Credibly Business Loan Review
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Pros and cons of
Pros
- Low minimum credit score requirements
- Low minimum time in business requirements
- Speedy funding
Cons
- High monthly revenue requirements
- Relatively small maximum loan amounts compared to annual revenue requirements
- Potentially higher interest rates
small business loans review
Amount borrowed = $10,000
$10,000 x origination fee = $250 in origination fees
$50 monthly fee x 3 months = $150 in monthly fees
Total amount to repay: $11,500
- Businesses with healthy revenues. requires an average monthly revenue of at least $15,000 ($180,000 annually).
- Business owners with less-than-perfect credit history. If you’re searching for a bad credit business loan, you could qualify for funding from .
- Businesses with pressing financial needs. direct-funded products aren’t for long-term needs like commercial real estate or equipment. With approvals as quickly as four hours or less and same-day funding, they’re best for short-term business needs like meeting payroll and covering unexpected expenses.
small business financing at a glance
| Product | Loan amounts | Repayment term | Starting factor rate | Fees |
|---|---|---|---|---|
| Working capital loan | Up to | months | origination fee | |
| Merchant cash advance | Up to | months | underwriting fee $50 monthly administrative fee |
Working capital loan
Working capital loans are meant for short-term needs like buying inventory or covering payroll.
Merchant cash advance
Merchant cash advances (MCAs) are similar to working capital loans, but the fee and repayment structures are a little different. offers merchant cash advances up to
Instead of making daily or weekly payments, you automatically repay merchant cash advance is repaid within months, that timeline may vary depending on your sales and the percentage allocated toward repayment. Remember, the longer it takes to pay off your merchant cash advance, the more you’ll pay in monthly administrative fees.
borrower requirements
| Minimum monthly revenue | $15,000 |
| Minimum time in business | |
| Minimum credit score |
Required documents
doesn’t burden applicants with an oppressive list of required loan documents. However, you will want to be prepared with:
- Valid government-issued photo ID for all business owners
- Recent business bank statements
Alternatives to
| Minimum credit score | None | Approximately | |
| Loan products offered |
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| Time to funding | As soon as same day | As soon as same day | Within a few days |
| Starting interest rate | factor rate | Not disclosed | Not disclosed |
| Maximum loan size | Term loans: $100,000 ( for repeat borrowers) Working capital: $200,000 ( for repeat borrowers) | ||
| Minimum annual revenue | Term loans: Working capital: $15,000 in PayPal sales within the last 12 months |
vs.
If you’ve been in business for less than six months
You can only borrow up to $200,000 with a if you’re a repeat borrower — which is less than . But if you’re approved, can fund your loan within minutes.
also offers business term loans — though you’ll need at least $33,300 in annual revenue and nine months of business history to qualify.
vs.
However, doesn’t disclose its rates, so it may be worth getting a quote from both lenders — and a few others — to find out which will offer the best rates.
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