How to apply
To start the funding process, you have to fill out an application with your personal information and attach documents, such as a copy of your driver's license, three months of business bank statements, voided business check, business lease agreement, the last business tax return for loans over $100,000. There are cases when Credibly rejects your application. The most common reason for rejection is your bad credit history.
Credibly’s loan expert considers this information and decides whether the clients prequalify. If you do, the underwriting process will start. Also, Credibly requires clients to provide documentation to the team and on the phone with a team member. After the underwriting process, Credibly extends the client an offer. If the client accepts the offer Credibly extends, the client will sign a business loan agreement.
To apply for a working capital loan, you need to provide a signed business loan agreement, business mortgage statement or business lease agreement, recent bank statements, unexpired government-issued picture ID of all business owners, and last business tax return for loans over $100,000.
If you decide to apply for a merchant cash advance or business expansion loan, you need to provide some documents, such as a signed receivables purchase agreement, business lease agreement or business mortgage statement, unexpired government-issued picture ID of all owners, your bank statements in the last three months, and the last business tax return for advances over $100,000.
Requirements
Different types of loans provided by Credibly have different requirements to apply. If you want to apply for a working capital loan, you must be at least six months in business, your minimum FICO score must be 500 points, and your monthly revenue must be at least $15,000.
If customers want to apply for a merchant cash advance, their credit scores must be not lower than 500 points. Their monthly incomes must be $15,000 or even more. Also, they need to be in business for no less than six months.
To apply for a business expansion loan, your minimum monthly revenue must be $15,000, your FICO score must be not lower than 600 points, and you must be in business for at least three years. To qualify for this loan, your credit score must be at least 560 points, your annual revenue must be $50,000 or even more, and you need to be in business for at least six years.
