straightforward and potentially more affordable.
For SBA loans, interest rates are typically lower—ranging between 7.49% and 15.5% APR, depending on the loan type, amount, and current prime rate.
Repayment terms vary widely depending on the loan product. For example:
- Working Capital Loans: 3 to 24 months
- Long-Term Loans (e.g., real estate or business expansion): Up to 25 years
Loan amounts can also range significantly:
- Up to $600,000 for short-term financing
- Up to $5 million for SBA-backed loans
How to Apply for a Loan with Credibly
Applying for a small business loan with Credibly is simple and done entirely online. While steps may vary slightly depending on the loan type, the process is generally quick and straightforward.
You’ll need to provide basic business details, including your credit score, bank statements, and other financial documents. For short-term loans, approvals can often happen within a few hours. Once approved and the agreement is signed, the funds are deposited directly into your business account—ready to use.
Who Is Eligible for a Credibly Loan?
Credibly is known for its more flexible eligibility requirements compared to traditional banks. Here’s what you typically need to qualify:
- At least 6 months in business
- A minimum FICO score of 500
- Minimum annual revenue of $180,000, or $15,000 in monthly bank deposits
- For certain products, a $50,000 annual revenue may suffice
- No bankruptcies within the past three years
- All legal business documentation in order
These requirements can vary by loan type and policy changes, so it’s important to review the specific criteria when applying.
With minimal paperwork, fast processing, and flexible terms, Credibly makes small business funding more accessible. If you meet the basic qualifications, you could receive a customized proposal and start investing in your business right away.
All information in this and other BOISLA articles is subject to change over time. Please check for updates directly with the institutions and companies mentioned. Approval is subject to the institution’s review.
Referências:
Read more about loans in https://boisla.com/category/loans/
